More merchants adopt Bitcoin as payment for goods

Despite the fact that cryptocurrencies fell in value over the last coupe of months, some online retailers are open to adding it to their merchant payment system. Newegg, a U.S. electronics retailer has recently added the leading cryptocurrency, Bitcoin, to its Canadian platform, meaning that customers in Canada can buy products with the digital currency.

Newegg first adopted Bitcoin for payments in 2014 and its CEO, Danny Lee, pointed out to CCN that due to the soaring value of Bitcoin since that year, its owners now have even more spending power and that this is the right time to expand its use as a payment method and extend it to Newegg customers in Canada.

It seems that using Bitcoin as a payment for products in Canada is on the rise overall. Bitpay, which handles Newegg’s payment system, said more Canadians were demanding access to Bitcoin payment and that the Newegg decision would encourage a countrywide the adoption of the digital currency for payments. Overstock.com is another large online retail platform that also accepts Bitcoin, as does Expedia, the massive online travel agency.

Starbucks is thinking about it

And Starbucks is considering accepting crypto payments “if it is retailer friendly and it is able to handle a certain capacity of transactions that is sufficient for large-scale conglomerates.” However, it doesn’t sound as if this will be in 2018. The coffee chain’s chairman, Howard Schultz said: “I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”

At the moment, market volatility makes it difficult for retailers to accept payment in digital currency. But, as regulation improves and the market matures, Bitcoin has the potential for much wider adoption by online merchants.

 




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