Overstock.com boasts it will be the first online retailer to accept Bitcoin

Summary:Overstock.com's CEO boasted further that the move to accept Bitcoin is "historic."


Bitcoin's path to the mainstream of e-commerce has taken another leap as Overstock.com boasted on Thursday that it will be the first online retailer to accept the digital currency as payment.

In a statement, CEO Patrick M. Byrne went so far as to describe the move as "historic," explaining that "as one who believes in limited government, this attracts me because it is a form of money that no government mandarin can will it into existence."

However, he also downplayed the situation (slightly) by describing Bitcoin as the world's already "most widely used cryptocurrency."

Public interest in the open source peer-to-peer payment system has shot up considerably in the last few months, fueling everything from new waves of mobile apps , specialized ATM machines , to questions about the legality of it all from governments worldwide.

Overstock.com is partnering with Coinbase.com, a San Francisco startup dedicated to the buying and selling process of Bitcoin, to process payments and convert Bitcoin into U.S. Dollars.

The Utah-headquartered online warehouse of goods ranging from discounted designer duds to DVDs already accepts all major credit cards as well as handful of other digital payment methods, such as PayPal, Visa's V.me and Discover RewardsPay.

As demonstrated in the screenshot above, the Bitcoin payment option is live and available in the Checkout process now.

Screenshot via Overstock.com

Topics: E-Commerce, Security, Tech Industry


Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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