Overstock make $130,000 worth of Bitcoin sales overnight
- Overstock, a large American online retailer, is now accepting bitcoin
- With a total revenue last year of 1 billion dollars, Overstock is kind of a big deal.
- Is this the game changer that bitcoin needs?
So you’ve finally got yourself a piece of the crypto-currency pie...but what can you do with it? Adoption by businesses has been Bitcoin’s greatest hurdle since the start. What’s the point of an awesome, functioning alternative currency if you can’t spend it on anything? That may be changing: Overstock, one of America’s largest online retailers totalling 1.1 billion dollars in revenue last year, started accepting bitcoin late last week.
As the price of a bitcoin increased over the end last year, so did the questions of it’s functionality. The online community was quick to counter this with boutique online stores offering payment via Bitcoin. The big name retailers however were a bit more hesitant. Perhaps it’s the volatile nature of the price, the ties to illegal underground markets or just plain old fashioned stubbornness.
Either way, that all changed last week.
Patrick M. Byrne CEO of Overstock has been talking on and off for months about the eventual adoption of bitcoin for the online store. Like many promises in the bitcoin world however it was something the community would have to see to believe. The supposed time frame that Byrne was promising was 6 months down the track, an ambiguous figure that require a dollop of optimism to get behind.
Turns out Byrne is an impatient man as friday last week Overstock started accepting bitcoin out of the blue. Then stories flooded in: in collaboration with CoinBase and team of newly hired engineers, Byrne had managed to get 6 months worth of work done in a month. He expressed his urgency in getting the payment solution finished before anyone else did.
The reward? $130,000 worth of bitcoin sales overnight and a massive slew of new customers. Not only is it a good example of ingenuity and how companies can progress themselves into new markets, it’s also a prime show for the use of bitcoin as a solution large volume sales or as a replacement for PayPal / Credit Card processors. Not only are fewer process fees with Bitcoin (meaning more $$$) but the community of bitcoin is so strong that a large adoption like this will see a flocking of crypto-currency enthusiasts to your site just to because you allow them to spend their coin.
For more information on Overstocks development behind their bitcoin adoption check out this article on Wired.