Since the Bitcoin became mainstream news a few months back, the question of when the large merchants would begin to accept the popular payment method has been asked several times. Now one of the largest online retailers Overstock has made the announcement that they are integrating Bitcoins and that their customers should be able to pay with the cryptocurrency within the next six months.
Overstock is planning to launch Bitcoin payments in June and is currently in the process of choosing the provider for the Bitcoin payment services, which is something that should be done by mid January. When Overstock begins to accept Bitcoins as a payment method they will be the largest retailer so far to embrace the digital currency, which is being seen as a potential boost of the Bitcoins value by experts.
Patrick Byrne, Overstock's CEO, has decided to integrate Bitcoins more over philosophical reasons, rather than over what most other CEO's would do, due to business reasons. He is very fond and intrigued by the idea of a currency that is not controlled by any bank or government and finds the limitations of the currency very appealing to himself, but also to businesses. "You want money to be based on something that no government mandarin can wish into existence with the stroke of a pen," Patrick Byrne said.