Retailer Adoption of Bitcoin is Growing in the US and Canada, Despite Price Fall

2018/4/9 0:17:34

There are promoters who hope to be able to make Ukraine a major center for cryptocurrencies acceptance in Eastern Europe.


By Joseph Young for CCN, Apr 7, 2018


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.


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