Judd Bagley, director of communications at Overstock.com, spoke to Sarah Martin, vice president of Digital Currency Council. He discussed his experience as a spokesperson for one of the top retailers to accept bitcoin. He will be speaking at the Virtual Currency Today Summit at the Hilton Boston Back Bay in Boston, Mass on April 29.
He pointed out that the move to support bitcoin was a PR bonanza for the company.
"As the first major online retailer to take that step, the media response was huge," he said. "The more I learned, the more fascinated I became. It was that interest that led to my being included in all of Overstock.com's cryptocurrency efforts", he said.
Bagley noted the challenge digital currency faces with consumer acceptance, and said that efforts could be made by retailers to promote its widespread adoption.
"We're preparing to do our part to short circuit the cycle by adding additional motivations for customers to use Bitcoin," he noted. "For example, there will soon be bitcoin-only sales and discounts for purchases made with bitcoin."
He also discussed the business benefits a company can get by incorporating bitcoin in its supply chain and for other business applications.
"Getting that to happen will require a combination of education and incentives, possibly in the form of faster payment or increasing what we pay them by a few basis points. The same also applies to paying our employees in bitcoin. It's going to require education and incentives, likely in the form of a small bonus added to their pay when they receive it in bitcoin", he added.
