In a newsbtc.com exclusive, Overstock CEO Patrick Byrne told Eric Calouro of newsBTC in a phone interview that they plan to accept Bitcoin starting in the second half of 2014. This is incredible news considering how large of a retailer Overstock.com is at over $1 billion USD in revenue annually.
What’s even more promising from the news is that Byrne admitted that the company is still working out the logistics for accepting Bitcoin, but they might not go with Coinbase and/or BitPay. Overstock.com might work independently of Bitcoin payment processors entirely by implementing their own proprietary system to manage Bitcoin transactions. Which way Overstock.com will accept Bitcoin remains to be seen; however, mark your calendars for “Mid 2014”!
Byrne knows that there is no marginal cost of implementation for accepting Bitcoin, a blatant fact that many merchants continue to ignore. However, Overstock’s CEO also admits that if after a few years Overstock.com sees minimal Bitcoin purchases, they would have to pull the plug on the feature.
“Bitcoin is good money. [However] If we cannot find a way to hedge our risk, we’ll be converting right back into dollars,” said Byrne. He admits that Overstock.com would prefer to keep the Bitcoin as Bitcoin without converting to fiat as most merchants currently do, but he wouldn’t do so without a proper hedging mechanism.
On the topic of Overstock.com’s acceptance of Bitcoin being a catalyst for widespread acceptance of the digital currency in e-commerce, Byrne had this to say:
“It will put [Overstock] at a competitive edge if, and only if, the general population starts thinking and using bitcoin,” he said. “We’re willing to take the first step and see.”
Overstock.com’s CEO Patrick Byrne has clearly thought a lot about Bitcoin implementation over at Overstock.com as well as the Bitcoin economy as a whole. As a community we applaud his efforts to stay open-minded, receptive, and innovative.
Stay tuned to CryptoCoinsNews!
Last modified: April 20, 2014 18:25 UTC