It's live: Overstock.com now accepting Bitcoin

Written by Andre Yoskowitz @ 09 Jan 2014 11:41 User comments (8)

Last month, large e-tailer Overstock.com announced that it would begin accepting Bitcoin as a payment option in 2014. As of today, the company is now accepting the digital currency, much earlier than anticipated.

CEO Patrick Byrne says the company got in touch with Coinbase.com (large Bitcoin payment processor) last week, who informed them that with a dedicated team they could launch in a week.

"They actually came back with a plan on the evening of New Year's Day on how get live in a week, we've had 40 people from diff parts of company, [on the project], including customer service agents," added the exec.

Within two hours of launch, Byrne says over $10,000 worth of Bitcoins were used by over 100 purchasers.

Pleased to announce that #Bitcoin is live at #Overstock.com! http://t.co/mx9TFc8KNQ
-- Overstock.com (@Overstock) January 9, 2014

Tags: Bitcoin Overstock.com

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8 user comments

110.1.2014 17:19

SomeBozo

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The one burning question in the back of my mind is what happens with BitCoins are counterfeited or exploited i a way no on ever thought possible? I tried a quick search just after posting this... Sure enough some people are already counterfeiting them...

http://articles.latimes.com/2013/dec/04...arrest-20131204

This message has been edited since its posting. Latest edit was made on 10 Jan 2014 @ 5:20

210.1.2014 21:43

Jemborg

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Good point Boz.

310.1.2014 21:54

Bozobub

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Thing is, that article doesn't say anything about counterfeiting BitCoins, except in the title. I'm not saying this is impossible - there's hardly any information in that article - but it's FAR more likely these BitCoins were generated through some kind of botnet mining, which is becoming increasingly common.

It isn't really all that implausible that the LA Times could be more than a little confused about the whole thing.

This message has been edited since its posting. Latest edit was made on 10 Jan 2014 @ 9:55

410.1.2014 22:19

Jemborg

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Ah, I see what you mean... distributed computing... illegally using others' poots for mining... without their permission. A new job for trojans.

510.1.2014 23:39

Bozobub

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In fact, the recent Yahoo ad-delivered trojan did exactly that: Set up a BitCoin botnet ^^' ...

611.1.2014 05:00

lxfactor

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dude they already said that bitcoin is vulnerable to attack.. people could be mining coins that have already been mined.. this bitcoin is the Devil.. a product of the government to get closer to one world currency

711.1.2014 06:16

Jemborg

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Are you like one of those guys that thinks we should not have had a national currency but stayed with the varied notes that individual banks handed out back in the day?

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This message has been edited since its posting. Latest edit was made on 11 Jan 2014 @ 6:28

811.1.2014 12:02

Bozobub

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Originally posted by lxfactor:
dude they already said that bitcoin is vulnerable to attack.. people could be mining coins that have already been mined.. this bitcoin is the Devil.. a product of the government to get closer to one world currency

Governments hate BitCoin, silly. It's almost completely outside their control, and they cannot easily tax it.

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It's live: Overstock.com now accepting Bitcoin

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