The landscape of cryptocurrency adoption took a significant step forward on July 24, 2019, as Newegg, one of the largest online tech retailers in the world, announced it was extending Bitcoin payment options to 73 additional countries. The move, facilitated through the company’s long-standing partnership with cryptocurrency payment processor BitPay, marked one of the most expansive retail Bitcoin adoption announcements of the year.
TL;DR
- Newegg expanded Bitcoin payments to 73 new countries on July 24, 2019
- The company has partnered with BitPay since 2014 for BTC transactions
- Newegg reported zero chargebacks on all Bitcoin transactions to date
- Bitcoin was trading at approximately $9,812 at the time of the announcement
- The expansion covers the vast majority of countries Newegg serves worldwide
A Five-Year Bitcoin Journey
Newegg first embraced Bitcoin in 2014, becoming one of the earliest major online retailers to accept the cryptocurrency as a payment method. Initially available only to customers in the United States, the option was later extended to Canadian shoppers. Over the five-year period leading up to the 2019 expansion, Newegg processed countless Bitcoin transactions through BitPay’s payment infrastructure without a single chargeback, a remarkable track record that the company prominently highlighted in its announcement.
The zero-chargeback statistic was particularly notable in an industry where traditional payment methods often carry fraud-related costs. For a retailer of Newegg’s scale — the company reported approximately $2.7 billion in revenue according to Forbes data — the absence of chargebacks represented meaningful cost savings and demonstrated the practical advantages of cryptocurrency payments for e-commerce businesses.
Global Reach Through BitPay
Anthony Chow, Newegg’s president of global sales, framed the expansion as a natural progression driven by customer demand and the company’s commitment to innovation in online shopping. In a press release issued on July 24, Chow emphasized that the decision to broaden Bitcoin payments was a direct response to growing customer preference for the payment option across international markets.
BitPay, the Atlanta-based cryptocurrency payment processor that has been handling Newegg’s Bitcoin transactions since the initial 2014 rollout, continued its role as the facilitating partner for the expanded service. The company has positioned itself as a bridge between traditional commerce and the cryptocurrency ecosystem, providing merchants with the ability to accept Bitcoin payments while receiving settlements in fiat currency, effectively eliminating price volatility risk for the retailer.
Bitcoin Resilience and Retail Confidence
The timing of the expansion was significant. With Bitcoin trading at around $9,812 on July 24, 2019, the cryptocurrency had staged a remarkable recovery from its bear market lows, having more than tripled in value from its late 2018 trough below $3,500. Newegg explicitly acknowledged this price resilience in its announcement, noting that Bitcoin’s ability to bounce back from significant price declines validated the company’s long-term commitment to accepting the digital currency.
This bullish stance from a major retailer stood in contrast to the broader narrative of cryptocurrency skepticism that was circulating at the time. Just days earlier, U.S. President Donald Trump had publicly criticized Bitcoin and other cryptocurrencies on Twitter, while Treasury Secretary Steven Mnuchin warned of upcoming regulatory actions. Despite this regulatory headwind, Newegg’s expansion signaled that commercial adoption of Bitcoin was continuing on its own trajectory, largely independent of political rhetoric.
Broader Context: Retail Crypto Adoption in 2019
Newegg’s announcement was part of a broader trend of institutional and retail adoption in 2019. Earlier that year, telecommunications giant AT&T had also integrated Bitcoin payment support for customers settling bills online, likewise partnering with BitPay. These developments suggested that the infrastructure for cryptocurrency payments was maturing, with specialized payment processors making it increasingly straightforward for major companies to add Bitcoin as a payment option without directly handling the technical complexities of cryptocurrency transactions.
For the cryptocurrency market, which saw Bitcoin’s total market capitalization hovering around $175 billion at the time, each new major retailer accepting Bitcoin provided tangible evidence of the asset’s utility beyond speculation. Newegg’s expansion to 73 additional countries represented not just a geographic widening of Bitcoin’s payment network, but a vote of confidence from a multi-billion-dollar business in the cryptocurrency’s long-term viability as a transactional medium.
Why This Matters
Newegg’s global Bitcoin expansion demonstrated that retail adoption of cryptocurrency was accelerating even amid regulatory uncertainty. The company’s flawless five-year track record with zero chargebacks provided a powerful case study for other retailers considering Bitcoin integration. At a time when political leaders were publicly questioning cryptocurrency’s legitimacy, Newegg’s announcement served as a practical counterargument: Bitcoin was working as intended for one of the world’s largest online electronics retailers, and it was scaling globally.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk, and readers should conduct their own research before making any financial decisions.