Wired.com: Overstock.com now accepting bitcoin

[Richard Branson]

Well, if both users use coinbase..

Bank -> Coinbase (user) -> Coinbase (merchant) -> Bank

if user already holds bitcoin

Bitcoin -> Coinbase -> Bank

And now explain the average joe why he should pay for clothes with bitcoin?
He could just go the "normal" way with a simple bank transfer. No risks involved.
With Coinbase he has to trust another entity. It's just more risks without ANY advantages for this specific task.

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[mb300sd]

Well, if both users use coinbase..

Bank -> Coinbase (user) -> Coinbase (merchant) -> Bank

if user already holds bitcoin

Bitcoin -> Coinbase -> Bank

And now explain the average joe why he should pay for clothes with bitcoin?
He could just go the "normal" way with a simple bank transfer. No risks involved.
With Coinbase he has to trust another entity. It's just more risks without ANY advantages for this specific task.

And now explain the average joe why he should pay for clothes with paypal?
He could just go the "normal" way with a simple bank transfer. No risks involved.
With paypal he has to trust another entity. It's just more risks without ANY advantages for this specific task.

And now explain the average joe why he should pay for clothes with visa?
He could just go the "normal" way with a simple bank transfer. No risks involved.
With visa he has to trust another entity. It's just more risks without ANY advantages for this specific task.

etc

[Richard Branson]

Yeah, why use Paypal? That question is legit.
Visa is something different -> it's faster than bank transfer and you can buy with "credit" -> pay later

Bitcoin doesn't offer any advantage over the existing solutions (bank transfer, visa, paypal) in case of buying clothes, ...

[BitchicksHusband]

Yeah, why use Paypal? That question is legit.
Visa is something different -> it's faster than bank transfer and you can buy with "credit" -> pay later

Bitcoin doesn't offer any advantage over the existing solutions (bank transfer, visa, paypal) in case of buying clothes, ...

I don't see any stores in the US where you can pay with a bank transfer (they probably don't want to wait a week for it to clear).

PayPal steals everyone's money and nobody should use them ever.

Visa sometimes declines you for no apparent reason.  I went to the Home Depot 1 mile from my house where I shop at least twice a month for over 15 years and they blocked my card saying it was a "risk".  Their answer (when I cancelled the card), "Well there's been a lot of fraud at Home Depot lately."  OK, but don't you think you should allow it at the one 1 mile from my house that I shop at every other week?!?

[virtualfaqs]

Is this on their homepage anywhere? Because I sure as hell couldn't find it.

[xephyr]

Is this on their homepage anywhere? Because I sure as hell couldn't find it.

Not on the homepage but at http://www.overstock.com/bitcoin

[virtualfaqs]

Is this on their homepage anywhere? Because I sure as hell couldn't find it.

Not on the homepage but at http://www.overstock.com/bitcoin

That's my point. You'd think an announcement like that would be shared with every single person visiting their site. Yet it's not.

[BTCtrader71]

Bitcoin doesn't offer any advantage over the existing solutions (bank transfer, visa, paypal) in case of buying clothes, ...

It offers lots, but here's a big one:

Online purchases using credit cards and other existing solutions expose you to the risk of having sensitive information stolen (credit card numbers, paypal passwords, etc).

Bitcoin allows you to make a purchase without exposing yourself to this risk.

BOOM!

[virtualfaqs]

Bitcoin doesn't offer any advantage over the existing solutions (bank transfer, visa, paypal) in case of buying clothes, ...

It offers lots, but here's a big one:

Online purchases using credit cards and other existing solutions expose you to the risk of having sensitive information stolen (credit card numbers, paypal passwords, etc).

Bitcoin allows you to make a purchase without exposing yourself to this risk.

BOOM!

Oh you mean if only Target accepted BTC? Well, paying my credit card also gets me a interest free loan for a few weeks.

[mnightwaffle]

http://postimg.org/image/73v4rerip/

i did my part

holy shit they sell books  !

https://i.imgur.com/TNiJkCo.jpg

now gonna buy that 5' beanbag I've been wanting for a minute

[BTCtrader71]

Not sure why they only accept Bitcoin for orders shipped to USA. Isn't Bitcoin exactly the thing they need for smooth international orders with no chargebacks?
Any reason not to accept Bitcoin internationally?

Overstock is using Coinbase which I believe only takes US customers. (anti money laundering, know your customer etc etc)

[HeliKopterBen]

Well, if both users use coinbase..

Bank -> Coinbase (user) -> Coinbase (merchant) -> Bank

if user already holds bitcoin

Bitcoin -> Coinbase -> Bank

And now explain the average joe why he should pay for clothes with bitcoin?
He could just go the "normal" way with a simple bank transfer. No risks involved.
With Coinbase he has to trust another entity. It's just more risks without ANY advantages for this specific task.

No risks involved huh?  Here is the most advanced form of risk reduction.

Cold storage -> hot wallet -> coinbase -> bank

[BTCtrader71]

Well, if both users use coinbase..

Bank -> Coinbase (user) -> Coinbase (merchant) -> Bank

if user already holds bitcoin

Bitcoin -> Coinbase -> Bank

And now explain the average joe why he should pay for clothes with bitcoin?
He could just go the "normal" way with a simple bank transfer. No risks involved.
With Coinbase he has to trust another entity. It's just more risks without ANY advantages for this specific task.

The user doesn't have to deal with coinbase at all. The user can just send bitcoin to the bitcoin address provided through the Overstock website and that's that. Proof of payment lives forever in the blockchain.

[hyphymikey]

Once they have international bitcoin sales up and running, and report those figures, I predict more merchants wanting a piece.

[mufa23]

Wow, this in incredible news!  I am so happy right now

Rumor has it Newegg might be on board as well.

[zby]

On one hand:

1. I am skeptic about the business side of this - people don't generally buy stuff with bitcoins (unless they really need anonymity) - they invest in it.

2. This is only the USA - I did not even know what overstock is before these news


On the other hand:

1. This is really huge in legitimizing bitcoins as money - nothing better then showing that you can buy stuff with bitcoins from big retailers.

2. It is very concrete - everyone can go to overstock and check that this option is indeed there.

3. It is persistent - many people will not read the wired article, but they'll notice it when buying at overstock.

[digicoin]

This news is too old

[T.Stuart]

holy shit they sell books  !

https://i.imgur.com/TNiJkCo.jpg

now gonna buy that 5' beanbag I've been wanting for a minute

http://postimg.org/image/73v4rerip/

i did my part

+1+1+1

Supporting the economy!!! 

[zby]

This news is too old

But they did it sooner than announced first - so it is kind of new news, plus it has the persistent concrete aspect of not being just a media fact - but something that everyone can check.

[EuroTrash]

Speculation-wise, Mr. Overstock-CEO-guy just saved our asses.

Now I'd be very grateful if you US-based guys show them continued appreciation, so that the experiment succeeds and they eventually decide to give EU people like me a similar payment option, e.g. through Neo&Bee.