10 Updates

Overstock.com sees new market in Bitcoins

Jan 21 2014, 7:58am CST | by

Salt Lake City-based Overstock.com first major retailer to accept Bitcoin payments SALT LAKE CITY (AP) — Salt Lake City-based Overstock.com Inc. says it's the first major retailer to...

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27 weeks ago

Overstock.com sees new market in Bitcoins

Jan 21 2014, 7:58am CST | by

Salt Lake City-based Overstock.com first major retailer to accept Bitcoin payments

SALT LAKE CITY (AP) — Salt Lake City-based Overstock.com Inc. says it's the first major retailer to accept digital Bitcoins as payment for goods.

The $1 billion company is tapping into a new market of buyers who use the online currency, and other major retailers will lose market share if they don't follow suit and accept Bitcoins, Overstock CEO Patrick Byrne said.

"I've been hearing from people all over the world — cult followers of Bitcoin — who say they are going to shift all of their shopping to Overstock.com," Byrne told CBS affiliate KUTV in Salt Lake City.

Bitcoin users buy digital money and load it onto a virtual wallet. They can buy things online without having to enter their credit card information.

Unlike government-issued money, the value of Bitcoin fluctuates rapidly. To protect itself, Overstock uses a Bitcoin broker that immediately exchanges the digital coins into dollars.

Overstock started accepting the virtual currency Jan. 9, and Byrne said the company almost immediately grossed $100,000 in Bitcoin orders.

"You'll see Amazon jump on board. You'll see other large companies — they have to because they cannot concede this whole section of the market to us," Byrne said.

Amazon.com Inc. does not accept Bitcoins and has no plans to do so, company spokeswoman Julie Law said Monday.

The cybercurrency has existed for years as a kind of Internet oddity, counting supporters among tech-savvy libertarians, currency geeks and online speculators. Yet increasing acceptance is bringing it into mainstream use. Bitcoins are created, distributed, and authenticated independently of any bank or government.

The currency's cryptographic features make it virtually immune from counterfeiting, and its relative anonymity holds out the promise of being able to spend money across the Internet without fear of governments.

The linchpin of the system is a network of "miners" — high-end computer users who supply the Bitcoin network with the processing power needed to maintain a transparent, running tally of all transactions. The tally is one of the most important ways in which the system prevents fraud, and the miners are rewarded for supporting the system with an occasional helping of brand new Bitcoins.

___

Information from: KUTV-TV, http://www.kutv.com/

Source: AP Business

 
Update
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7 weeks ago

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KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told t ...
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KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat today ...
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KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin Hus ...
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7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last ...
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Update
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7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.7 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
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7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 20 ...
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Update
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7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (K ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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