MIDVALE — While continuing to grab headlines, scare banks and mint millionaires out of techno-wunderkinds, the world of cryptocurrency, for most, remains a murky and mysterious realm.

Overstock wants to change that.

On Friday, Overstock.com officials announced a new digital wallet, Bitsy, which they say has overcome some of the confusion and complexity on the user-end of the new currency systems and created a tool suited for the average citizen. Overstock Founder/CEO Patrick Byrne, whose online retail company was an early adopter of bitcoin as a medium of exchange, said Bitsy is delivering on crytocurrency pledges that most systems have struggled to achieve.

“The Bitsy service is a game changer because it gives customers the freedom that bitcoin has always promised,” Byrne said in a prepared statement. “This new Bitsy wallet has extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website.”

The innovation underlying crypto currencies is called blockchain, a technology which can be envisioned as a shared digital spreadsheet document in which every transaction or change to the data is recorded and must be verified by participating, validating peers.

For now, those interested in dipping their toes into the crypto market via Bitsy will need to sign up to participate in a beta effort, though the wallet should be available in early 2019 to the general public.

Bitsy is being backed by Overstock subsidiary Medici Ventures, an investment firm focused on advancing the use of blockchain technology through strategic investment. Medici President Jonathan Johnson told the Deseret News one of Bitsy’s noteworthy innovations is dispensing with complicated security keys in favor of biometrics in …read more

Source:: Deseret News – Business News

      

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