Bitcoin (CRYPTO: BTC) could get a price boost
as more consumers buy the world's most popular cryptocurrency as well as other digital coins via major online retailer.
Overstock.com (NASDAQ: OSTK) announced on Friday that it will sell Bitcoin and other cryptocurrencies on its website through Bitsy, a digital wallet and exchange service. The Salt Lake City-based company sells a range of consumer products such as furniture, décor, rugs, bedding, to name a few. But it could turn a nice profit by offering exchange-like services such as converting fiat U.S. dollars into Bitcoin and other cryptocurrencies.
Bitsy wallet and exchange service is a beta app being developed by Medici Ventures, an Overstock subsidiary that focuses on blockchain tech. The service will launch in Q1 or Q2 next year, per Forbes
Overstock had $1.74 billion in revenue last year, though it's having a difficult time competing against Amazon (NASDAQ: AMAZN). Its management is embracing blockchain and cryptocurrencies to bring innovation to online retailing. Since 2014, Overstock has accepted payments in Bitcoin and other cryptos.
Bitsy CEO Ann-Marie Hopkins said that her firm wants to make Bitcoin and crypto transactions so easy that anyone will be able to use them. Medici Ventures invests in companies applying blockchain to industries "where it can democratize capital, eliminate middlemen and rehumanize commerce."
"The … technology will support bitcoin purchases, with additional cryptocurrencies to follow soon," Overstock announced on Sept. 14. "Unlike other wallet providers which do not let users actually hold their coins by using only derivative claims on coins owned by the provider, Bitsy users hold the actual real bitcoins and have complete control over their funds, including the ability to move or spend cryptocurrency."
More Crypto Awareness Among Americans
More Americans are aware of Bitcoin and other cryptocurrencies. Overstock wants to eliminate barriers to more adoption such as by simplifying payment processes. Seventy-nine percent (79%) of Americans are aware of at least one type of cryptocurrency with 71% recognizing Bitcoin by name, according to Aug. 2018 survey by research firm YouGov Omnibus. According to same survey, 36% of respondents said cryptocurrencies will become widely accepted for legal purchases in the next 10 years. And 48% of millennials said they’d use digital coins in place of the U.S. dollar.
Moreover, 70% of finance executives
say that cryptocurrencies will play a role in the future of the finance industry, according to Sept. 12 survey by Greenwich Associates.
Bitsy wallet features biometric security to prevent hacks and lost passwords. "In the event a wallet is lost or destroyed, Bitsy's key recovery system offers a unique and revolutionary way to recover funds."
"Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised," said Patrick Byrne, CEO and founder of Overstock. "This new Bitsy wallet has extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website."