Overstock.com Becomes First Major Retailer to Accept Bitcoins
Overstock.com CEO Patrick Byrne sent a tweet on 10th January, indicating that the company had sold $124,000 in goods via bitcoin in the 21 hours since it began accepting the cryptocurrency. After 21 hours on @overstock.com, we've had 780 #Bitcoin orders that accounted for $124,000 in sales. Wow! - Patrick M. Byrne (@OverstockCEO) January 10, 2014. That figure amounts to around 4% of daily revenues, based on the firm's 2012 figures. He also added in an interview with CNN that he believed Amazon would be forced to take bitcoin at some point, as the market is growing by 30% per month. Online....
Related News
Major online retailer Overstock.com plans to accept bitcoin as payment from the second half of 2014, according to various reports. Website newsBTC first broke the news, with reports in MarketWatch and FT.com later confirming with Overstock.com's CEO, Patrick Byrne. The company had hinted at accepting bitcoin in a New York Times interview in October, but Byrne said he was waiting for more legal clarification before going ahead. It now seems to be moving towards a more definite schedule. With over a billion dollars in annual revenue, Overstock.com (increasingly branded as O.co) would be by....
In late January, electronics retailer TigerDirect began accepting bitcoin payments, becoming the second large-scale retailer to do so following Overstock.com. A day later, we learned that the store had reeled in a whopping $250,000 worth of sales paid for in the digital currency, breaking that which Overstock brought in. Today, bitcoin news website CoinDesk is reporting that the online retailer has broke the $1 million mark as of the 13th of March - nearly 50 days after first beginning to accept it. On the 4th of March, Overstock.com announced they passed the $1 million marker, and....
Judd Bagley, director of communications at Overstock.com, didn't take long to become a bitcoin enthusiast after the online retailer became one of the first major U. S. companies to let customers pay with bitcoin. Speaking to Sarah Martin, vice president of Digital Currency Council, Bagley discussed his experience as a spokesman for one of the leading retailers to support bitcoin. He will be speaking as one of the thought leaders at the Virtual Currency Today Summit on April 29. The event will be held at the Hilton Boston Back Bay in Boston, Mass. Bagley noted during the interview that the....
In a newsbtc.com exclusive, Overstock CEO Patrick Byrne told Eric Calouro of newsBTC in a phone interview that they plan to accept Bitcoin starting in the second half of 2014. This is incredible news considering how large of a retailer Overstock.com is at over $1 billion USD in revenue annually. What's even more promising from the news is that Byrne admitted that the company is still working out the logistics for accepting Bitcoin, but they might not go with Coinbase and/or BitPay. Overstock.com might work independently of Bitcoin payment processors entirely by implementing their own....
Overstock CEO Patrick Byrne keeps believing in Bitcoin's future. Overstock was one of the first major online retailers to accept Bitcoin as a payment method. The announcement was a big step for Bitcoin. The cryptocoin is trying to find mainstream acceptance and events like this are important when trying to convince common people to start using Bitcoins. Small Bitcoin revenue. Right after announcing the possibility to pay with Bitcoins, Overstock saw massive purchases made with the virtual currency. Earlier this month, Overstock said they crossed the million dollar mark in Bitcoin payments.....