At Newegg, we pride ourselves on staying at the forefront of all things tech. That includes keeping up on the latest developments in payment technologies. That’s why Newegg has accepted cryptocurrency as a payment method for over five years, opening up more ways for customers to buy their favorite tech. And it’s all thanks to BitPay.
BitPay is a cryptocurrency payment processor founded in 2011, just two years after the creation of Bitcoin, making them pioneers in cryptocurrency payments. Since then, BitPay has become one of the world’s largest cryptocurrency payment providers, processing the equivalent of over one billion US dollars in payments annually. They support Bitcoin and Bitcoin Cash and plan to process payments for an expanding lineup of other cryptocurrencies. Some impressive credentials, to be sure, but what exactly does BitPay do for you, the shopper who loves scouring Newegg for the latest tech? As it turns out, quite a bit. Read on to learn about how BitPay makes shopping with cryptocurrency one of the best ways to pay for your Newegg purchases.
Why Cryptocurrency?
If you’ve been keeping up with Newegg Insider’s coverage on cryptocurrency, you already know how crypto and the broader world of blockchain technology open up exciting possibilities. If you think that cryptocurrency is just the domain of speculative investors, think again. Although the skyrocketing value of Bitcoin and other cryptocurrencies has dominated headlines over the past few years, there’s more to crypto than the hype and headlines may lead you to believe.
As a quick refresher, Bitcoin, the original cryptocurrency, was built on the back of a technology known as the blockchain, a public ledger in which transaction information is recorded and stored on groups of files known as blocks. What makes blockchain-based payment methods unique is that they operate on shared computing networks in which transaction details must be verified across all individual machines in order to be stored on public ledgers, thus making transactions far more secure and tamper-resistant than credit card payments.
Credit cards have proven to be a convenient online payment method, but there’s still room for improvement. For one, credit card information is still at risk of exposure through cyber criminal attacks, even in the wake of increased customer and company measures to heighten information security. Credit cards can also be a hindrance to some global customers, who may not be able to access credit cards as easily as customers in other countries. Customers like paying in Bitcoin and other cryptocurrencies because they are truly global payment methods: they work seamlessly across borders and require no bank accounts or credit cards to use. Better yet, they are far less prone to fraud than credit cards because every transaction is verified, recorded, and stored on public ledgers. Crypto users have more control over how their money is spent: cryptocurrency payments are push payments, meaning they can only be authorized by the owner of the funds. This stands in contrast to credit cards, a “pull” payment method where anyone with access to pertinent information can initiate payments. For a more in-depth look at the inner workings of cryptocurrency and blockchain technology, check out our Beginner’s Guide to Crypto.
Quick, Simple, and Safe: Purchasing with BitPay
While cryptocurrency started as a somewhat esoteric payment method largely used by hardcore CompSci types, it has evolved into a mainstream payment that’s easy to use and accepted at many major retailers — thanks in no small part to BitPay. From its founding, BitPay’s number one objective was to make crypto payments faster, more secure, and less expensive for customers and businesses across the world.
A guiding principle for BitPay is providing customers with a seamless cryptocurrency payment experience. They work with some of the biggest companies, like Newegg, to create a simple way for customers to make purchases with Bitcoin and other supported cryptocurrencies. That means crafting a secure payment process focused on preventing payment errors and keeping customers safe.
BitPay makes purchasing with cryptocurrency simple, even if you’re a newcomer who feels dizzy at the mere mention of “blockchain.” To illustrate this point, we’ve broken down checking out on Newegg with BitPay into an easy two-step process.
First, before you start buying you’ll need to have a BitPay-compatible wallet, one of the best options being a wallet created in the BitPay mobile app (more on that in the next section). Then, add cryptocurrency to your wallet if you need it. If you’re unsure as to how one goes about acquiring crypto, don’t worry. Check out the aforementioned Beginner’s Guide to Cryptocurrency for information on how to use online exchanges to turn your cash into crypto.
Step two is actually making your purchase. Once you have a compatible wallet loaded with crypto and you’re on the Newegg checkout screen, select cryptocurrency as your payment method. Then, on the order review step, you can press Pay In Wallet to pull the payment info into a wallet on your device. You can also scan the QR code to open the payment in a mobile smartphone wallet, or copy and paste the provided payment URL. After that, your wallet will connect to the correct crypto payment address and amount, allowing you to finalize the payment. After that, you’re good to go! If you want to see a step-by-step overview of the process, check out the above video tutorial.
Checking out is easy, but if you have any issues, don’t worry. BitPay’s devotion to a superior customer experience doesn’t stop at security. Their checkout experience features a help option that delivers quick answers to some of the most common questions raised by customers new to blockchain payments
Let’s be frank: we know that cryptocurrency has a tendency to fluctuate wildly in value. BitPay fully acknowledges that changes in value can sneak up on you, which is why they give you a fifteen minute window to make your payment, guaranteeing a fixed currency rate over the allotted time. It’s just one other way BitPay takes the guesswork out of shopping with cryptocurrency.
These days, BitPay is about more than just processing payments. They’ve extended their mission to simplify the way people use cryptocurrency out into new ventures in an effort to further mainstream a payment system that may seem intimidating to the uninitiated. And those efforts all start with the BitPay mobile app.
Simple Shopping with the BitPay App and Wallet
If you want an easy way to start buying with cryptocurrency, download the BitPay app, available for iOS, Android, macOS, Windows 10, and Linux. This feature-packed app offers a range of beginner-friendly features, like the ability to create and use multiple wallets, view your recent transactions, and get instant email and push notifications for payments, transfers, and proposals.
BitPay prioritizes their customers’ safety, so the wallets in the their BitPay wallet app are non-custodial, meaning your funds remain in your control, rather than in the hands of a third party. In other words, that means your money isn’t vulnerable to cryptocurrency exchange hacks. But the safety features don’t end there; BitPays’ wallets let you leverage multi-signature security with payment authorization split across up to twelve devices or trusted co-payers. Better yet, users of the BitPay wallet get private key encryption, PINs, and biometric authentication for even more peace of mind. BitPay also uses a technology known as Payment Protocol to reduce payment errors and protect customers from man-in-the-middle attacks.
If you want the best of what BitPay has to offer, check out the app. It’s a simple and intuitive way to buy with cryptocurrency for newcomers and experienced veterans alike.
BitPay is a Better Way to Buy
As technology advances, the way we shop changes: brick & mortar stores have given way to the convenience of online shopping. Cryptocurrency is a perfect payment method for the new ways we buy and sell, offering a seamless way to make transactions from anywhere in the world. BitPay is a constant innovator in the field of crypto, changing the way we spend and store our currency. Whatever is next on the horizon for cryptocurrency, one thing’s clear: BitPay will be leading the charge in bringing the latest innovations to the masses.
