Overclockers UK to accept Bitcoins
June 19, 2014 // 8:57 a.m.
Overclockers UK has joined the growing list of companies that have started accepting bitcoins for payment.
The Newcastle-based computer hardware outlet has introduced the option to pay for the contents of online carts in the virtual currency and this will be open to all customers and not limited to certain items. Shoppers will simply select bitcoin as the payment method during the checkout process.
Payment service provider BitPay will handle the transaction, converting bitcoins to pounds sterling based on current exchange rates, with each payment being completed within approximately 15 minutes.
Bitcoin is becoming increasingly more widespread and is being adopted by more mainstream companies. Earlier this month, travel site Expedia announced that it would accept the virtual currency as a payment method and bitcoin gift cards for outlets like Amazon.com are popular.
Earlier this week, Apple also lifted restrictions on bitcoin wallet apps being distributed through its App Store. Similar apps had previously been removed or rejected from the App Store due to Apple’s cautious attitude towards the currency.
Due to the anonymous nature of bitcoin transactions, caution is much understood as the currency has been instrumental in payments that people might want to make without the traceability of traditional payments.
Whilst in some cases anonymity can be a huge advantage for positive causes, the currency can also be used to fund criminal acts or buy illegal substances. When drug marketplace Silk Road was shut down last October, US Marshals seized approximately 30,000 bitcoins, which they intend to auction off later this month.