Newegg Accepts Bitcoin as Form of Payment Via BitPay

Customers can pay via a local wallet, smartphone wallet, or web hosted wallet for any item on site

Atlanta, Georgia-based BitPay is already one of the biggest forces pushing legitimization of Bitcoin as a secure digital payment system. Nicknamed the "PayPal of Bitcoin" it provides easy to integrate APIs and apps to allow businesses to accept Bitcoin as a form of payment and for employees to ask to be paid in Bitcoin. In May it wasbacked by Virgin Group cofounder and chairman Sir Richard Charles Nicholas Bransonand Yahoo! Inc. (YHOO) co-founder Jerry Yang, among others, in a $30M USD venture capital funding round.

Now it has its biggest online payment deal yet, with City of Industry, Calif.-based electronics e-tailer Newegg.com, Inc. The pairwrite:

[Newegg's] more than 25 million registered customers can now pay for more than 10.5 million products including electronics, computers, game consoles and household items using bitcoin through BitPay. Newegg logo

Soren Mills, Chief Marketing Officer for Newegg North America, in a press release stated:

Newegg’s customers are among some of the earliest bitcoin miners and are enthusiastic proponents of the crypto-currency. Adopting bitcoin as a payment method is another way we’re responding to our customers’ diverse needs. Working with BitPay to implement a bitcoin payment option at Newegg was a seamless process and our partnership gives us the capabilities we require for high-volume e-commerce.

Bitcoin's API will directly interface with your local wallet. For those who store their wallets in the cloud or on a smartphone, there are options as well. For a smartphone you can use Bitcoin's app to generate a QR code for your wallet. For online-hosted wallets, you can use your URL.


Bitpay executive chairman Tony Gallippi, who cofounded the firm with Stephen Pair, cheered the deal, stating:

Our mission is to make bitcoin every merchant’s favorite form of payment. Forward-thinking merchants like Newegg allow bitcoin enthusiasts from around the world to shop with ease. Newegg has been the most requested retailer from the bitcoin community and our collaboration will serve this pent-up demand.

Other major businesses accepting Bitcoin via BitPay's API include WordPress, the Sacramento Kings (NBA), and Zynga Inc. (ZNGA). In related news California recentlyabruptly reversedits positionopposing Bitcoin, with Gov. Jerry Brown (D) signing into law a bill protect Bitcoin traders who comply with state and federal laws, policing criminal use andpaying money trader licensing fees, where appropriate.

Newegg recently launched a trial ofa new $49.99 USD annual "Premier" subscription service, which gives customers access to guaranteed three day shipping, discounted 1/2 day shipping options, free returns with no restocking fees, better customer service, and alerts for scarce items. The service resembles its rival Amazon.com, Inc.'s (AMZN) popular Prime service to some extent. Prime subscribers pay $79.99 USD per year.

Source: http://www.dailytech.com/Newegg+Accepts+Bitcoin+as+Form+of+Payment+Via+BitPay/article36154.htm