[2018-04-07] Retailer Adoption of Bitcoin is Growing in the US and Canada

[FollowSynergy]

Earlier this week, leading US electronics retailer Newegg expanded its bitcoin integration to its platform in Canada, allowing millions of customers based in Canada to pay for products with bitcoin.

Increasing Retailer Adoption

Newegg CEO Danny Lee emphasized that the value of bitcoin has skyrocketed since 2014, when the company first integrated bitcoin, and noted that bitcoin users have significant purchasing power.

“In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option. Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power. We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada,” added Lee.

Stephen Pair, the CEO at BitPay, a cryptocurrency payment processor that is responsible for handling bitcoin payments made to Newegg, also stated that the demand for cryptocurrencies from users in Canada has increased over the past few years, and Newegg’s integration of bitcoin would allow the adoption rate of bitcoin to grow throughout the country.

“We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border,” said Pair.

Other than Newegg, e-commerce platform Overstock, one of the world’s largest travel booking agency Expedia, eGifter, Gyft, satellite television service provider Dish, and CheapAir also accept bitcoin as a payment method.

Factors of Growth

In January, prior to the major correction of bitcoin, Starbucks chairman Howard Schultz stated that the organization is willing to integrate a cryptocurrency in the future if it is retailer friendly and it is able to handle a certain capacity of transactions that is sufficient for large-scale conglomerates.

During a conference call, Schultz stated that he personally does not believe bitcoin would be the global currency that will be adopted by retailers, but a cryptocurrency could be used in the future by retailers.

“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,” said Schultz.

As Visa executive and Bitcoin Foundation co-founder Jon Matonis previously emphasized, the legitimacy of bitcoin as a global currency could continue to increase as major banks like Goldman Sachs and retailers like Newegg continue to adopt bitcoin as a payment method and a currency.

Currently, the extreme volatility of the market makes it dififcult for retailers to fully adopt cryptocurrencies as a payment method. But, as the market grows and matures with public investment vehicles and more regulated investment channels, bitcoin could evolve into a global digital currency that is widely adopted by retailers.

“I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin. We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor,” Matonis noted, emphasizing that the emergence of bitcoin-based investment vehicles would lead to overall improvement in liquidity and stability.

https://www.ccn.com/retailer-adoption-of-bitcoin-is-growing-in-the-us-and-canada-despite-price-fall/

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[aoluain]

Very interesting to know Newegg adopted BTC back in 2014. I often
wondered in this volatile market how traders accepting BTC payments
manage them. Do they hold the payments or liquidate them immediately?

Anyway great to see big name companies accepting crypto payments
and recognising the purchasing power of BTC owners.

[CryptoBry]

I think that despite the developments affecting the current cryptocurrency market we will see a growing number of business entities adopting Bitcoin...this is going to be slow but definitely we are getting there. Last year there was that big issue of scalability but this year things are getting better. Bitcoin is now getting attractive to businesses again.

[davis196]

It`s normal for the bitcoin adoption amongst retailers to grow.The btc transaction fees and confirmation time had decreased a lot,making the btc transactions faster and cheaper than before.Companies like Newegg and Overstock are big players in the online retail business,but they are not giants like Amazon or eBay.
Anyway,such good news have to be shared with the entire crypto commnuity,in order to fight with all the FUD news,that spread frustration amongst the crypto traders.

[BitHodler]

Last year there was that big issue of scalability but this year things are getting better. Bitcoin is now getting attractive to businesses again.

The same 'issues' are still there, but people don't experience the negative consequences of them due to how calm the market currently is. Once hype starts kicking in, and spam attacks, we'll be there again.

Fundamentally nothing has changed, so everything we are building up right now in terms of merchant adoption, should all be based on how lightning network is going to tackle the on-chain inconveniences.

But then again, regardless of how fast or cheap Bitcoin transactions are, you can't force people to actually spend their coins. It's almost impossible to make people spend something today that can be worth 10 times more next year.

[Betwrong]

Earlier this week, leading US electronics retailer Newegg expanded its bitcoin integration to its platform in Canada, allowing millions of customers based in Canada to pay for products with bitcoin.

If the estimation made by the University of Cambridge is correct and there are not more than 6 million unique Bitcoin users then only this step of Newegg alone may increase the number of Bitcoin users significantly.

In January, prior to the major correction of bitcoin, Starbucks chairman Howard Schultz stated that the organization is willing to integrate a cryptocurrency in the future if it is retailer friendly and it is able to handle a certain capacity of transactions that is sufficient for large-scale conglomerates.

Unfortunately this will not necessarily be Bitcoin. But who knows, maybe by the time Starbucks will get ready to ingrate a crypto, Bitcoin will be the best option. )

As Visa executive and Bitcoin Foundation co-founder Jon Matonis previously emphasized, the legitimacy of bitcoin as a global currency could continue to increase as major banks like Goldman Sachs and retailers like Newegg continue to adopt bitcoin as a payment method and a currency.

We definitely need more news like this one, I'm already tired of seeing the red market almost every time I visit coinmarketcap recently.

[RamonBTC]

And that is one worthy news that is basically need to be shared. Canada in recent years already show signs of great potentially adaptive cryptocurrency country and with the United States company like newegg who already benefited by the surge of bitcoin price since 2014 expansion like this it will go a long way and in the future Starbucks will surely have a piece of the pie in profit.

If this continuously be the news everyday from now, we will surely have a much better and higher chance of a faster market price recovery.

[richardsNY]

It's almost impossible to make people spend something today that can be worth 10 times more next year.

I feel that. I think the best thing to do in this case is that when you for example purchase stuff with Bitcoin being worth like $300 (could be any amount), that after your purchase, you convert $300 worth of fiat to Bitcoin to fill up your Bitcoin balance again. That will allow you to buy stuff with Bitcoin whenever you want, but without losing any coins and potentially miss out on a further increase. I have done it myself a couple of times already, and I'm quite satisfied with it, especially in case you don't have credit cards or paypal to pay in online shops, and I fit in that category. It obviously requires you to have fiat ready, but that shouldn't be a problem for most people here....

[entrepmind23]

Currently, the extreme volatility of the market makes it dififcult for retailers to fully adopt cryptocurrencies as a payment method. But, as the market grows and matures with public investment vehicles and more regulated investment channels, bitcoin could evolve into a global digital currency that is widely adopted by retailers.

With a lot of FUD spreading around lately, this is one good news. Now I am more convinced that the market will turn around and more good news will follow because the one who control the media wanted people to know that bitcoin or other crytocurrencies are good investments. Regarding the adoption of retailers, it has been happening around for sometime but only a few knew about it because some are more focus on bad news instead of good and many are still doubtful about bitcoin. Eventually, when more people, institution and businesses adopt bitcoin, there would be more holders and more mature perhaps that wouldn't panic immediately with a bad news.

Many are still against regulation but I think it is needed for the people to know that cryptocurrencies are not just a simple invest and then wait for your profit to grow. Many are still getting the idea that it is just a HYIP because many are using it for their own selfish interest. When it is regulated and recognize by government then there would be trust and confidence of the people which would result to mass adoption.

[Irvinn]

The good news is that in the US and Canada, bitcoin continues to be interested and its significance is increasing. While bitcoin is not enjoying its best days, it is far from perfect, there are still its shortcomings in it, and it's still in the works. I hope that soon we will be able to get out of the stagnation of the crypto-currency market and then all these problems will be solved much faster.

[Qartersa]

This is not surprising because retailers greatly benefit from this. Whenever they accept cryptocurrencies, they can hardly be taxed UNLESS of course the government is really capable of monitoring the tax liabilities of the people. (Thanks to technology if it truly helps!) Otherwise, they will be incurring losses if the market skyrocketed at the time of business transaction then when payment of taxes fall due, the market dipped down low. The risk here is actually as to when retailers will cash out the money paid in Bitcoin. If they are truly liquid, there really is no problem but all gains, hopefully, because they get to pay their tax obligations notwithstanding the dip from other sources of income. Overall, it is all about strategizing to survive and go over and beyond in this endeavor. 

[veleten]

at least some good news nowadays
not enough to see the price grow,but Newegg has a huge customer base
even if some of them see the bitcoin payment option and wondered what the heck is that and Googled
its a success,but with millions of users,paying for things with coins(potentially at least) this news is not to be uderestimated
increased adoption,positive news and non crashing markets is what we need
hope more giant chains and businesses introduce bitcoin payment option soon,too

[Diabolov]

Great news! I hope that this leads to stabilization of bitcoin price.
Big Thanks for sharing

[Sir Cross]

Currently, the extreme volatility of the market makes it dififcult for retailers to fully adopt cryptocurrencies as a payment method. But, as the market grows and matures with public investment vehicles and more regulated investment channels, bitcoin could evolve into a global digital currency that is widely adopted by retailers.

With a lot of FUD spreading around lately, this is one good news. Now I am more convinced that the market will turn around and more good news will follow because the one who control the media wanted people to know that bitcoin or other crytocurrencies are good investments. Regarding the adoption of retailers, it has been happening around for sometime but only a few knew about it because some are more focus on bad news instead of good and many are still doubtful about bitcoin. Eventually, when more people, institution and businesses adopt bitcoin, there would be more holders and more mature perhaps that wouldn't panic immediately with a bad news.

Many are still against regulation but I think it is needed for the people to know that cryptocurrencies are not just a simple invest and then wait for your profit to grow. Many are still getting the idea that it is just a HYIP because many are using it for their own selfish interest. When it is regulated and recognize by government then there would be trust and confidence of the people which would result to mass adoption.

That’s true. People should first learn more about crypto before engaging into investments. There has been a presumption that one would be able to become rich in an instant once they buy some btc. If people understood the concept of btc and crypto, then there will be less panic sellers. As more and more innovations and development for btc have been undergoing, then communities should cope up with the regulations and adoptions otherwise they will be left behind.