The retailer does over USD 1 billion of revenue primarily reselling closeout merchandise it acquires from other stores and it would be the largest retailer to accept the virtual currency. According to a company representative, Overstock is not fully embracing Bitcoin. The company would convert Bitcoin payments to USD daily.
Others like Reddit, OkCupid, Ouya, Virgin Galactic, and the University of Nicosia in Cyprus recently opened up to Bitcoin payments.
Bitcoin is a peer-to-peer digital currency that functions without a central authority and was first introduced in January 2009. Bitcoins are stored in anonymous ‘electronic wallets’ or code, and can travel from one wallet to another by means of an online peer-to-peer network transaction.
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