The $1 billion company is tapping into a new market of buyers who use the online currency, and other major retailers will lose market share if they don't follow suit and accept Bitcoins, Overstock CEO Patrick Byrne said.
"I've been hearing from people all over the world—cult followers of Bitcoin—who say they are going to shift all of their shopping to Overstock.com," Byrne told CBS affiliate KUTV in Salt Lake City.
Bitcoin users buy digital money and load it onto a virtual wallet. They can buy things online without having to enter their credit-card information.
Unlike government-issued money, the value of Bitcoin fluctuates rapidly. To protect itself, Overstock uses a Bitcoin broker that immediately transfers the digital coin into dollars.
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Friday, February 14, 2014
TECHNOLOGY: Overstock.com sees new market in Bitcoins
Via Phys.org: