Online retailer Overstock.com plans to accept Bitcoin payments next year

Online retailer Overstock.com plans to accept Bitcoin payments next yearYou'll soon be able to go to one online retailer to buy everything from a toaster to jewelry and furniture using bitcoins. Overstock.com CEO Patrick Byrne tells both the Financial Times and The Los Angeles Times that the company plans to accept Bitcoin in the second half of next year — and possibly within the next four months. The retailer does over $ 1 billion of revenue primarily reselling closeout merchandise it acquires from other stores, and it would be the largest retailer to accept the virtual currency. Byrne explained the decision to The Los Angeles Times, saying "I think we'll pick up … the market share of people who'd prefer to pay in Bitcoin, with an honest currency." However, he added that the decision is "also philosophical, part and parcel with my belief in a limited government — that if you want limited government you can't give it power to expand the monetary base." Byrne is a self-identified libertarian, and he believes in the benefits of a cryptocurrency like Bitcoin, which isn't attached to any government and has a limited supply.


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