Bitcoin Forum

After only about 1 month they are predicting to hit the 1 million mark by this week.  Pretty amazing.  Also they will be rolling out a rewards program
for people who shop with bitcoin.

http://www.coindesk.com/overstock-launch-new-rewards-program-bitcoin-buyers/

This is exactly what merchants need to do to drum up bitcoin business.  Like I've said before, there is no incentive to shop with BTC if you don't already have some.  No one is going to go thru the hassle of obtaining BTC just to shop with them, unless there is some benefit to using them, such as a discount, free shipping, or a rewards program like overstock is doing.  Good job Overstock!!

That's great!

Good for Overstock!

Yeah, the CEO of Overstock is such a renegade. There's a great article on him over in the Press section. I hope him/them accepting/dealing with BTC really pays off for them.

This is good for bitcoin and overstock.

Agreed. A million more in sales per month is no small potatoes.

This is a great news!

They're happy to take your dollars but not your bitcoins.

Jeeze, it seems much longer than a month. Time really does move fast in cryptoworld.

And this is just one website, they just started accepting bitcoin a month ago. Now multiply that for all the websites that accept bitcoin!

People cry on the back of a bit of bad news, but the more merchants keep accepting it the price will gradually grow. I'm sure we'll see many more merchants adopt BTC over the course of the year.

But bitcoin have droped almost 20% in this month

I wish so much that they could expand their product offerings.

I now go there instead of Amazon.com for everything first.   50% of the time they don't have what I need so I end up buying at Amazon.com, but I am glad I can at least get some of my stuff now through Overstock.

If they had more, Amazon would be history for me.

I encourage everyone who shops amazon to start checking Overstock for the item first, and buying with Bitcoin.

-B-

This is fairly impressive. A million in a month I think is around 0.8-1.2% of their monthly revenues. The true test is the sustainability of sales in BTC.

Nonetheless, this is good news and could likely pave the way for more major businesses to begin accepting BTC.

So? They'll probably rise over 20% soon.

this is great and all but bitcoin sales here seem to have slowed significantly since the first few days

That's the best start ever of major retailers adoption. Many were waiting for this great example, many will follow.

I didn't know they are holding some of their acquired Bitcoins.  That is even bigger news.  Any gain (i.e. difference between value of BTC at time of sale and time of report) is reported separately.  Since they are a publicly traded company they will have to report it.  That would be a first.  If it becomes large enough it might even become its own line item in the quarterly and annual reports.

You must be new here.

Since they exchange immediately for fiat, it doesn't scare them that much..

Agreed, mostly because of the mt gox fiasco

Are they? I'm not sure if the company is, but the CEO himself holds a lot.

I hadn't seen any news about this. If this is the case though, I'd be very intrigued to see how this is reported in their financials. And I wonder what BTC sales and holding BTC would fall under in their EBITDA.

and his understanding must be low.

Um ??? it is in the article that this thread is about.

speaking of which, who wants a creepy Chinese USB fan that makes noises after the 3rd day

Have they started allowing non-US buyers to pay with bitcoin yet? Seems crazy to accept the global internet money but only from people in the country of PayPal.

My apologies, I should have been clearer. I didn't interpret this as saying that Overstock would be holding through the fiscal quarter. That's when things would get interesting. The article saying that "should Overstock be holding" at the the quarter meant to me that they weren't sure what road they were definitely be taking.

I will be following to see what decisions will be made and what precedents will be taken. This is really exciting times!

Overstock guys will be unhappy with the recent price dip.

Nope, not yet. Or at least not in the UK but they said this was coming soon.

Intel 6 core haswell processors are competitively priced there. If I had profited on bitcoin I'd be building a new rig "just for the heck of it" while donating and old one to my sister.

If they are instantly converting to USD then no, otherwise yes.
But, if they have enough knowledge and patience, they will know that it will be worth their while, keeping the bitcoins.

now start accepting Litecoin overstock!

I think that at this point accepting multiple cryptocurrencies would just confuse people. I don't see any reason for them to start accepting Litecoin aswell. Right now it's just important to make BTC better known and more used.

overstock is bitcoins best friend. nice to have them!

Super for Overstock.... hoping to see soon more ways in which I can enjoy my bitties...

I don't think there's any need really, although give them time. Accepting BTC was a big gamble and they're still testing the waters with it.

http://www.americanbanker.com/bankthink/lawsky-processes-bitcoin-the-idea-that-is-after-hearing-1065330-1.html

This is great news.

I haven't read this thread yet but the article I saw stated that the CEO plans to start holding coins, and is looking into ways to pay salaries and vendors in BTC.

So all those concerns about big companies hurting BTC by cashing out to Fiat immediately, are gone in this case.

-B-

He already holds a shitload. There's a great in-depth article on him over in the press section.

No way. Litecoin is a worthless altcoin.

It's not worthless, but it really does need some merchant adoption to grow.

Nobody has any real reason to accept litecoin. It's just a Tenebrix copycat.

Congrats for Overstock and hope the reach 10 million even faster! Very well done guys.

The more stable btc value will be the more people are going to spend em instead of keeping em hoping they will increase in value.  Stabilized value will actually be good for widespread adoption.

True, but I don;t think it will fully stabilise for a very long time. You might have periods where it seems quite stable, but will then surge or plummet depending on some news.

Although I agree, it seems to me that once you are set up for one crypto-currency, accepting others is relatively easy. I imagine fairly soon we'll get payment processors offering a wide variety of currencies to vendors.

Which is completely pointless IMO

I agree. At this point we should just get people familiar with BTC.

I agree, but I think it'll happen. From the customer's point of view, the payment page will have a combobox with a drop-down list of crypto-currencies that are accepted, and it'll be at most a couple of clicks to select the one they want to pay in. Hopefully BTC will be the default, and the one every vendor accepts, but they won't want to turn away customers who prefer some other currency.

We have yet to see that.  We have yet to even see payment processors offer that as an option.  Given the near instant liquidity between BTC and copy cats a merchant is very unlikely to lose sales by not offering to accept payments in 928,390,238,120 different alt coins.  So the payment process gains a negligible amount in incremental sales.

There are also the logistical issues.  Services like bitpay lock an exchange rate in order to guarantee the merchant a certain amount in USD (or other currency).  BitPay takes the currency rate risk, you can only move/transfer risk not erase it.   Imagine what would happen if someone tried to buy $1,000,000 worth of mining rigs through a merchant using BitPay and decided to pay with say PeerCoin or FeatherCoin or TerraCoin or <insert flavor of week here>.  What would a $1,000,000 sell do to the market?

Could it happen?  Maybe.  However there is very little value and a huge amount of risk for the payment processor.  

This time next year it will be $10M in sales per month for them. ;D

Good but lets continue Onward !

(cough newegg, someone please get this done)

Let me guess , a crap coin insert name here________ that you hold alot of is better right ?


not at all a tenebrix copycat , it's based on bitcoin where as Tenebrix is based on multicoin.

But let me guess clone coin dogecoin is better right ? or insta mined qaurk ? which crapcoin do you own alot of that is better then Litecoin ?

Great news for Bitcoin but the price are going down again today  >:(

This has no impact on the price.

Overstock may start there own coin
OVERSTOCK COIN

I haven't read this thread yet but the article I saw stated that the CEO plans to start holding coins, and is looking into ways to pay salaries and vendors in BTC.

Awesome news for btc and merchants looking to join the game.

That may happen in the future when bitcoin has wider acceptance.

 ;D