Overstock.com Surpasses Expectations With Bitcoin
Overstock.com under-estimated potential Bitcoin sales. Based in Salt Lake City, Overstock.com surprised retailers and Bitcoin enthusiasts alike when they began accepting Bitcoin for payment on January 9th, roughly five months ahead of their initially stated schedule. Now it seems that their hard work has paid off, as Overstock has now surpassed $1 million in Bitcoin sales, said CEO Patrick Byrne in an interview. While the $1 million pales in comparison to the $1.3 billion of revenue the company brings in, Byrne has also said that instead of converting the bitcoins to dollars, the company....
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Patrick Byrne announced he will donate 3% of all Overstock Bitcoin payments to promote the spread of Bitcoin around the world. Overstock CEO Patrick Byrne delivered the keynote address at Saturday'sBitcoin in the Beltway conference. He spoke a lot about the past, but he also talked about Bitcoin's future. Specifically, Byrne announced a timetable for international Overstock Bitcoin payments and revealed a plan to donate "3% of all Overstock Bitcoin sales" to organizations working to promote cryptocurrency around the world. 3% of Overstock Bitcoin Profits to Be Used to Spread Bitcoin....
As the first major retailer to accept bitcoin payment, many have keenly watched Overstock.com; they are expecting $3 million in bitcoin sales for 2014. Projections of the 2014 bitcoin sales for this retail powerhouse have been all over the board, and speculated by many. When bitcoin payment on Overstockfirst became available in January of this year, the sales were far beyond company expectations. Early projections from the first couple of months of this year had bitcoin sales as high as $10-20 million for 2014. CEO Patrick Byrne stated that Overstock originally anticipated $5 million in....
International retail giant Overstock.com is reporting that it expects to complete $3m in total bitcoin sales for 2014. The figures are notable given that the e-commerce company had issued a wide range of potential estimates for its first-year bitcoin sales over the course of the year. In March, CEO Patrick Byrne suggested Overstock was on pace to achieve $10m-$15m, or even $20m, in bitcoin sales. Such estimates were also below the $5m Byrne said Overstock originally anticipated, though on par with those suggested by Overstock chairman of the board Jonathan Johnson in interviews. Judd....
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.....
The news that Overstock.com today flipped the switch on taking bitcoin payments certainly took many of us by surprise, but the preliminary sales figures may surprise you even more. A patio set sold on Overstock.com and paid for in bitcoin. Source: Overstock. It's been a couple of hours since Overstock has had the option available, and already the retailer has sole a whopping $10,000 worth of items in bitcoin in that timespan. That amount comes from about 100 different purchasers, one of whom spent $2,700 on a 13-piece patio set. Overstock.com CEO Patrick Byrne told Business Insider that....