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Australian online electronics retailer Millennius today announced it is the first major Australian online retailer to accept controversial currency Bitcoin as a payment mechanism.

Bitcoin is a relatively new digital currency that enabling instant payments over the Internet, and unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network.

Despite some recent controversy, with Bitcoin being used for anonymous illegal drug trade sites like Silk Road, and talk of a potential collapse, the move marks a positive step for the new currency.

Millennius Founder Pierre Boutros said Millennius was always looking for ways to make purchasing online easier for consumers, both in Australia and throughout the world.

“Bitcoin is becoming a far more common payment mechanism for online transactions, with many global online businesses adding the functionality,” Mr Boutros said.

“We’re proud to be the first major Australian online retailer offering the Bitcoin payment system and we look forward to it making our growth in the new markets in the US and the UK later this year even easier,” he said.

The processing of Bitcoin transactions is secured by servers called bitcoin miners. These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using peer-to-peer filesharing technology

All products in the Millennius site are now available for purchase using Bitcoin, while credit card and bank transfer payment functionality also remain for those customers that prefer them.

“We’re also enabling a similar digital currency, Litecoin. For Litecoin transactions, customers will need to email litecoins@Millennius.com.au with the product they’re after and Millennius will respond to with its best rates within 24 hours,” Mr Boutros said.

Millennius believes it is the first online retailer globally to accept Litecoin payment through its site.

“Millennius is all about creating great products at great prices, and offering the best deal on brand name consumer electronics. The addition of Bitcoin and Litecoin as payment options can only help with our ability to offer great deals to wider customer base,” Mr Boutros said.

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