Bitcoins have dominated tech headlines all year in 2013, and while things looked rather bleak this month, Overstock.com will step up and begin accepting bitcoin payments in 2014.
Online e-tailer Overstock.com plans to open the door to the bitcoin virtual currency in 2014, giving customers another method to make payments. If true, Overstock.com will be the first major retailer to accept the controversial payment source, while other businesses will curious wait to see how the company does.
The news was reported following a recent interview with Overstock.com CEO Patrick Byrne during an interview with reporters – and Byrne believes Bitcoins will be “good money” for the company.
Many businesses are interested in Bitcoins, accept them as payment, and then immediately convert them – trying to keep the payment in Bitcoin form forces businesses to try and find a market for the sometimes volatile currency.
Overstock generated $1 billion in revenue during 2013, but it’s unknown how many customers will use the new payment option. Overstock’s potential acceptance of Bitcoins can help the currency continue to pick up support at an important time for the digital currency.
Bitcoins started 2013 with a value around $13, which has steadily increased up to $1,200 per bitcoin, but that has been slashed in half for a number of reasons. After the Chinese government decided banks shouldn’t accept Bitcoin currency, Chinese search giant Baidu also declined its support of the currency.
It’s difficult to envision what 2014 holds for bitcoins, but with retailers like Overstock onboard, supporters of the digital currency have a lot to be hopeful of.