Online retailer plans to accept Bitcoin payments next year

Banks Warn Of Bitcoin Risks

Good News for a bitcoin users and aspiring bitcoin users soon  you can be able to go to on line retailer  to buy everything from a toaster to jewelry and furniture using bitcoins. CEO Patrick Byrne tells both the Financial Times and The Los Angeles Times that the company plans to accept Bitcoin in the second half of next year  and possibly within the next four months. The retailer does over 1 billion dollar of revenue primarily reselling closeout merchandise it acquires from other stores‚ and it would be the largest retailer to accept the virtual currency.  Others like Reddit‚ OkCupid‚ Ouya‚ Virgin Galactic‚ and the University of Nicosia in Cyprus recently opened up to Bitcoin payments.

But Bitcoin has some major obstacles to pass before becoming a suitable replacement for currencies like the US Dollar. Its infamous volatility (BTC prices zigzagged between roughly 500 and 1200 dollar this month alone) means those who hold it are afraid to spend it‚ and companies are rightly reluctant to give up merchandise for a currency that could lose half its value in a day. In this sense‚ isn′t fully embracing Bitcoin. Byrne says the company would convert Bitcoin payments to USD daily. Nevertheless‚ more avenues that allow Bitcoin to be used for exchange rather than speculation could help stabilize the virtual currency.

see full article at The Verge

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