It seems most big businesses today just aren’t sure what to make of Bitcoin. On the one hand, the firms know their customers hear all about this brand new currency that is supposed to be the wave of the future. On the other hand, these same companies are hearing from governments and big banks that they should stay away from all types of crypto currency until the government and other authorities are sure it is actually safe to use. This kind of push and pull can lead to some rather odd behaviors from firms like Apple, which will look an awful lot like they simply aren’t being decisive at all when it comes to making a real call on what to do.
Apple looked especially like a firm that simply had no idea what it wanted to do when it came to the digital currency early in 2014. In a rather unprecedented move, the Cupertino company decided it would no longer allow any applications that dealt with the crypto currency in its app store. This led to quite a bit of an outcry from those developers who were working in this burgeoning market. It also lead to a number of customers wondering what Apple was so afraid of that it would allow access to something of this ilk. The app store has been known to leave people to their own devices quite often, giving customers a caveat emptor on the digital level.
Suddenly, Apple was telling people that this particular digital currency was too dangerous to leave in the public’s hands. Needless to say, there were people who were quite upset about the whole debacle. Quite interestingly, there were also a number of people who seemed almost relieved the potential to pick up one of these apps was completely removed. In a show of just how unpredictable the digital currency market is, Apple reversed its course less than three months later. While never saying why they specifically took either action, the Cupertino firm started letting applications back into the store that had to do with the currency. It has allowed them ever since, without a word of explanation for its reversal.
While the biggest drawback for digital currencies has been the lack of adoption rates, Overstock.com is trying to reverse course when it comes to one particular crypto currency. Despite a number of people moving as quickly away from Bitcoin as possible, the online retailer has made a large move towards the currency, announcing just last year it would be accepting it as payment. The move has been seen in the business world as one that makes quite a bit of sense for a company trying to stand out in a rather crowded market.
Overstock is, in effect trying to find a way to make a name for itself when there are already companies like eBay, Amazon.com, Nomorerack.com and a host of other firms already snapping up customers left and right. 10 years ago, a company that dealt exclusively in products one manufacturer or another had too many of and so they were willing to deal their overstock for a discount would be novel. These days, the Internet has made it far too easy to go this route on a regular basis. Companies that used to turn specifically to Overtstock in order to get rid of their excess are simply putting up Internet store fronts by themselves these days.
When a company is relying on a product or service that simply doesn’t have the same panache anymore, it’s actually quite admirable to see the higher ups go on the lookout for a new way forward. It’s far too early to tell if this way forward is going to be something the company can lean on. Reports are, accepting the crypto currency has actually lead to a new base of clientele and the front office claims it did more than $1 million using the digital purchasing format through the first six months of being introduced. The real question is whether or not this is a sustainable model. Can an online retailer build a market it rules because it’s the only one populating said market? Overstock.com is willing to give it a try and the company deserves quite a bit of praise for being willing to make a move.
That website known as CoinDesk is definitely the perfect choice for people who want to stay informed about all the activities and events that are more or less related to Bitcoin, the most popular digital currency system of today. Many would tell you that they believe that Bitcoin will be used by millions of businessmen, companies and individuals in the future and it's no wonder, since the benefits are numerous. So go ahead, check out the aforementioned website and start reading all the articles, like the one titled “Witness List Revealed for New York Virtual Currency Hearings.” You will learn about the various opinions people have about this virtual currency.
Big launch next year, stay tuned.