Tuesday, 14 January 2014 20:34

After Zynga, Overstock allows Bitcoin payments

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Shortly after Zynga's publication that they are testing the Bitcoin payments within their online games, news arrived that one more American online store has done the same.

American company Overstock has these days become the first major online store that next to an existing credit cards and PayPal accepted Bitcoin as equal tender. Overstock's President and CEO Patrick Byrne stated that Bitcoin is an ideal payment method for online stores because there is no transaction costs, which is a good method of payment for buyers from abroad, he also expressed hope that other online businesses will recognize and accept Bitcoin.

Although Overstock allows customers Bitcoin payments, they will not keep them, but rather continue to trade with them. Moreover Overstock will not even "see" Bitcoin, instead of that, during the transaction the company Coinbase will set the exchange rate, and then convert Bitcoins to US dollar and the resulting amount will be forwarded to Overstock.

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Read 2111 times Last modified on Tuesday, 14 January 2014 20:38

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