Overstock CEO Aims to Give Special Deals to Vendors Who'll Accept Bitcoin
Some interesting comments coming from Overstock.com CEO Patrick Byrne, as pointed out by CoinDesk. The e-retailer's head honcho took to a podcast at the Porcupine Freedom Festival recently and made statements that anyone in the community would be proud of: "We're going to start giving sort of special deals to the vendors who want to be paid in bitcoin," he said. That is to say, the company is looking to work more closely with businesses that deal with bitcoin. Why? Because Patrick Byrne himself is a huge fan of digital currency. In an interview with me last year, Byrne reiterated that....
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Overstock hopes to encourage bitcoin use with a range of incentives for vendors who decide to accept payments in the digital currency. Speaking in a podcast at the libertarian Porcupine Freedom Festival, Overstock CEO Patrick Byrne said, "We're going to start giving sort of special deals to the vendors who want to be paid in bitcoin." This could mean offering discounts and favourable terms to vendors selling through the Overstock platform if they start to accept bitcoin, he indicated, adding that the company may also reward those who already accept the digital currency. Notably, Byrne also....
Online outlet store Overstock.com is to launch a special rewards program that will give bitcoin buyers 1% back in the form of Club O dollars, the company's in-house rewards points. Speaking to CoinDesk, Overstock CEO Patrick Byrne said the scheme is expected to debut in approximately four weeks, although he did not commit to a definitive timeline. The program will not provide an instant discount on orders, but will instead give 1% of the total purchase value back to buyers to be applied to future purchases. Byrne did not provide further details of how the program would work, or whether it....
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....
Bitcoin remains the most widely used cryptocurrency, so for many online vendors it's a good alternative to the U.S. dollar. Microsoft, CheapAir and other big retail names have already jumped on the Bitcoin bandwagon, with many more to follow. To be fair, most Bitcoin-accepting vendors don't accept Bitcoin directly. They work through commissioned intermediaries, such as Paymium and Coinbase, to immediately convert Bitcoin receipts to fiat currency (usually U.S. dollars). They're not in the business of holding Bitcoin long-term, and most appear to be leery of Bitcoin's historical volatility.....
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....