Newegg’s Canada arm appears to have dropped Bitcoin payments after BitPay’s halting of settlements in Canadian dollars (CAD) last week. Citing information from a company representative, a Reddit user claimed Newegg, which was one of the first major retailers to begin accepting Bitcoin, will no longer offer the option to customers on its Newegg.ca platform.
Asked why Bitcoin was no longer a payment method, the representative during an instant chat stated they were:
“Not provided with more information” but that “bitcoin is no longer available to be used on Newegg.ca.”
Newegg’s main.com site appears not to have adopted the policy, suggesting the problem lies with the company’s payment processor, BitPay.
In a circular last month, BitPay said that:
“Will no longer be able to support settlements in CAD” and that businesses in Canada would have to accept BTC or USD payouts instead.
“You still have the option to continue accepting bitcoin payments via our platform and receive your settlement in BTC (bitcoin) or via USD (US Dollar) wires going forward.”
BitPay introduced minimum $1,000 minimum withdrawals after losing its Canadian banking partner in May last year. More recently, it has added further changes to its gateway in response to rising mining fees.
- Is this going to be some new Canadian law? (I hope not)!
- What do you think?
Source: Link
Very Interesting news! Lets see what happens....
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Thanks, I'm curious as well!
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Thanks )
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Cheers!
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Not very good. Like going backwards.
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Indeed!
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Sad, in a way... cryptos still have a LONG way to go before any sort of significant mass adoption.
I remember in pre-Euro days, you could walk into most large chain stores in major tourist cities and pay with pretty much any European currency, as well as USD, CAD and JPY. In doing business in multiple currencies, the merchant assumed the risk of exchange rate fluctuations. Maybe part of the problem here is that merchants are expecting to pass along too much of the work/risk to intermediaries. At my little tiny art gallery, I agree to accept Bitcoin as a form of payment... and I only expect my processor to give me Bitcoin... it's MY task to figure out what I am going to do with them.
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Yes, you are right all the way. Crypto world it's just warming up, I don't see how it will be stopped and I hope it won't be! Thank you for your thoughts.
I hope you will sell a lot of your art and more people to pay it in BTC!
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Source- https://cointelegraph.com/news/newegg-canada-drops-bitcoin-payments-bitpay-in-spotlight
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Thank You!
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Sorry about that I forgot to provide the link, my bad!
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That's a darned shame. Was this due to some new Canadian law I'm not aware of?
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I'm not sure if this is some new Canadian law, but it doesn't look good at all!
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We over at Coincards.ca have been offering Newegg.ca, NCIX and Memory express gift cards for years now so if any of you still need to top up your newegg balance we are an option :)
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Great info for those who need options! Thanks, man!
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