Overstock may take a cue from Coinbase, offer discounts to vendors accepting Bitcoin

Overstock plans on offering incentives to its vendors for accepting Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. 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.

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."