E-tailer Overstock to begin accepting Bitcoin next year

E-tailer Overstock to begin accepting Bitcoin next year
Large e-tailer Overstock.com has announced that it will begin accepting Bitcoin as a payment option in the Q3 2014.

CEO Patrick Byrne says the company is still working on the logistics of accepting the currency. They may create their own proprietary system for transactions or work with Bitcoin payment processors like Coinbase. There will be no cost to implement the system, says Byrne, so it is something they'll leave in place unless literally nobody is using it.



The company has over $1 billion in revenue per year. Just like other companies, Overstock will likely convert the Bitcoin right back to dollars after accepting them, unless they can find a tool to hedge risk if keeping the currency in actual Bitcoin.

"It will put [Overstock] at a competitive edge if, and only if, the general population starts thinking and using bitcoin," concluded Byrne. "We're willing to take the first step and see."


Written by: Andre Yoskowitz @ 22 Dec 2013 13:58
Tags
Bitcoin Overstock.com
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  • 4 comments
  • WW3

    This is the next step, people~

    Custom Computer rebuild 2.80GHZ@6cores/8GBRAM|3DS | WII|360|PS3|

    22.12.2013 16:47 #1

  • nonoitall

    Pretty cool news. As eventful as 2013 has been for Bitcoin, 2014 looks to be another interesting year.

    22.12.2013 19:21 #2

  • dEwMe

    Bad thing is I have never seen anything on Overstock that I couldn't get cheaper elsewhere. Also theres the I don't trust imaginary currency thing too. Count me out.

    Just my $0.02,

    dEwMe

    23.12.2013 12:58 #3

  • Mrguss

    I like the whole idea of Bitcoin about: To take "The-Power" from the Federal Reserve, Wall Street (NYSE & Others), Goverments, Corporations & The Rich People. (Including Credit Card scammers companies making $$$ out of thin air).

    This is 2014:
    1.- "WE THE PEOPLE" We are not your Sheeps.
    2.- We don't own you NOTHING !
    3.- Class-War: It always being the name of the game.

    +5000

    23.12.2013 18:12 #4

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