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Bitsy: From Fiat to Cryptocurrencies

Bitcoin and Blockchain

The retail company has created a blockchain subsidiary called Medici Ventures, which is investing in Bitsy, a Utah-based blockchain start-up that will provide a digital wallet for the company. Overstock is investing in Bitsy to provide a platform for the company to sell bitcoin on its website by the first two quarters of 2019.  Bitsy will permit users to not only buy and sell cryptocurrencies, but also be able to store their tokens.

Patrick Byrne, the CEO of Overstock, explained that he was not worried about the volatile nature of bitcoin’s value. In an interview with Forbes, Byrne noted that:

“When you had all these dot-com companies crashing, it wasn’t because something was wrong with the internet technology. Coins are going to come and go, but we’re long-term long on blockchain technology … There’s a parallel universe emerging with crypto, and I see Overstock as the wormhole between the two universes. You’re going to be seeing us bring this to our retail consumer base.”[1]

Bitsy is committed to creating greater access to cryptocurrencies on a user-friendly platform. The ultimate goal is to make using tokens as easy as paying with fiat currencies. This venture will be bridging the gap between everyday consumers and those immersed in the fintech industry. Bitsy will be using biometric security measures, similar to what is already built into smart phones. This will guarantee privacy and security when using the digital wallet. Integrating existing features will help bridge the gap for everyday consumers.

Bitsy’s mission is to provide “a simple cryptocurrency wallet made for everyone” where users can buy, sell, send and spend token easily.[2] Additionally, all users will have 24/7 customer support in case there a problem arises. How does the wallet work? Users will be permitted to purchase bitcoin in U.S. dollars and the tokens are then transferred to the user’s individual wallet. Byrne trusts that Bitsy’s design, interface, and usability will be a leader in the market. Byrne explained to Forbes that “Bitsy sets a new standard for cryptocurrency wallets. What it’s offering is quite special compared to most wallets in the marketplace.”[3]

Not only is the company making it easy to transfer bitcoin from one user to another, but they intend to create a platform that permits users to pay for goods and services using their digital wallet instead of fiat currency. For this to work, companies and individuals would also need to have a digital wallet so that they can charge and receive bitcoin payments directly. Bitsy is shifting users reliance from fiat currency to digital tokens. This may eventually even make it easier for individuals and businesses in developing countries to utilize cryptocurrencies and reach a wider audience for their goods and services.

[1] Stanley, A. (Sept. 14, 2018) “Overstock to Sell Bitcoin Through its Website in 2019 Through Bitsy Wallet.” Forbes. Available at: Accessed on Sept. 14, 2018.

[2] Bitsy. “About Bitsy.” Bitsy. Available at: Accessed on Sept. 14, 2018.

[3] Op. Cit. n1.

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