And bitcoin has?found another believer and another user. Now don’t rush over there with your bitcoin just yet.
Online megastore Overstock.com has agreed to accept Bitcoin as currency. They will begin to accept the Internet only currency sometime during the second half of 2014. They are the first major online retailer to make this move. (Really?) Overstock CEO Patrick Byrne says logistics still had to be worked out, but “Bitcoin is good money.” Overstock was launched in the late 1990s. Now, they’re one of the biggest online retailers around today, averaging over a billion dollars in sales a year.
This would be a bigger step up for Bitcoin than for Overstock. But I do think this is an educated risk for the retailer. They’ve seen how the new currency has exploded this past year. They also see how unstable this market could be. But Byrne seems really excited about this new adventure, and I think this relationship will be an adventure. I had a feeling something like this was coming. And if this relationship was successful, will other retail stores and maybe auction sites like EBay accept Bitcoin? If this works, how far can Bitcoin’s future grow?