Overstock.com aims to be first major US retailer to accept Bitcoin

By on December 21, 2013, 3:15 PM
bitcoin, retailer, virtual currency, cryptocurrency, overstock

Bitcoin recently received a boost of confidence as Overstock.com CEO Patrick Byrne said his company would be the first major US retailer to accept the virtual currency. It won’t happen anytime soon, however, as they won’t be set up to process Bitcoin transactions until sometime in the second half of 2014.

In an interview with the Financial Times (via CNN), Byrne said they think there is going to be a market in Bitcoin and they want to get in front of it. A healthy monetary system isn’t based off an upside pyramid or the whim of a government official. He believes Bitcoin should hold its value better than the dollar due to the fact that it is mathematically constrained (only a limited number can ever be created) and it can’t be manipulated by government authorities.

When they start accepting the currency, they will bank it in the event that other coins are increasing in popularity. If other coins fail to gain momentum, Overstock would instead just transfer Bitcoins to dollars on a daily basis, Byrne noted.

Overstock will join a number of other retailers in accepting Bitcoin including Humble Bundle, Namecheap and OKCupid, just to name a few. Overstock of course would be the largest retailer to do so with forecasted total revenue of $1.3 billion in 2013. The move could prompt others like Amazon to do the same – that is, if they can beat everyone to the punch.




User Comments: 10

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JC713 JC713 said:

I wonder if they will set an example for other retailers.

1 person liked this | cliffordcooley cliffordcooley, TechSpot Paladin, said:

Take that Bankers! Honestly though with the Bitcoin value bouncing, I don't know why anyone would use it.

davislane1 davislane1 said:

Take that Bankers! Honestly though with the Bitcoin value bouncing, I don't know why anyone would use it.

So long as they exchange it quickly, there isn't that much risk. Moreover, if Bitcoin does stick around beyond its (current) bubble phase and anything substantial happens with official currencies during the next several years (a strong possibility), getting ahead of the crowd with Bitcoins could be immensely profitable.

I don't put much stock in them personally. The devaluation of official currencies is something you can see from a mile off, but Bitcoin could zero overnight if someone cracks the Bitcoin code. Nevertheless, no fortune was ever made taking advantage of an opportunity that was obvious.

Guest said:

@cliffordcooley: True, because no other currency fluctuates in value.

GhostRyder GhostRyder said:

Take that Bankers! Honestly though with the Bitcoin value bouncing, I don't know why anyone would use it.

Right on, honestly its got to be pretty hard to manage, but cool if they get a good system down.

Guest said:

And again another post about bit-makes-everybody-lose-money-coin.

What people really what is get everybody talking about it.

This thing is wrong in its conception, in its definition and won't have any effect on real currency.

Hackers all over the world are just waiting to start making money with bit coin, but they are also frustrated because this thing won't fly.

Bring us more PC Games/PC Hardware reviews TechSpot!

Cheers!

Guest said:

And again another post about bit-makes-everybody-lose-money-coin.

What people really want is get everybody talking about it to see if it flies. But it won't.

This thing is wrong in its conception, in its definition and won't have any effect on real currency.

Hackers all over the world are just waiting to start making money with bit coin, but they are also frustrated because this thing won't fly.

Bring us more PC Games/PC Hardware reviews TechSpot!

Cheers!

Fbarnett Fbarnett said:

They need to. All they have is refurbished stuff that cost more than the same item new. I have not found a deal there in like 10 years

1 person liked this | cliffordcooley cliffordcooley, TechSpot Paladin, said:

They need to. All they have is refurbished stuff that cost more than the same item new. I have not found a deal there in like 10 years
Their name is Overstock. If their prices were not high they wouldn't have overstock. lol

wastedkill said:

Wish overclockers the uk shopping site accepted LTC or BTC xD

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