Overstock.com first major retailer to accept Bitcoin payments
SALT LAKE CITY (AP) - Salt Lake City-based Overstock.com says it's the first major retailer to accept digital bitcoins as payment for goods.
Overstock CEO Patrick Byrne says that he's tapping into a new market of people who use the online currency. He says other major retailers will lose market share if they don't make the switch.
Bitcoin users who buy digital money and load it onto a virtual wallet can buy things online without having to enter their credit-card information.
Unlike government-issued money, the value of Bitcoin fluctuates rapidly. To protect itself, Overstock uses a Bitcoin broker that immediately transfers the digital coin into dollars.
Overstock started accepting the virtual currency Jan. 9, and Byrne says the company almost immediately grossed $100,000 in Bitcoin orders.