Newegg, the second largest online retailer in North America, now accepts Bitcoin for its online products in Canada. The move comes nearly four years after the tech-focused e-retailer first offered the bitcoin payment option to its US customers in August 2014.
Newegg.com said in a statement that the cryptocurrency transactions have accounted for a small but growing stream of its online sales in the US and that it wants to make the choice available to its client base in Canada as well.
Founded in 2001, the California-headquartered firm is an online ecommerce company that offers its 36 million customers a comprehensive selection of merchandise, from computer components to pet supplies.
Once Newegg’s Bitcoin acceptance is at 100%, businesses and end users alike can use the No.1 digital currency to pay for several products such as computers, home theater products, appliances, video games, as well as non-electronics goods like clothing and auto parts.
Should the pattern continue, Newegg.com will soon open up their acceptance of Bitcoin worldwide. Most companies start off with Bitcoin payment option available only within North America, and then follow afterwards with international functionality.
Newegg is using BitPay to process their bitcoin transactions, which manages almost everything automatically from the conversion to daily bank deposits. By using a cryptocurrency payment processor, the company is avoiding all volatility on the Bitcoin market, which had a wild ride over the past four months, surging to record highs one day and then tumbling the next.
Services such as BitPay, GoCoin, and Coinbase have made the acceptance process ridiculously easy for developers and merchants to accept the digital currency. With plugins and support for many different shopping cart platforms plus other integration options, it takes a few hours to add support.
Commenting on the news, Newegg’s CEO Danny Lee, said: “In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option. Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power. We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada.”
BitPay CEO and co-founder, Stephen Pair, added: “Newegg was an early e-commerce adopter of bitcoin, and that leap of faith the company took in 2014 put Newegg on the map as a bitcoin-friendly place for tech enthusiasts to shop. We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border.”
Bitcoin Acceptance in Canada
The move is a pioneering step forward for retail consumer’s cryptocurrency usage in Canada, which traditionally has been brave to accept and adopt the virtual asset at several levels. And with the e-commerce market a fiercely competitive venue, the opportunities for competition to further spread Bitcoin availability is tangible.
Bitcoin in Canada has been growing popular, and the country’s authorities are expected to officially acknowledge and regulate the cryptocurrency derivatives in the near future.
Many retail services operators believe the bitcoin network is secure and convenient as a payment system, and that it saves them money on credit-card transaction fees.
The notoriety of offering bitcoins is also a great marketing advantage for such e-stores. Offering bitcoin transactions also allows them to better connect with their tech-savvy customers.