Newegg now accepting Bitcoin as a method of payment

[Shawn Knight]

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.

Paying for your purchase with Bitcoin is a simple affair. At check-out, simply select "Bitcoin" under "Payment Methods." If your digital wallet software is installed on your computer, just click the "Pay with Bitcoin" button.

In the event your wallet is stored on your smartphone, you can scan the QR code to process the payment. Alternately, if your wallet resides on the web, click the "View Address" link to display the digital wallet address and send the amount due.

Customers have up to 15 minutes to complete a Bitcoin transaction before the invoice expires. Successfully processed invoices will show "Paid" once the funds have been transferred and a confirmation message will arrive in your inbox.

It's worth pointing out that product returns won't be refunded in Bitcoin or cash. Instead, Newegg will issue a gift card for the amount of the return. So in other words, once you hand over your Bitcoins, the value of the currency must be spent at Newegg one way or another.

Newegg has enlisted the help of Bitcoin payment processor BitPay to handle transactions. BitPay will convert Bitcoins to fiat currency at the time of transaction on Newegg's behalf, just as we've seen from others like Tiger Direct. 

Permalink to story.

https://www.techspot.com/news/57284-newegg-now-accepting-bitcoin-as-a-method-of-payment.html

 

[cliffordcooley]

And the madness never stops!

 

[cmbjive]

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.

 

[Skidmarksdeluxe]

And the madness never stops!

Yeah. I wonder if this silly fad will ever stop.

 

[freakpants]

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.

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).

 

[Mister_K]

And the madness never stops!

Yeah. I wonder if this silly fad will ever stop.

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

 

[Jad Chaar]

And the madness never stops!

Yeah. I wonder if this silly fad will ever stop.

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

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.

 

[oldikes]

Never understood bitcoin hate.

 

[misor]

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.

 

[penn919]

Never understood bitcoin hate.

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

 

[psp100travis]

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

 

[Skidmarksdeluxe]

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

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.

 

[Mister_K]

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.

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*

 

[ET3D]

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.

 

[cmbjive]

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).

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?

 

[Skidmarksdeluxe]

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*

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.

 

[Guest]

Nobody is accepting bitcoins. They are accepting cash from Bitpay. They are not going to be left holding the bag.