So yesterday, Overstock.com unexpectedly started to accept Bitcoins. They had announced that they might start taking them later this year, but surprised everyone by going live yesterday. 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. There are already many other sites (and physical stores as well) too numerous to count that have accepted them for some time. Most notably Reddit, WordPress, Bitcoinstore, Gyft, MEGA, OKCupid, and BtcTrip. 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.
Here is a super quick run-down of what it is for anyone who doesn’t know. Bitcoin is a decentralized peer-to-peer currency and payments system. 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. It runs itself, because it is strict math that governs the way it works. 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. It is eventually quantity limited – eliminating the threat of inflation. It is divisible down to 8 decimals, making plenty of units for world use. 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. 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.
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