Update on the Overstock.com plan to utilize Bitcoin
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More info from the CEO of Overstock.com regarding their plan to accept bitcoin payments starting in June or July 2014. One of the things he mentions that is a major incentive for their decision is the potential savings in fees they currently are paying in credit card transactions. This simple fact has always been a no-brainer for me when it comes to the adoption of all crypto currencies for retailers moving forward. If it will save retailers large amounts of money, why will they not want to jump on board? Once the technical issues are solved regarding the actual transaction on their individual sites- so that it is a seamless, trusted process, I cannot imagine that more and more major retailers will not welcome this with open arms. The other major stumbling block is the current state of volatile values- but as the article discusses, that will just depend if these retailers choose to exchange back to fiat each day, or to keep some or all of their payments in bitcoin. Again, my opinion is that even though we are only discussing bitcoin, I firmly believe that once retailers and the public are accepting and trusting of these transactions, additional crypto currencies will become part of the process as optional methods of transactions.
[url=http://www.coindesk.com/overstock-unveils-more-details-bitcoin-adoption/?utm_source=CoinDesk+subscribers&utm_campaign=b8d884f7e1-EMAIL_RSS_CAMPAIGN&utm_medium=email&utm_term=0_74abb9e6ab-b8d884f7e1-75721013]http://www.coindesk.com/overstock-unveils-more-details-bitcoin-adoption/?utm_source=CoinDesk+subscribers&utm_campaign=b8d884f7e1-EMAIL_RSS_CAMPAIGN&utm_medium=email&utm_term=0_74abb9e6ab-b8d884f7e1-75721013[/url]
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[quote name=“Miner Phil” post=“46729” timestamp=“1387662450”]
More info from the CEO of Overstock.com regarding their plan to accept bitcoin payments starting in June or July 2014. One of the things he mentions that is a major incentive for their decision is the potential savings in fees they currently are paying in credit card transactions. This simple fact has always been a no-brainer for me when it comes to the adoption of all crypto currencies for retailers moving forward. If it will save retailers large amounts of money, why will they not want to jump on board? Once the technical issues are solved regarding the actual transaction on their individual sites- so that it is a seamless, trusted process, I cannot imagine that more and more major retailers will not welcome this with open arms. The other major stumbling block is the current state of volatile values- but as the article discusses, that will just depend if these retailers choose to exchange back to fiat each day, or to keep some or all of their payments in bitcoin. Again, my opinion is that even though we are only discussing bitcoin, I firmly believe that once retailers and the public are accepting and trusting of these transactions, additional crypto currencies will become part of the process as optional methods of transactions.[url=http://www.coindesk.com/overstock-unveils-more-details-bitcoin-adoption/?utm_source=CoinDesk+subscribers&utm_campaign=b8d884f7e1-EMAIL_RSS_CAMPAIGN&utm_medium=email&utm_term=0_74abb9e6ab-b8d884f7e1-75721013]http://www.coindesk.com/overstock-unveils-more-details-bitcoin-adoption/?utm_source=CoinDesk+subscribers&utm_campaign=b8d884f7e1-EMAIL_RSS_CAMPAIGN&utm_medium=email&utm_term=0_74abb9e6ab-b8d884f7e1-75721013[/url]
[/quote]Even if this is true the many exchanges then make these retailers accessible to almost any crypto including feathercoin. You just exchange FTC to BTC and go buy. This is awesome and I applaud the CEO for his intelligence and wisdom. He did say he was an Austrian economics follower, so no surprise there.
peace
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I guess Overstock.com just moved up this launch by 6 months? Announced back on Dec 21st that they hoped to start offering bitcoin payment option by June or July 2014, but just noticed that they are now offering as of today. Not sure how they accomplished in 3 weeks what was anticipated to take 6 months. As solutions like this continue from other retailers moving forward and this becomes more accepted, I can’t see any reason they eventually will not start offering a few other alt currencies as well at check out. When you have potential buyers out there holding crypto, as a retailer why would you not want to offer them goods and services with open arms? I see this as an exciting development for not only bitcoin, but for the future of all crypto currency. The future indeed looks bright. ;D
[img]http://[URL=http://s908.photobucket.com/user/phototex22/media/overstock_zps3a1aa28e.jpg.html][IMG]http://i908.photobucket.com/albums/ac289/phototex22/overstock_zps3a1aa28e.jpg[/img][/URL][/img]
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WOW this is crazy we need to get amazon to take feathercoin lol would be major boost i think
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This is great news and hopefully in the future we will see multiple currencies accepted. Surely other retailers will be keeping a close eye on this and will look to implement it too. Could be the first significant news of 2014 and the start of a big year for crypto.
Must be realistic though regarding FTC and remember that it is still very new and could be a decent amount of time before adoption on this level takes place. Btc has taken 5 years to get here but riding on its coattail hopefully we could see retailers like this accepting LTC and FTC too in the next 1-2 years.
LTC would surely be in for a shout first because it has established a decent value and has been around longer, but if it does also gain traction and adoption in this way, and FTC rises steadily in value too in the meantime, then surely it is only a matter of time before we see adoption across the board for other stable crypto currencies.
Fingers crossed anyway :)
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This is certainly the key to a bright future. Consumer demand is one thing but business adoption and demand will really drive things forward.
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It’s now live.
[url=http://overstock.com/bitcoin]http://overstock.com/bitcoin[/url]
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[quote]
Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.-Leon Louw,
Nobel Peace Prize Nomin [/quote] -
[quote name=“Miner Phil” post=“51118” timestamp=“1389321498”] Not sure how they accomplished in 3 weeks what was anticipated to take 6 months.
[/quote]The difference between building a solution in-house and having a solution worked on by Coinbase, likely [i]gratis[/i] in exchange for all those delicious, delicious transaction fees.
