Tuesday, March 19, 2019

Avnet Starts Accepting Bitcoin, Other Cryptocurrency

Phoenix-based technology products provider Avnet is jumping on the cryptocurrency bandwagon, saying on Tuesday that it will start accepting Bitcoin, Bitcoin Cash, and other cryptocurrency for payment for its products and services. According to Avnet, it is working with cryptocurrency payments provider BitPay for the payment option. Financial details of the deal with BitPay were not announced. According to Avnet, the move will provide "more convenient ways" for its customers to complete financial transactions. Initially, Avnet is accepting Bitcoin (BTC) and Bitcoin Cash (BCH). It's unclear how many of Avnet's current customers might be interested in using cryptocurrency payments, however, the company does sell products which might be of interest to those in the cryptocurrency industry, including computing hardware that might be used in cryptocurrency mining. Cryptocurrency--like Bitcoin and Bitcoin Cash--offers up a currency which is independent of the more traditional money issued by governments, in that there is no central bank or government issuing and controlling that currency. Instead, those cryptocurrencies are governed by algorithms created by developers.