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."
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."
