Whether you “buy in to” the Bitcoin craze or not, the point is that it’s not going anywhere anytime soon, in fact Overstock has become the first major vendor to announce the acceptance of Bitcoin!
Yesterday, Overstock.com CEO, Patrick Byrne, announced that within the next year he plans to have Overstock accept Bitcoin as a form of payment. While some believe that this announcement proves confidence in the digital currency this isn’t necessarily the case. According to a report yesterday made by Gizmodo, the Bitcoin that Overstock receives from your purchase will simply be sold right back to obtain US dollars. So what does that mean? Well it means that those who do “buy in to” Bitcoin will be able to spend their digital currency at one more place and Overstock.com will still get their money in US currency.
If Overstock plans to cash out the Bitcoin as soon as they get it what’s the point in accepting it? The level of fluctuation in Bitcoin offers the opportunity to cash out for more than the buyer would have paid for the item. Additionally, as the first major vendor to offer Bitcoin as a form of payment, Overstock is creating some pretty great press for themselves!