Bitcoins have taken a firm stance in the market as a viable currency that has its very own exchange rate. Now that the numbers are beginning to stabilize somewhat, there are more and more companies coming out of the woodwork that are accepting it as a legitimate form of currency. Most recently, overstock.com has inked a deal that now allows their customers pay with bitcoins. Users can now buy lamps and furniture with the same currency they’ve been using on the digital market.The online retailer made a deal with Coinbase, which is essentially the “PayPal” of bitcoin transactions, to handle the processing. This is a huge milestone in the history of bitcoin because it is now being recognized by one of the largest online retailers in the world.
If you are somewhat taken back by this announcement; you shouldn’t be. This is a deal that has been in the works for quite a while now, first inked in late 2013. The CEO of Overstock was anxious to get the “jump” on his competitors to start accepting the digital currency first. There’s no doubt about it; they certainly have taken the reigns as the largest online company to accept bitcoins.
Until this announcement, bitcoins were only accepted by a group of smaller websites and sellers offering mainly digital goods. Though bitcoins were accepted at many more online stores through the course of 2013, nothing can hold a candle to the size of Overstock. Though they make thousands of transactions each year selling their goods online, Overstock expects that only a small percentage of bitcoin holders will actually use it to pay for goods. Most owners are using bitcoin as an investment oppritunity, but now they can turn their investment into real-world goods.