A year back, you would have been hard pressed to find a single reliable source to buy Bitcoins from, leave aside selling stuff against bitcoin. Since then a number of Bitcoin related startups have popped up around the digital currency – we have trading platforms such as Kraken & SnapSwap, and we have Andreessen Horowitz backed Coinbase (and other digital/mobile wallets) that facilitates buying and selling of Bitcoins. And then we also have online giants such as Overstock.com, Zynga and eBay, who have started accepting the virtual currency as a method of payment. This week, another major retailer – TigerDirect.com – announced that it would accept Bitcoin payments via BitPay on over 200,000 products available on its website.
TigerDirect is the first major electronics retailer to join the ‘BitWagon’. "TigerDirect has always been on the forefront of alternative online payment methods and delivering the most convenient ways for our customers to shop,” said TigerDirect’s Director of Corporate Marketing, Steven Leeds. "With individuals building their own high-powered PCs with parts offered on our site to mine Bitcoins, it's a logical fit," he added.
The Bitcoins’ value will be based on USD. TigerDirect’s partner BitPay, provides the exchange rate (valid upto 15 minutes at the time of purchase). Bitcoin will not be accepted at any of TigerDirect’s call centers or physical retail outlets. It will initially be accepted on the US version of TigerDirect.com and will accept worldwide orders from consumers outside the U.S.
TigerDirect’s move to accept Bitcoin payments is very apt, since the website is one of the most popular destinations to shop for PC components. “With individuals building their own high-powered PCs with parts offered on our site to mine Bitcoins, it’s a logical fit,” said Leeds.
TigerDirect is not the first major online retailer to jump onto the BitWagon, however:
Overstock.com had announced a few weeks back that they were considering accepting Bitcoin as a method of payment, but it was touted to take place only after six months or so. However, the company seems to have advanced operations by integrating with Coinbase to accept Bitcoin payments on 10th January, 2014. Now, users with Bitcoins can buy various products such as an XBox or even a Patio, off Overstock.
eBay UK recently added a cool development with regards to Buying and Selling of Bitcoins, by announcing the addition of a new ‘Virtual Currency’ category to the classifieds section of its marketplace. “To promote a trustworthy marketplace and ensure compliance with applicable regulations, eBay is currently updating its Currency Policy. The updated policy will clarify that listings for Bitcoin and other similar virtual currencies must be listed in the Virtual Currency Category in the Classified Ad format,” said Ryan Moore, Manager at eBay.