A big online retailer is going to start accepting Bitcoin on international transactions, according to the New York Times’ Dealbook site. Overstock.com, which has been an outspoken proponent of the virtual currency, will introduce on Sept. 1 a new payment system on its international website, O.co, that allows customers to pay with Bitcoin, CEO Patrick Byrne told the Times.
Overstock is one of dozens of merchants that now deal in Bitcoin in the U.S. As the Times notes, Dell and Expedia began accepting virtual currency earlier this year. Overstock, though, will be the first major retailer to accept international payments, which in many ways it exactly the purpose for which Bitcoin was designed. As I mentioned in my recent Texas Monthly column, the biggest benefit of Bitcoin is that it is a cheaper and faster method of sending money internationally.