Hot off the presses Overstock.com has just announced it has begun accepting Bitcoin. The retailer CEO previously announced in December that it would be looking to begin accepting Bitcoin transactions sometime in 2014. However, the company surprised everyone today stating they were already up and running with coinbase.com acting as its payment processor.
The company had over $1 billion dollars in net sales in 2013 and has indicated the move towards accepting Bitcoin alongside its traditional payment methods will positively impact their bottom line. In a wired.com article the CEO, Patrick Byrne was quoted “‘I felt I had tipped my hand. I didn’t want someone else to beat us.” Meaning he felt the announcement in December may have spurred other competing retailers to action and he wanted Overstock.com to be the first to reap the benefits of the decision to accept Bitcoin.
This is overall a great development establishing Bitcoin as a payment instrument that big businesses can feel safe using.