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Utah's Overstock.com partners with Coinbase to become largest online store to accept bitcoins as payment

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January 9
9:21 PM 2014

E-commerce site Overstock.com has partnered with Bitcoin wallet Coinbase to start accepting bitcoins as payment for purchases. However, there is still no word if the online retailer will also accept Dodgecoins, according to TechCrunch.

The deal marks a milestone in the history of Bitcoin. Overstock.com just became the biggest e-retailer to accept the alternative currency, the report noted.

Chief Executive Patrick Byrne announced his intentions to embrace the digital currency in late 2013, the report added.

Up to the present, only smaller websites have accepted Bitcoin as payment. In 2013, a number of retailers began accepting the currency, but none of them as big as Overstock. Still, even with the massive sales of the firm, Bitcoin will likely make up a tiny part of its overall sales, the report explained.

Bitcoin users are presently holding on to it for a kind of investment. The volatile value of the currency gives owners a lot of opportunity to buy it at a low price and sell it later at a much higher price, TechCrunch reported.

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