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| How Overstock deals with bitcoin's wild price swings For companies that take bitcoin as a form of payment, however, the volatility poses another challenge: dealing with accepting a currency that may change in value significantly on a daily basis. Businesses are used to dealing with fluctuating currencies, but nothing like the 385% increases that bitcoin has seen over the past few months. In 2014 Overstock (OSTK) was the first major retailer to accept #bitcoin, becoming the first billion-dollar business to take the leap. The company's strategy was to pocket 10% of a sale in bitcoin and convert the rest into U.S. dollars. To facilitate transactions, Overstock used Coinbase's exchange to convert digital currency in real-time. But during the surge this year, Overstock CEO Patrick Byrne changed the online retailer's policy in two major ways. #Overstock's new policy: keep half &neo 2017-08-31 11:41:55 |