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Overstock.com boosts digital currency

  • Overstock.com now lets its customers use bitcoins to buy not only the basic things but also devices such as laptops. It's become the first big online retailer to boost the currency and chief exec Patrick Byme mentioned that he "believes in limited government" and Bitcoin attracts him since "it is a form of money that no government mandarin can will it into existence."

    Byme may be making a gamble given that the price of Bitcoin is now more volatile than ever before. However, he said the actual volume of these payments will probably remain low and "overstock has little to use and much to gain."

    The company believes that this strategy will be more efficient than using other processors such as PayPal. Other retailers such as Amazon may also begin to accept Bitcoin after this move. 

    Tagged as: overstock.com, online retailers bitcoins, bitcoins currency volatile, technology news