It remains to be seen whether Bitcoin will ever attract the widespread acceptance its proponents desire, but with retailers slowly adopting the crypto-currency as a legitimate form of payment, it is serving its purpose as currency for some parts of the online world. Now, a local retailer, Millennius, has added not only Bitcoin, but its smaller derivative Litecoin, as a valid way to purchase goods from its online store.
We've talked about the innards of Bitcoin previously, but put simply, it is an online currency managed by a peer-to-peer network, rather than a central authority. This network not only creates new coins (of which only a limited number can be produced), but maintains a history of every transaction and approves future transactions via a computationally complex proof-of-work system.
In Millennius' announcement, it states that it "believes it is the first online retailer globally to accept Litecoin payment through its site" and the first Australian retailer to accept Bitcoin. According to company founder Pierre Boutros, "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."
Boutros does not go into specifics about how opening its doors to the crypto-currencies will result in "great deals", but by receiving payments directly via Bitcoin and Litecoin and side-stepping the associated fees tied to credit cards payments, including chargebacks, fraud, etc., Millennius could pass the savings onto its customers.
To make Bitcoin payments, users can just select it as a payment option, right along side bank deposit or credit card. As for Litecoin, you'll need to place your order via a special email address.