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Online Payments

Overstock to accept Bitcoin payments in 2014

Tuesday 24 December 2013 | 09:39 AM CET

US-based online retailer Overstock has revealed plans to add Bitcoin as a payment method in 2014.

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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