Overstock.com surpasses $1 Million in Bitcoin sales
Retail Editor 5 -- Home Textiles Today, March 4, 2014
Salt Lake City - Overstock.com sold over $1 million in product to Bitcoin users since the online shopping site started accepting the cryptocurrency on Jan 9.
Out of the 4,300-plus Bitcoin customers, Overstock.com, a discount online shopping retailer, estimates almost 60% to be new customers. "We did not expect to hit this milestone so quickly," stated Overstock.com chairman and ceo Patrick M. Byrne.
Overstock.com was the first major online shopping site to accept Bitcoin. Byrne has said that he admires Bitcoin because it is not controlled by a central authority and is similar to gold in that its supply is constrained.
Overstock.com is partnering with San Francisco-based Coinbase.com to process the payments and handle the conversion of Bitcoin into U.S. dollars.