Bitcoin
$6,737.18 4.82%
BTC · 60w

Overstock Executive: Its Crazy That Retailers Still Don't Accept Bitcoin

Recently, as reported by CCN, Morgan Stanley published a report that showed that out of the top 500 online retailers, only three accept bitcoin, down from five in 2016. The report outlined a few motives that led to the decline, including a rise in bitcoin’s price, scalability issues, and according to the bank a lack of pressure from bitcoiners for retailers to start accepting bitcoin.

Get exclusive analysis of bitcoin and learn from our trading tutorials. Join Hacked.com for just $39 now.

The reduction in the number of retailers that accept bitcoin has baffled Overstock executive Jonathan Johnson, president of Medici Ventures, who played a crucial role in Overstock accepting bitcoin back in 2014. At the time, CCN reported that in the first 21 hours the retailer processed $124,000 in bitcoin orders.

Speaking to Business Insider, Jonathan stated that Overstock has throughout the years seen a “modest uptick in the number of bitcoin transactions”, and that as such he believes it’s crazy that most retailers still don’t accept bitcoin payments.

One of the reasons Morgan Stanley stated is holding back bitcoin adoption are costly transactions. Johnson doesn’t see this as a valid point. He stated:

The cost of accepting bitcoin is very low. It’s actually cheaper for us to complete a bitcoin transaction than it is to complete a credit card.Advertisement:

Since the cost of accepting bitcoin transactions doesn’t fall on the retailer, according to Johnson, it makes no sense not to let customers pay for the cost, if they are willing to do so and are given the option.

Another point used to argue against bitcoin adoption is price volatility. Business Insider pointed out Ethereum’s flash crash on GDAX, in which the cryptocurrency’s price plummeted to about $0.10 before regaining its near $300 value, as an example. Retailers, as pointed out, don’t want to accept a currency that c...

Continue on cryptocoinsnews.com
Recent news
BTC · medium.com · 4h

When 80% of the market is inflated by fake volume, I am glad to see such kind of platforms coming around to give clarity on these shady markets! Say NO to trading manipulation, lack of liquidity transparency, front-running orders, tailgating and exchanges flooded by biased volume retranscription!

After a year and a half of back-end development, bug fixing, user interface enhancement, connectivity and security testing, our team is extremely proud to announce you the full deployment of…
BTC · theice.com · 19h

Bitcoin ETF? Stop begging for it!!! We don’t need it, seriously folks!!! Because Bakkt ICE Futures U.S. offers physically delivered daily futures contracts on Bitcoin traded in BTC/USD (subject to CFTC regulatory approval, NOT SEC approval). It’s coming this November.

ICE Futures U.S. offers physically delivered daily futures contracts on Bitcoin traded in BTC/USD (subject to regulatory approval). These contracts will be traded on ICE’s electronic trading pla...