Newegg now accepting Bitcoin as a method of payment

By Shawn Knight
Jul 1, 2014
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  1. Tech-savvy shoppers now have yet another online retailer willing to accept their virtual currency. Electronics giant Newegg on Tuesday announced they are now accepting Bitcoin as a method of payment for the more than 10.5 million products offered on the site.

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  2. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,430   +2,822

    And the madness never stops!
    Jad Chaar and Skidmarksdeluxe like this.
  3. cmbjive

    cmbjive TS Booster Posts: 777   +137

    So, what happens if at the time of purchase the value of bitcoins fall below the value of the product being purchased? Will Newegg's system tell them they have insufficient funds, or will it ask for a different payment to make up the difference? This is assuming the person only has enough bitcoins to make the purchase, not if he has an excess of bitcoins above the items purchase price.
    cliffordcooley likes this.
  4. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,352   +1,945

    Yeah. I wonder if this silly fad will ever stop.
    Jad Chaar and cliffordcooley like this.
  5. freakpants

    freakpants TS Rookie

    First, Bitcoins are divisible down to 8 decimal places and almost all transactions are actually done in fractions. Second, the price is fixed at the time of sale. The price displayed is dynamic and if the price changes in the 15 minutes you have to complete the transaction BitPay will cover the difference for Newegg (it's a bit more complicated than that, but Newegg will always receive the same amount and you will always pay the price in Bitcoin displayed).
  6. H3llion

    H3llion TechSpot Paladin Posts: 1,249   +220

    if it keeps getting picked up by big companies, no, no it won't.
  7. Jad Chaar

    Jad Chaar TS Evangelist Posts: 6,477   +965

    Exactly. The big blows will come if retailers like Amazon follow companies like Zappos and accept Bitcoin. But luckily, I don't think that is going to happen since I remember Amazon saying they won't ever accept Bitcoin.
  8. ikesmasher

    ikesmasher TS Evangelist Posts: 2,531   +836

    Never understood bitcoin hate.
  9. misor

    misor TS Evangelist Posts: 1,157   +195

    If I am a tin foil hat variety, I'll say this is an FBI trap.

    if the alleged mt. gox bitcoin thief cannot control himself and will buy items from newegg as if there is no tomorrow, then he will be caught in the dragnet. :)
  10. penn919

    penn919 TS Booster Posts: 176   +18

    I'm not a huge Bitcoin fan myself, but people do tend to hate things they don't understand.
    ikesmasher likes this.
  11. psp100travis

    psp100travis TS Enthusiast Posts: 39   +17

    What is the point of exchanging a billion dollars for only a tenth of a bitcoin?
  12. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,352   +1,945

    I wouldn't be too sure, I know nothing about Bitcoins but if things don't work out, these companies will start dropping it like a hot coal.
  13. H3llion

    H3llion TechSpot Paladin Posts: 1,249   +220

    I guess, but I don't see it how it could not work out. Other than black hats exploiting it or the original founders and what not ruining the whole "project". Never know though. I am bit jealous of all that I didn't get into it at start *cries*
  14. ET3D

    ET3D TechSpot Paladin Posts: 1,159   +67

    Pity they just started now. I spent most of my bitcoins (and I had less than a bitcoin) at the Bitcoin Store, and their hardware selection isn't that great, and their graphics cards aren't in stock even when they say they are.

    Still, buying in bitcoin should be a good way to overcome Newegg's US credit card limitation. I've tried ordering from them in the past to a US address and it was always a hassle having to find a US card to do that.
  15. cmbjive

    cmbjive TS Booster Posts: 777   +137

    Yes, the price is fixed at the time of sale. Unless something has changed in this country, all prices are fixed at the time of sale. My question is about the exchange rate at the time of sale. Ultimately, Newegg wants dollars, not bitcoins because, to put it politely, bitcoins have no value outside of the Internet. You say that Newegg will receive the same amount and I will pay the same price that Bitcoin displayed, but what if there is a wild price fluctuation before, during, or after the transaction completes? BitPay would cover the entire spread between what is charged to Newegg and what is paid by the consumer with Bitcoin?
  16. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,352   +1,945

    As I said I know absolutely nothing about Bitcoins apart from the fact that a lot of people think they're the greatest thing since toilet paper seeing they spend an absolute fortune on AC and computer equipment trying to mine them in a hit or miss affair. I can be wrong but my take on this whole Bitcoin thing is it's simply a fad that'll eventually die off and be forgotten. Where there's money to be had you'll always get the greedy, thieving and unscrupulous S.O.B stuffing it up for everyone else.
  17. Nobody is accepting bitcoins. They are accepting cash from Bitpay. They are not going to be left holding the bag.

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