Hungary-based online electronics retailer 220volt.hu has announced it will now offer bitcoin as a payment option, allowing local bitcoin users the ability to buy Apple laptops, Samsung tablets and LED and plasma TVs with bitcoin.
announced its decision to accept bitcoin via payments processor BitPay in a company blog post that provided a brief overview of the digital currency and its history, and that characterized the payment system as an alternative to another popular online payment tool, PayPal.
Hungary-based bitcoin enthusiast and CoinTerra vice president of Software Enterprise Tamas Blummer lauded the news as a significant development for the local bitcoin market and for local digital currency consumers.
Blummer, whose Hungarian bitcoin startup Bits of Proof was acquired by CoinTerra earlier this year, told CoinDesk:
The blog post went on to instruct customers on how to make bitcoin payments, while easing concerns about possible overpayment on purchases and directing interested readers to Hungarian-language digital currency resources.
$50 million merchant
In addition to its online presence, 220volt also has five physical retail locations in prominent Hungarian cities, including three in its capital and largest city, Budapest.
One of the country's largest e-commerce electronics stores, it is also one of the most well-reviewed, according to analysis from WebShopExperts.hu.
The website assessed 220volt on a host of factors including its web layout, mobile website and delivery and payment methods, giving it an overall rating of 6.6 out of 10, or third among the five e-commerce offerings it analyzed.
The company is privately held, and earns revenue of roughly $50m annually, according to Blummer.
BitPay in Europe
The news is also notable for BitPay, which in recent months has aimed to capture a larger share of the European market.
At the time, Gallippi told CoinDesk:
Hat tip to r/bitcoin
Tablet image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.