Have a wallet with several bitcoins and shopping for a new patio set or maybe several lamps? Overstock.com is ready to take those volatile bitcoins off your hands. No word on Dogecoins, though.
Overstock.com struck a deal with Coinbase, a sort of PayPal for Bitcoin, to handle the processing. Just today, Overstock.com and Coinbase flipped the switch, marking a milestone in Bitcoin history. Overstock.com just became the largest online retailer to accept the digital currency.
The company CEO Patrick Byrne revealed his intentions to accept the digital currency in late 2013. According to Wired, Byrne felt he had tipped his hand and rushed to start accepting Bitcoin before any of his competitors.
Up until now, Bitcoin has only been accepted as payment at smaller websites. A number of retailers started accepting the currency in 2013, but none of the size or scope of Overstock. Still, even with the retailer’s massive sales numbers, Bitcoin will likely account for a tiny part of Overstock.com’s overall sales.
Currently, Bitcoin users are holding onto the currency for a type of investment. The value’s volatility gives plenty of opportunity to buy low and sell high. But, just in case someone wants to trade in a bitcoin or two for a new bedroom set, Overstock.com and Coinbase are ready and willing to make that transaction.