Does Newegg Accept Bitcoin? With the growing popularity of Bitcoins and their ease to use, it is no surprise that many customers now want to pay for their electronics through their cryptocurrency wallets. One of the first online retail stores to broaden its payment systems is Newegg, which has started to accept cryptocurrency and has started with bitcoins.
Newegg is one of America’s first online retailers to accept cryptocurrency and they have started with Bitcoins. With their advanced technology, they hope to make their shopping and payment experience better for their customers worldwide.
Newegg
Newegg Inc. is a leading online computer retailer that sells hardware and software in North America. Newegg was the first e-commerce company to accept Bitcoin in 2014 through its partnership with BitPay. Newegg has its presence in more than 80 countries in the regions of Europe, Asia Pacific, Latin America, and the Middle East, and its headquarters are in California in the City of Industry.
It is consistently ranked for its exceptional customer ratings and is known to be one of the best online shopping destinations. Now that it has started to accept Bitcoins, its customer base is only increasing.
Newegg and Bitcoin
Newegg has extended its Bitcoin acceptance facility in 73 out of the 80 countries where it has its presence. The company announced its new venture with BitPay on July 24, 2019.
About BitPay
BitPay is the most experienced company in Bitcoins and blockchain payments. Founded in 2011, they support Bitcoins and Bitcoin Cash and they also have plans to extend their services to other cryptocurrencies also. BitPay has opened its offices in North America, Europe, and South America. It has raised over $70 million from leading investors like Founders Fund, Index Ventures, and Aquiline Technology Growth. Newegg through its partnership with BitPay has made the revolutionary decision to accept Bitcoins as a form of payment.
Why did Newegg decide to accept Bitcoins?
According to Newegg Insider’s coverage, they believe that though credit cards have proved to be convenient for online payments, they felt that there was still scope for improvement. As credit cards have the inherent risk of being exposed to cybercrimes even with the increased security and awareness, they still proved to be a problem for a lot of their global customers.
With the increased acceptance for making payments with Bitcoins and the truth that many of their customers were willing to pay with Bitcoins because it truly worked as a global payment system. Bitcoins work seamlessly across borders and do not even require bank accounts.
How does Bitcoin work?
Bitcoin is stored in digital wallets, when someone sends a bitcoin to another, the transaction is recorded in a public ledger which is called a blockchain. The distinguishing factor of a blockchain-based payment from credit card payments is that they operate on a shared computing network and the transaction details are verified across all individual machines before being stored on public ledgers. Using this method of technology makes transactions more secure and tamper-resistant.
Advantages of making payments using Bitcoins in BitPay
Cryptocurrencies including Bitcoins are far less prone to fraud than other payment methods. After being verified and recorded, every transaction is stored on public ledgers. With Bitcoins, the users have more control over how they spend their money.
One of the biggest advantages of using BitPay is that it knows that cryptocurrency tends to fluctuate wildly in value, hence it gives its user a fifteen-minute window to make payment. In those fifteen minutes, they freeze the rate of the currency, guaranteeing a fixed currency rate.
How to make a payment using BitPay?
BitPay makes purchasing cryptocurrencies very easy.
First and foremost, you’ll need a BitPay-compatible wallet, the BitPay mobile app being one of the better possibilities. Next, add cryptocurrency to your wallet as required.
The second step is to make your purchase. Select cryptocurrency as your payment method once you’ve put crypto into a suitable wallet on the Newegg checkout screen. Then, on the order review screen, tap Pay in Wallet to save the payment information to your device’s wallet.
Another way is to copy and paste the specified payment URL or to scan the QR code to open the payment in a mobile smartphone wallet. This will link your wallet to the appropriate crypto address and amount making it easier for you to complete the payment.
Conclusion
By accepting Bitcoins, Newegg now has a competitive edge over its competitors. This also shows that they are open to change and innovation. On November 29, 2021, it announced that it will start accepting Shiba Inu (SHIB) also as a form of crypto payment.
FAQ
- What other cryptocurrencies does Newegg accept?
Newegg announced in early 2021 to accept Dogecoin and later in July 2021, it started to accept Litecoin.
- What is the portfolio of Newegg?
Newegg has an extensive portfolio that includes technology, logistics, and other partner services to help companies grow their business.
- What is the rank of Newegg according to Forbes?
Forbes ranked Newegg as the 172nd largest private company.
