Ex-Overstock Chairman Says Cryptocurrencies Are Like Cash Transactions And Much Cheaper

Ex-Chairman of the Utah based online retailer Overstock.com Jonathan Johnson commented on Cryptocurrencies being used to buy on their website. He said that people using Cryptocurrencies like Bitcoin on their platform is increasing and is much like cash transactions except cheaper.

Overstock has been all over Cryotocurrencies for a long time. They started accepting Bitcoin back in 2014. The CEO of Overstock and Chairman Johnathan have been supporters of Bitcoin throughout.

Jonathan stated that Cryptocurrencies are a much better way of payment as fraud in payments is not possible hence making it more convenient for merchants.

Jonathan told Forbes:

When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business.

He said that about 0.2% of the revenues are in Cryptocurrencies which is somewhere between $68000 to $120000 in revenue per week in Bitcoin or Ethereum.

Jonathan is also the president of Medici ventures which is a subsidiary of Overstock dedicated to Blockchain technology. He strongly believes in banking the unbanked and democratizing investment using Blockchain.

He stated:

Today, so many of us can’t participate in the capital markets the way accredited investors or well-connected investors can. And those of us that are trying to raise money have a hard time crowdfunding or raising money in a democratized way

Scivver on Reddit said:

Overstock’s CEO Patrick Byrne is an outspoken libertarian who apparently has even considered quitting retail to go full-time into the crypto space. He’s head over heels in love with cryptocurrency. No surprise Overstock embraces it so fully. But his kind are rare to find in such influential positions.

Jrrap on Reddit said:

Much cheaper until your medium of exchange loses 20% in less than a week.

Although Cryptocurrencies are a good method of payment the major challenge for merchants is the volatility of the markets in Fiat.

Source: Forbes

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