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Newegg is now accepting Bitcoin

promotions.newegg.com

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Re: Newegg is now accepting Bitcoin

#2

Post by sanswork »

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal.

It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

Re: Newegg is now accepting Bitcoin

#5

Post by comboy »

BenC88 wrote: post #3

Could somebody explain the reasoning behind "customers have 15 minutes to complete their bitcoin payment before their invoice expires"

It's something normal among bitcoin payment processors because of high price volatality (you could start a payment and only finish it if the bitcoin value goes down).

Re: Newegg is now accepting Bitcoin

#6

Post by nly »

BenC88 wrote: post #3

Could somebody explain the reasoning behind "customers have 15 minutes to complete their bitcoin payment before their invoice expires"

Bitcoin is decentralised, so, from Neweggs perspective, the transaction is never completed 'online'. Their payment processor (I'm guessing it's going to be Bitpay) has to wait until they see your transaction on the Bitcoin network before they tell Newegg that it's paid. Think of it as waiting for a cheque to arrive. A timeout is just sensible so you're not reserving stock.

Re: Newegg is now accepting Bitcoin

#7

Post by tuntematon »

BenC88 wrote: post #3

Could somebody explain the reasoning behind "customers have 15 minutes to complete their bitcoin payment before their invoice expires"

I'd say it's because bitcoin transactions are not instant. To fully 'verify' that a transaction has taken place, they need 6 confirmations. The transaction may within a few seconds show up on the bitcoin blockchain, but it can't be fully trusted until it has at least 6 confirmations. Waiting for that can take some time.

Re: Newegg is now accepting Bitcoin

#8

Post by nly »

tuntematon wrote: post #7
BenC88 wrote: post #3

Could somebody explain the reasoning behind "customers have 15 minutes to complete their bitcoin payment before their invoice expires"

I'd say it's because bitcoin transactions are not instant. To fully 'verify' that a transaction has taken place, they need 6 confirmations. The transaction may within a few seconds show up on the bitcoin blockchain, but it can't be fully trusted until it has at least 6 confirmations. Waiting for that can take some time.

I'm pretty sure Bitcoin payment processors like Bitpay aren't waiting for 6 full confirmations.

Re: Newegg is now accepting Bitcoin

#9

Post by mrb »

sanswork wrote: post #2

Pay 1% more(or 3%-8% more if you have a cash back card and depending on where you bought your coins) to save them 2% and lose all consumer protections in the deal. It's no wonder there is almost no consumer growth in the bitcoin world while new merchants are announced every other day.

You are wrong, there is tremendous consumer growth happening. The two biggest US processors (BitPay and Coinbase) release numbers every once in a while. One example:

"Since [...] October, along with the integration with Shopify in November, [...] the transaction volume has tripled." Source: http://blog.bitpay.com/2013/12/11/bitpay-exceeds-100-000-000...

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