When Bitcoin is starting to get some high-profiled acceptance, first from Sir Richard Branson’s Virgin Galactic and then the Sacramento Kings, TigerDirect, a direct online and catalog retailer of computers and consumer electronics, could not hold for long. Now, the company has announced that it is going to accept Bitcoin for its products.
Earlier, ForexMinute reported that Overstock started accepting Bitcoin and that was one of the best things that happened this year so far for the digital currency. It also reported that two Las Vegas casinos owned by brothers Derek and Greg Stevens started accepting Bitcoin recently. TigerDirect is a new entrant in the league.
Just a day ago, Secretary of the Treasury Jack Lew, in his interview with CNBC admitted that Bitcoin is a phenomenon that needs more time and discussion. He said that from the government’s perspective, though it is quite important for it to see its use in funding illegal activity or to funding activities that have malign purposes like terrorist activities.
Despite his reservations, it is highly likely that there is some scope for its fair use and TigerDirect’s decision to accept Bitcoin in exchange of thousands of products is one such use. Nevertheless, as TigerDirect which announced that it will be accepting Bitcoin, a peer-to-peer digital currency, as a method of payment on more than 200,000 products, customers got another place to spend their digital currency.
How large is TigerDirect?
Headquartered in Fountainbleau, Florida, it is a direct online and catalog retailer of computers and consumer electronics. Though there are several electronic retailers in the U.S. that accept Bitcoin, a Systemax subsidiary, TigerDirect is the first major U.S. electronics retailer and largest company to date to accept the digital currency Bitcoin via BitPay.
In a press release, Steven Leeds, director of corporate marketing at TigerDirect, said that his company will begin accepting Bitcoin immediately for online sales only. He said that the company reached to decision after several months of reviewing the options for processing Bitcoin and a lot of new business is expected once it is implemented.
Nonetheless, TigerDirect chose BitPay to transact Bitcoin payments on its website as it realizes that Bitcoin has become more and more accepted among small businesses and it will add value to its customers who wish to pay in the digital currency. The company will not just accept Bitcoin but also sell the computer components used to mine the currency as well.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org