Posts tagged: Technology

Website Overstock now accepting bitcoin

 

 

Bitcoin, Bitcoin, Bitcoin. What are we to do with you? Not a lot of people know about you, far less understand you or how you work, you’re super unstable and yet you’re growing. You’re the new in thing to talk about in media and that somehow continues to be the new in thing to talk about as if you know what you’re talking about.

 

Honesty corner: We don’t really know what we’re talking about when it comes to Bitcoin, but this is what we do know: It’s a cybercurrency that is created, distributed and authenticated outside of banks or governments.

 

 

People mine for them using their own computers by assisting other people’s Bitcoin transactions. And then they have them, and they can spend them. Right? We’re learning! We feel like it might be a thing we really need to learn, because it’s moving from a thing that you read about on the internet, to a thing that people are using as proper currency on the internet quite quickly.

 

Case in point: Online discount retailer Overstock.com is now accepting Bitcoin. In fact, more than 800 purchases, equaling $130,000 were made in the first 24 hours the company was accepting the cybercurrency.

 

Patrick Byrne, the company’s chariman and CEO had this to say:

 

“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 Patrick Byrne, Overstock.com chairman and CEO. ”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.”

 

More retailers are saying they will be accepting Bitcoin – most recently the Sacramento Kings, making them the first professional sports franchise to accept them starting on March 1st this year in the team store and in ticket sales.

 

Kings owner Vivek Ranadive says accepting Bitcoins is the next step in allowing fans to leave their wallets at home. Solving situations like this one, at the very least;

 

 

 

 

Other companies such as Paypal are considering making the move to accepting the currency in the future. In the meantime they are perhaps waiting for it to stabilize, perhaps they too are unsure of what the consequences are of accepting the currency. On Thursday, one Bitcoin was worth approximately $850.

 

Meanwhile, Kanye West has sued, and won against similar cybercurrency Coinye for using his image. Silly Fish Sticks. Doesn’t he know it’s the way of the future? We could’ve all been using Coinye!

 

 

 

 

 

 

 

Images courtesy of Watchdog.org, Fundaminer.com, Quickmeme & Dailymail.co.uk.