Overstock.com Plans To Accept Bitcoin

Posted by timothy on Saturday December 21, 2013 @06:33PM from the totally-a-flash-in-the-pan dept.

SonicSpike writes "Overstock plans to become the first big U.S. online retailer to accept Bitcoin, as Patrick Byrne, the company's libertarian chief executive, warms to the virtual currency as a refuge from government control. Mr Byrne told the Financial Times that Overstock planned to start accepting Bitcoin next year – possibly by the end of the second quarter – a decision that he said was driven mainly by his own political philosophy. 'I think a healthy monetary system at the end of the day isn't an upside down pyramid based on the whim of a government official, but is based on something that they can't control,' Mr Byrne said."

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Guesses as to end effect? by SuperKendall · 2013-12-21 18:39 · Score: 4, Interesting

It will be really interesting if this creates any stability in the value of bitcoin, or if not how pricing will work with something that can fluctuate in value so wildly... will the company convert BTC to cash right away, or will it keep it for a while before conversion (if ever)?

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"There is more worth loving than we have strength to love." - Brian Jay Stanley