Overstock Pledges 3% of Bitcoin Profits to Promote Cryptocurrencies
US online retailer Overstock has pledged to donate 3% of profits generated through bitcoin sales to advocacy organisations that promote digital currencies. Patrick Byrne, the company's CEO, made the announcement at the Bitcoin in the Beltway conference, held in Washington DC over the weekend. Overstock later told CoinDesk that the decision to donate a portion of its bitcoin sales revenue is "a new one" and that it is still "working out the details". Notably, however, the Overstock spokesperson indicated that revenue donated by the company will not go solely toward bitcoin advocacy: "Any....
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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....
Overstock making strides again with Bitcoin adoption! Unlike many companies that use Bitpay and Coinbase as a processor and immediately convert to fiat, Overstock actually holds 10% of Bitcoin received as Bitcoin. In fact, according to Patrick Byrne when he delivered his keynote address on Saturday at the Bitcoin in the Beltway conference, 3% of Bitcoin sales from Overstock will be used to spread awareness of it. Also, Patrick is hard at work on trying to get Overstock internationally (Bitcoin is only accepted in US as of writing) to accept Bitcoin. As if you cannot tell, Patrick is a....
US online retailer Overstock is now selling an average of $15,000 worth of goods for bitcoin every day, according to the company's CEO. Speaking to Reuters, Patrick Byrne said he expects bitcoin sales of $6m to $8m this year and confirmed that Overstock's cumulative bitcoin sales have now passed the $2m mark. Byrne added that he expects bitcoin sales to reach $1m per month by the end of the year, up from upwards of $300,000 per month earlier this summer. The retailer reached its first million dollars in bitcoin sales in early March and reported a total of$1.6m in bitcoin purchases in late....
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....
Online retail giant Overstock has released new insight into the buying behavior of its bitcoin customer base, revealing bed sheets have become the demographic's favorite item to purchase. The top five items bought on Overstock with bitcoin are now sheets, donations to non-profits, headphones, cases and holders, and area rugs, respectively. Cables and tools, mattresses, coffee tables, A/V cables and fashion sunglasses round out the top 10 categories. Addressing the findings, Overstock director of communications Judd Bagley commented on the relatively mundane list of items as evidence of the....