Bitcoin continues to make headlines, and now retailers are getting in on the action. Overstock.com began accepting the digital currency in early 2014, and the online retailer has already passed the $500,000 revenue mark for Bitcoin purchases. At this rate, Overstock.com estimates that 1–2 percent of purchases on the site will be made with Bitcoin in 2014.
In addition to large retailers, small businesses are also taking an interest in the emerging payment form. Referred to affectionately as the Bitcoin bump, customers travel from hundreds of miles away for the opportunity to spend Bitcoin and support businesses that accept it. Long-term, if more shoppers become users of the digital currency, smaller businesses might remain interested in it as a method of avoiding traditional credit card chargeback fees.
The future of Bitcoin is anything but clear; however, it’s interesting to watch early adopters use this new currency. How else might Bitcoin influence the shopping process?
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