The virtual currency Bitcoin had a hard week and while Bitcoin is already known for being very volatile, some retailer are still not shocked about this fact. Overstock for example announced on Friday that they will accept Bitcoin payments in 2014. Overstock is a retailer and sells everyday products like household equipment and furniture for the home. Apart from that they do also sell apparel for men and women and even jewelry and watches, health and beauty products and indeed also electronics. That is again a new posibility which allow Bitcoin owners to spend Bitcoins instead of treasuring them up to speculate with them.
But on the other side, the speculation part is one of the reasons why so many did jump on the Bitcoin train. But it must be mentioned that it is not bad for the Bitcoin economy if more and more retailers accept them as a payment method. With a revenue of $1 billion per year, Overstock is a big fish but not the only one who is trusts Bitcoin. And according to VentureBeat, Overstock CEO Patrick Byrne said “”We think there’s going to be a market in Bitcoin, and we want to get in front of it.”.
At the moment it is pretty interesting to follow all the good and bad news about Bitcoin. I´m just interested where this all will lead to. Will Bitcoin remain a very speculative system or will Bitcoin go mainstream to be at least accepted like other payment methods already are?