Overstock Considering Accepting Litecoin

Overstock.com, which started 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 for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in January, may soon accept Litecoin, according to an interview between Overstock CEO Patrick Byrne and Bloomberg Businessweek. Said Byrne on Litecoin:

“It’s time I start looking hard at it...We certainly want to be always at the forefront of accepting such currencies.”

The acceptance of Litecoin can be a natural next step for any company already accepting Bitcoin. If the company itself is holding the coins, it is not hard to have the systems modified to cater for both. Systems can be easily tailored to be "currency-agnostic", as discussed in interviews with Coinkite and GoCoin, especially when the coins in question are all based off the same protocol. This can well be worth it if it sparks even a moderate increase in sales.

If facilitated through an external vendor, it is equally plausible. However, Overstock's current Bitcoin integration is facilitated via Coinbase, who doesn't yet support Litecoin. It may take time for this to happen, as Charles Lee, Litecoin's creator, pointed out last month:

"Coinbase does not have a "there can only be one" mentality like a few other Bitcoin companies. But it won't be beneficial for me to push Litecoin until Coinbase is ready. But given that they hired me, it's pretty much a given that I will make it happen eventually."

He goes on to cite the relative scarcity of non-"anonymous" LTC/USD exchanges, potential confusion and diverted resources from other important projects as reasons why it may not be the best choice right now.

Byrne now expects $10-15 million of total sales this year ($1.3 billion totaled last year) to come through Bitcoin- up from the $5 million previously estimated.