Overstock.com to Accept Bitcoins as Payment in 2014, CEO Says

Overstock.com to Accept Bitcoins as Payment in 2014, CEO SaysIn what could be a bellwether development for bitcoin e-commerce via U.S. consumers, online discount retailer Overstock.com is making plans to accept the virtual currency as another form of payment in the second half of 2014.
That’s according to Overstock Chief Executive and Chairman Patrick Byrne, who has been studying bitcoins, its ecosystem and its potential.
Newsbtc.com broke the story Wednesday. Byrne has confirmed the development Thursday with other media outlets.
Byrne isn’t too bothered by bitcoin’s propensity for wild fluctuations, such as those in recent days that has seen the cryptocurrency fall sharply in the wake of China’s crackdown on trading.
Byrne told Newsbtc.com that if Overstock can hedge its risk or have the option of converting into dollars, such wide swings won’t matter.
“I’ve come to understand bitcoin better and decided it’s something we do want to be associated with,” Byrne told Marketwatch. “It would just be another payment option, but beyond that I don’t know the technical details of how we would store it and such.”
Launched in 1999, Overstock is based in Utah. The company went public in 2012. Its shares have surged nearly 94 percent in 2013 to date.
Plans for adding bitcoins as a payment option are in early stages. Overstock would have to come up with a strategy of working with bitcoin companies to allow payments, or come up with its own system.
The CEO said a team of up to 12 people is working on the bitcoin plan.
“Money is too important to leave in the hands of government officials,” Byrne said, referring to the noncentralized and unregulated nature of bitcoin and other cryptcurrencies.

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