Overstock.com Begins Accepting Bitcoin

Jan. 13, 2014

target-security Overstock.com, a popular online-only retailer, last week became the first major e-commerce Website to accept Bitcoin as a payment method. The company said consumers could buy any of the more than 1 million products available on the site using the virtual currency. The announcement was another high point on the roller-coaster ride that Bitcoin has endured recently.

“This is historic. Digital currency will be an important part of the future and Overstock is excited to be the first major online shopping retailer to accept it,” said Overstock.com chairman and CEO Patrick M. Byrne. “As one who believes in limited government, this attracts me because it is a form of money that no government mandarin can will it into existence.”

The payment method, which is as anonymous as cash, has been derided as a refuge for criminals selling drugs and other illegal goods and recently was virtually banned by the Chinese government. But the value of the currency has skyrocketed in the last year (and crashed, and surged again) and has become increasingly mainstream .

On Friday, reports indicated that, in its first full day, Overstock.com processed $130,000 in Bitcoin transactions.