Overstock.com will accept Bitcoin, immediately exchange for dollars

Overstock.com CEO Patrick Byrne made waves in the imaginary money world when he announced the retailer will start accepting payment in bitcoin sometime next year. In interviews, Byrne made his confidence in the cryptocurrency seem rock-solid. But if you look a little closer, it seems he’s not really buying in at all.

The bitcoin faithful are ever on the lookout for signs that their virtual currency is as good as cash, more than a speculator’s dream and not merely a device for criminal transactions. So you can expect them to make a lot out of the announcement that you’ll soon be able to pay for goods at the retail website Overstock.com with bitcoins. Some news reports already have proclaimed Overstock  the first “major” retailer to accept the things.