Bitcoins are the largest and most well-known digital currency, or crypto-currency in the marketplace. Many companies accept Bitcoins as a legitimate payment source for sales, taking advantage of the ease of transfer and security far in advance of other payment systems. With fewer overhead costs to deal with fraud, savings are passed on through lower prices in store.
As there are more Bitcoins available than other digital currencies and since more is known about the pricing and ownership mechanism than any other crypto-currency, our focus will be on Bitcoin as the simplest way to buy electronics cheaper than in stores, though other currencies exist including Ethereum and Litecoin, and the smaller Dash, ZCash, Monero, and Dogecoin.
With over a million products for sale, all available in Bitcoin, Overstock.com has electronics with prices cheaper than you will find in store. They offer original products shipped directly from manufacturers. They offer low prices for top brands and high-tech electronics together with a 30 day return, full warranty and money back guarantee with no exchange, account, bank, PayPal, card or local currency required. Simply select the Pay with Bitcoin option under the Payment Information section of their checkout page.
Bitcoins are an extremely fast-spreading currency and continuing growth. Without a government backing the currency, the value fluctuates rapidly and though some companies have taken the risk, some still doubt the currency. Here are some other electronic retailers accepting Bitcoin:
- Tigerdirect – Major electronic online retailer
- Gift – Buy giftcards using Bitcoin that can then be used to purchase electronic items.
- Newegg.com – Online electronics retailer now uses bitpay to accept Bitcoin as payment
- Dell – American privately owned multinational computer technology company
- i-Pmart (ipmart.com.my) – A Malaysian online mobile phone and electronic parts retailer
- WordPress.com – An online company that allows users to create free blogs
- Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
Stores like Amazon and BestBuy do not yet accept Bitcoin directly, but you can work around this by using Bitcoin to purchase gift cards from services like eGifter, or Gyft and then redeem them at Amazon and hundreds of other popular retailers.
Bitcoin is similar to sending an email, except that instead of sending a message to an email address, you’re sending an amount of money to a Bitcoin address. This is very secure as you do not need to give up as much personal information as you would with a credit card for example. You only need to give your name and address if you’re purchasing physical goods. If it’s a digital item, your email will usually be sufficient.
Most Bitcoin payment processors will also provide a QR code at the checkout, which represents a Bitcoin address and payment amount. QR codes make it easy to pay from a Bitcoin wallet app on your smartphone as you simply scan the QR code and it will pre-fill the recipient Bitcoin address and the requested payment amount. Once you send the transaction, the payment is complete.
Many other electronics stores have partnered with digital asset exchange companies to open the market to the crypto-currencies, to make the sales as simple as possible.
Bitcoin exchange companies offer private numbered accounts in which you can hold Bitcoins from which you can transact sales or transfers. Each Bitcoin transaction, wherever it takes place in the world, has its own unique identification number, so you will always know what you hold on account. The exchange companies carry out transactions on your behalf, buying or selling Bitcoin in the wider market for cash whenever you want.
When you want to purchase electronics or any other physical goods or services from a store, you can use access your account direct and effect the transfer online. Your account will be anonymous and easy to use because you will have all your Bitcoin transaction numbers listed and ready to use.
The cost an account with a Bitcoin exchange company will usually incur an annual account maintenance fee, plus a commission rate on all trades. These are usually kept low so the impact on the Bitcoin price for electronics remains cheaper than paying by cash or credit.
It is recommended that users never keep their Bitcoins on a centralised service such as a Bitcoin exchange. When you buy or sell Bitcoin, use their service, and then take your Bitcoins off of the service platform and into wallets that you have full control over.
Whatever your reason for using Bitcoin, perhaps you have the belief that regulation of money supply should be free from government control or you want more security. Bitcoin’s mathematical framework is both free of politics and human error enabling you to buy electronics cheaper than if using cash or credit.