Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Major online computer and consumer electronics retailer, Newegg Inc., has announced that another 73 nations where the firm operates will now be accepting Bitcoin payments like in the U.S. and Canada.
Newegg Inc., an online retail firm which specializes in the sale of computer hardware and consumer electronics, has just announced that it will be accepting Bitcoin payments in 73 more countries. This new expansion directly means that Bitcoin payments are now possible in almost all of the 81 countries where Newegg operates worldwide.
Back in July 2014, Newegg entered an official partnership with Georgia-based payment processor BitPay, to facilitate acceptance of Bitcoin payments in the U.S. About a month later, Newegg became the second main online retailer to begin the expansion of Bitcoin payments to Canada from the U.S.
Newegg Global Sales President, Anthony Chow, said:
“Five years ago, we were one of the first major online shopping destinations to accept Bitcoin, and our early-adopter customers were quick to embrace this new payment option. Broadening the ability to pay with Bitcoin to the majority of our global network underscores our commitment to bring innovation to the online shopping experience, and answers customers’ growing preference for our Bitcoin payment option.”
Regardless of the volatility that Bitcoin is known for, most crypto-forward establishments are still unwavering in their support for the coin and the crypto sector in general and this much support as well as resilience can be named definitely a noted factor that will further drive adoption and ultimately allow prices to improve over time. Already now, BitPay enables more than $1 billion in Bitcoin payments through its numerous subscribers and partners.
Furthermore, accepting Bitcoin payments allows these e-commerce giants to improve their stability and earning power a little because certain charges like credit card fees and other bank levies are almost completely circumvented.
BitPay’s Chief Commercial Officer, Sonny Singh, spoke on the advantages and ease of Bitcoin payment acceptance. According to him, Bitcoin payments are very seamless and cost-effective. He noted:
“Bitcoin allows users to send and receive money just as easy as sending an email, opening up opportunities for businesses and consumers globally as a secure, low-cost transactional option for the merchants. Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.”
With the expansion to many more countries, it is generally hoped that more than a few more businesses would take a cue from this and also either begin to accept Bitcoin payments or expand its stores to the locations where Bitcoin payments are already being accepted.
IGA, one of Australia’s major chains of supermarkets, recently announced that all its stores across the country would begin receiving Bitcoin payments. This means that in about 1,400 stores scattered around the country, customers can now dump fiat and do simple grocery shopping via Bitcoin.