Newegg Begins Accepting Bitcoin
Electronics retailer Newegg starts accepting Bitcoin payments, joining growing list of major tech merchants.
On July 30, 2014, major electronics retailer Newegg announced it would begin accepting Bitcoin payments for its full range of computer hardware, electronics, and technology products, becoming another major technology retailer to embrace cryptocurrency after TigerDirect and others. The integration used BitPay's payment processing system and was available to US customers purchasing from Newegg's website.
The adoption was particularly significant given Newegg's popularity among PC builders and technology enthusiasts who overlapped significantly with Bitcoin's user base.
Newegg's Bitcoin adoption was important because it provided Bitcoin users with another major outlet for purchasing technology products with cryptocurrency and demonstrated continued momentum in merchant adoption despite regulatory uncertainty and price volatility. The company's large inventory and competitive pricing also made it an attractive option for Bitcoin holders looking to convert cryptocurrency into valuable goods.Newegg's adoption helped establish Bitcoin as a practical payment method for high-value technology purchases and showed that cryptocurrency could work effectively for complex e-commerce operations.