Overstock.com Announces Plans to Integrate Bitcoin Into Its Business Operations

Overstock CEO Patrick Byrne is working to encourage broad consumer adoption of Bitcoin.

When Overstock.com became the first major U.S. retailer to accept bitcoins in January 2014, it didn't require much of a business rethink. When a customer pays Overstock in bitcoins, the company simply trades them for dollars at the point of sale.

But now Overstock is planning a deeper integration of Bitcoin into its business operations in an effort to help drive broad consumer adoption of the cryptocurrency. The company's director of communications, Judd Bagley, announced these plans in an interview last week with the Digital Currency Council:

We're preparing…additional motivations for customers to use Bitcoin. For example, there will soon be Bitcoin-only sales and discounts for purchases made with Bitcoin…Our suppliers need to get set up to accept Bitcoin. Getting that to happen will require a combination of education and incentives, possibly in the form of faster payment or increasing what we pay them by a few basis points. The same also applies to paying our employees in Bitcoin.

The CEO of Overstock is Patrick Byrne, an outspoken libertarian and cryptocurrency enthusiast, who's also working on a project to decentralized stock trading using blockchain technology.

Reason's Nick Gillespie recently sat down with Byrne at the 2015 New Hampshire Liberty Forum for a wide-ranging interview about Bitcoin, net neutrality, Warren Buffett, school choice, and more. Watch the interview below:

Comments

[adolphowisner]

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[Harold Falcon]

Do you pay in bitcoin? You fucking retard spam fuckstick.

[Atanarjuat]

At about 10 minutes in... State passes law saying you have to pay sales tax in our state just because you have an online affiliate in our state. So Overstock fires every affiliate from that state. I like this guy. Starve the beast. I suppose the state gov still comes out on top because even though a few people in their state lose their livelihood, many other online retailers give up and just pay the tax.

[Rich]

FBI overstated forensic hair matches in nearly all trials before 2000

Of 28 examiners with the FBI Laboratory's microscopic hair comparison unit, 26 overstated forensic matches in ways that favored prosecutors in more than 95 percent of the 268 trials reviewed so far

*Now* will the Senate confirm Loretta Lynch?

[Rich]

Think you know everything there is to know about water?

Move the water-efficiency hero Flo through water pipes and answer water-efficiency questions while avoiding water-wasting monsters.

Go ahead, folks! Your tax dollars paid for it!

[Rhywun]

Do you get to flush three times and spend a half hour in the shower? Because that sounds like fun.

[Cytotoxic]

Liberland: it's the place that Croatia and Serbia just don't want. Still bigger than Monaco.

http://www.independent.co.uk/n.....85477.html

Guy promises his daughter she can be a princess. What do? Claim 800-square mile wasteland between Egypt and Sudan that neither nation wants as 'Kingdom of North Sudan', plant flag, and make your daughter an actual no kidding princess.

http://www.independent.org/new.....sp?id=6331

[Rhywun]

Gosh, Dubai sounds like a paradise in that 2nd article.

[Cytotoxic]

The DIFC is very close to a perfect free market and other parts of the UAE are adopting its model. It's not perfect-there are 'complications' for those wanting to take their money out-and some Sharia.