Overstock CEO Patrick Bryne Discusses Bitcoin

Overstock CEO Patrick Bryne Discusses Bitcoin

Overstock CEO Patrick Bryne Discusses On BitcoinBitcoin 2014 which took place between May 15th-17th of this year at Amsterdam addressed the speech about bitcoins by Overstock.com CEO Patrick Byrne. Patrick M Byrne spoke a lot about past, but at the end he also talked about bitcoin’s future.

What are BITCOINS?

Bitcoins is a type of payment system which was introduced as an open-source software by Satoshi Nakamoto. Bitcoins are created as a means for payment processing work in which users offer their computing power to verify and record payments into the public ledger.Bitcoins in past few years has seen a steady growth and is a mode for merchants to have an incentive to accept digital currency because fees are lower than the 2-3% typicall imposed by credit card processors. Bitcoins are also refered as cryptocurrency or digital currency.

Overstock.com and Bitcoins:

Overstock.com is the first major online retailer in the world which started accepted Bitcoins as payment for its goods. Overstock.com led by CEO Patrick Byrne on the first day since they started Bitcoins as mode of payment, they made sales worth US$126,000 in Bitcoin, which represents a 4.33% increase in sales from their normal imcome of $3 million per day.

Patrick Byrne’s Bitcoin 2014 Keynote Address:

On the speech at Bitcoin 2014 conference, Patrick Byrne spoke about 500 years of Liberalism staring from Netherland to Cryptocurrency i.e. Bitcoin. He talked about its potential for global finacial inclusion, non-currency uses like proving ownership of stocks and bonds and the network’s relation to society as a whole.

Watch the Bitcoin 2014 – Keynote Addres on video below:

Before the conference, Jon Matonis, executive director of Bitcoin Foundation said:

“We are delighted to have one of bitcoin’s most prominent and prescient champions at our conference. Patrick’s decision to accept bitcoin has introduced it to mainstream society and increased understanding among consumers.”

Patrick Byrne, CEO of Overstock a.k.a Bitcoins Messiah delighted the conference starting from political philosophy to Bitcoins. Patrick Byrne revealed his ambition for Overstock.com to list on a block chain-banked stock exchange:

“We could either issue securities in bitcoin and translate those and collect funds in dollars. I am less interested in that than just taking it and listing it, and maybe even creating a new security and issuing it through such an exchange. Or, we could take our security, which is already publicly registered and publicly traded and just get it dual listed on somebody’s technology.”

Byrne specifically announced a timetable for international Overstock Bitcoin payments and revealed a plan to donate 3% of all Overstock Bitcoin sales to organizations working to promote cryptocurrency around the world.

What makes Overstock differ from other companies that accept Bitcoins?

Overstock CEO Patrick Byrne is a great supporter of Cryptocurrencies like Bitcoin, where very other companies uses a payment processor such as Coinbase or BitPay to automatically convert Bitcoin payments into fiat, Overstcok uses Coinbase and converts the majorityof their payments to fiat and tehy hold 10% of the bitcoins they receive.

To know more about Patrick Byrne, follow Patrick Byrne on Twitter.

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Aseem Girkar
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Aseem Girkar

Founder and Editor-in-Chief at Gizcrunch
He is a passionate and enthusiast blogger and likes to discuss news trending in Technology world
Aseem Girkar
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