A lot of Americans have no clear idea what Bitcoin is. Well, this is not really surprising as this topic is not really much discussed even it’s been going around for five years already.
I just watched Overstock.com CEO Patrick Byrne’s video on YouTube titled Bitcoin2014 – Keynote Address, "500 Years of Liberalism". Here he talked about, as the title suggests, Bitcoin.
Overstock’s Solid Support
Byrne looks like very eager to risk his money on something he believes in. Overstock started accepting Bitcoin as a method of payment under his direction and, and what more surprising is that, profits extensively surpassed all forecasts by outstanding more than $1.6 million worth of sales through Bitcoin as of May this year and fascinating more and more amount of new customers.
However, Byrne is planning to step further than just accepting Bitcoin. Byrne strongly believes in a future of cryptocurrency that he declared at the Bitcoin in his video. Byrne also said that Overstock would donate 3% of their profits made through Bitcoin to every organization that is a supporter of Cryptocurrencies like Bitcoin.
Overstock was the first big company that accepts Bitcoin and they are also planning to give bonuses to their staffs through Bitcoin. Some other big companies have also just stated plans of starting to accept cryptocurrencies with their purpose that seems to be strictly placing financial profit ahead of all other values.
But Byrne’s Overstock seems to have a somewhat different approach than those other companies by not just accepting Bitcoin as a method of payment, but also by endorsing the mainstream adaptation and use of Bitcoin.
On the video, you will also see how Byrne answered an audience who asked if altcoins would be the main competitor of Bitcoin by telling that whilst other cryptocurrencies would be around for some time there’s a little possibility, at least in the interim, that any altcoins can take control of the market. Byrne also added that this would just happen when altcoin offers a greater technical feature even though this could be done by dividing Bitcoin. But, he did admit that Bitcoin still has many “slop” that might lead to some problems eventually.
To know more details about this issue, watch the video, and to get more updates about it follow Patrick Byrne on Twitter.