Overstock.com to Become First Major US Retailer to Accept Bitcoin
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....
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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....
Article now includes comment from Overstock's Judd Bagley. Online retail giant Overstock has announced plans to offer its employees a bitcoin bonus scheme. Overstock representative Judd Bagley told Mashable that the company is "trying to figure out" how it can pay out bitcoin bonuses and aims to get the program in place by the end of the year. Under the scheme, Overstock employees will be incentivised to accept their bonuses in bitcoin by offering a premium over cash payments. Bagley told CoinDesk: "The first step will be to offer to pay employees their annual bonuses in bitcoin. Those....
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....