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

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."

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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, Privacy, Security, Tech Industry

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5 comments
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  • Cry for attention

    This poor CEO hasn't gotten enough love lately.
    Sir Name
    • What an interesting idea

      sell something for 100 dollars worth of bitcoin then sit on them, hoping the price goes up one day then cash them in for real currency
      William.Farrel
      • not likely

        Their strategy is more likely to instantly exchange them for cash value. It's safer, they could just as easily go down in value.
        Anyone can speculate and buy bitcoins in the hope that they will go up, if they feel sure they will.
        kevinrs1
  • An attraction to fools.

    A toss up between a libertarian a blathering idiot or a failing business model.
    sickntired44
  • May be there is hope after all

    Good move. Some individuals, corporation and governments can panick as much as they want, but I predict that bitcoin will surely win the day. Open sourced cryptocurrency??? Now that's just awesomeness defined..

    The only issue at stake is security and safety. If the bitcoin system is able to prove tolerant to hacks, and other malicious attempts to undermine it, implicitly and explicitly. Such sceptics mentioned earlier, will slowly but surely be bought over in due time.

    Other considerations include the bitcoin valuation system, and how it's stability will compare against other world currencies. Also, the system could potentially be manipulated to become a pseudo-multilevel marketing, where the late subscribers and adopters may end up with scraps and serious financial losses.

    Naysayers may be predicting a bitcoin bust(like the dot bust era), however the concept is good, the technology and practicality of the system also seems to be very sound.

    If all the risks to the bit coin system are well managed, I am one of the believers that this is a fantastic gamechanger, that will improve service delivery and efficiency of ecommerce and international trade.
    Roland Kar-tet