Overstock.com Accepting Bitcoins
Overstock.com racks up $130,000 in sales on first day of accepting Bitcoin
Will Electronics Retailer Newegg Follow Overstock’s Lead and Accept Bitcoin?
So yesterday, Overstock.com unexpectedly started to accept Bitcoins. Â They had announced that they might start taking them later this year, but surprised everyone by going live yesterday. Â I of course had to partake and bought a new set of sheets last night!
This is a huge development, as this is the first retailer with a lot of name recognition to hop on board. Â There are already many other sites (and physical stores as well) too numerous to count that have accepted them for some time. Â Most notably Reddit, WordPress, Bitcoinstore, Gyft, MEGA, OKCupid, and BtcTrip. Â With bigger companies hopping on board and bitcoin gaining ever larger market share of financial transactions – even larger companies (hopefully Amazon and eBay) will want to begin accepting – and more importantly governments won’t want to or be able to stop it. Â
Here is a super quick run-down of what it is for anyone who doesn’t know. Â Bitcoin is a decentralized peer-to-peer currency and payments system. Â So think of it as a money and a Paypal type system all wrapped up into one, but without a central authority, company, or government running it. Â It runs itself, because it is strict math that governs the way it works. Â I could send any sum of money, small or large – to anyone in the world, almost instantly, with no middle-men, virtually no fees, and completely protected against fraud or theft. Â It is eventually quantity limited – eliminating the threat of inflation. Â It is divisible down to 8 decimals, making plenty of units for world use. Â Its intrinsic value is that of its built in security, speed, payment system, and ease of use for anyone – poor or rich.
So I am excited and hope to see more. Â This is a radical technology that has the ability to change and improve the world economy forever.
See below for my bitcoin consulting website and some others for general info.
http://www.bitcoineasy.net
http://theumlaut.com/2014/01/08/bitcoin-internet-of-money/