Today is a big day for Bitcoin in some respects. While no multi-million dollar investments in Bitcoin startups have been announced today (yet, I can never be too sure nowadays), two large online presences have given Bitcoin serious internet “cred.” Google, the world’s favorite web search engine, has finally implemented the Bitcoin Exchange Rate into their automatic Financial Data Listings that come up automatically when you input certain terms into Google. Now, anyone around the world can simply Google ‘1 USD to BTC’ and you’ll be able to see the most recent Bitcoin Exchange Rate as compared with any currency that Google already supports. Google has seen the exact data on how many times ‘usd to btc’ has been searched in a Google search bar; it is no surprise that said number was large enough to warrant an automatic response.
Interestingly enough, Google supports the currency code abbreviation of ‘BTC’ for Bitcoin. While ‘BTC’ is widely used by businesses and individuals alike, the official proposal to the International Organization for Standardization is for Bitcoin to be represented by ‘XBT.’ The ‘X’ is traditionally given as a prefix to abbreviations for supranational or non-political currencies as no country’s name starts with ‘X.’ For instance, ‘XAU’ is used to signify gold. According to their Financial Data Listing disclaimer, Google usually gets all of their foreign exchange data from Citibank. However, Google’s Bitcoin exchange rate data doesn’t match up with the API data from any Bitcoin exchange. Some have suggested that Google is displaying Coinbase’s exchange rate on delay and converting the BTC/USD exchange rate to the target exchange rate with their normal forex data. Alternatively, Google could be using an algorithm to calculate a “true” Bitcoin exchange rate by weighting the rates at different exchanges. That is the path taken by the many Bitcoin Price indexes that have arisen over the past few years precisely because Google did not support the automatic display of a Bitcoin exchange rate. It will be interesting to see if Bitcoiners will continue to use their own trusted sources for the Bitcoin exchange rate, or if individuals and media sources will start quoting the Bitcoin exchange rate from Google as it will arguably be the most visible.
As if that weren’t enough good news for one day, Newegg has announced a week-long Bitcoin Discount promotion that will run until 7/22/14. Bitcoin users will be able to save 10% on their purchases if they pay in bitcoin and use their promo code. Offering a Bitcoin discount makes sense, the merchant is much better off accepting Bitcoin, even if the end goal is to convert all of it to USD. Bitcoin’s superior infrastructure reduces the amount of fraud to previously unobtainable levels. However, since using BitPay to accept Bitcoin only saves Newegg a few percentage point, Newegg is clearly dipping into its own profits by offering this deal. Since Bitcoin provides Newegg with never-before-seen benefits, Newegg has turned around to provide Bitcoiners with never-before-seen savings.
As many online electronics shoppers know, Newegg regularly offers a few percentage points of savings for new and novel payment methods such as V.me or Bill Me later. In the realm of payment method discounts, though, 10% is unheard of. Newegg is making a point that the larger cryptocurrency community can appreciate. In the future, all businesses that accept Bitcoin or other cryptocurrencies should be offering the largest discount to this ever growing niche group of customers.
Check out Newegg’s promotion here.
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