Newegg, one of the most famous online technology stores in the North American region, announced this Wednesday that it will start accepting Bitcoin payments from its users in Canada. The newegg bitcoin relationship is a further signal for bitcoin growth and adoption.
The news comes about four and a half years after Newegg started accepting Bitcoin payments in the U.S.
Since Bitcoin transaction fee issues have died down again with the decreased usage of the network in the past two months, Newegg took the decision to accept Bitcoin payments in another prominent territory to leverage from the possibilities that cryptocurrency payment options bring to the table for vendors.
The newegg bitcoin payments are facilitated by BitPay, a popular Bitcoin payment service provider.
And it seems that Newegg is quite happy with BitPay’s services so far since it claims that the company has provided it with 99.99 percent uptime.
Speaking about the development, Newegg CEO Danny Lee mentioned that Bitcoin’s value and other nuances have evolved since the company had first started accepting Bitcoin payments in 2014.
“Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power.” Lee stated. “We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada.”
Why is this newegg bitcoin thing a big deal?
The reason why this is a big deal is that it contributes to something that is very important in the industry, the aspect of adoption. For bitcoin to be used as a currency and to become the worlds largest or single currency, like the CEO of twitter predicts it will become, it first needs adoption.
It needs adoption from two parties, merchants, and consumers. Consumers must feel confident that they are able to use their digital asset or cryptocurrency in a variety of places, while merchants have to be confident in knowing that there are potential users who will transact in the leading cryptocurrency.
Of course, there are hurdles as well, individuals have to want to use the coin for their daily use or at least, just in general. When individuals start to do so and are incentivized to do so for various reasons, one primary reason being that the asset won’t increase in value in the next day, then the true organic adoption can take place. This plus other factors that bitcoin has to overcome like competing with established fiat currencies to be used on a regular basis would help it to become much more widely adopted.
More merchants accepting it now provides for more potential adoption and use, helping to pave the way for much larger potential for bitcoin.