Overstock plans on offering incentives to its vendors for accepting Bitcoin. So said CEO Patrick Byrne in podcast of the Porcupine Freedom Festival and reported by Coindesk.
Such incentives can include discounts and more favorable terms to vendors selling through their platform.
He also reiterated previous mention of paying employees with Bitcoin.
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In already being a client, or technically a “merchant” of Coinbase, Overstock may therefore be adding continuity to bitcoin incentivization in the supply chain. Coinbase already offers its merchants the option to grant discounts to consumers purchasing with Bitcoin. If Overstock would do so, it can then be passed on to its vendors. The net savings from avoiding credit card fees are thus shared throughout the ecosystem.
In Byrne’s eyes though, it goes beyond the microeconomics of a single sale. Encouraging consumers, merchants, vendors and others to use Bitcoin will make it more commonplace, further stimulating usage and lowering the cost of doing business.
Of course, we can’t ignore his ideological reasons for embracing Bitcoin. He has been a vocal critic of Wall Street and the government, saying in a reddit AMA that “the government lies to us about the stats.”