Bitcoin Forum

This is good news for bitcoin folks. Overstock CEO Patrick Byrne says the company made $1.6 millions in sales since March of this year. The first two months after they started to accept bitcoin they made $1 million....and $.6 since then.

READ HERE: http://www.bitcoinvalues.net/overstock-bitcoin-sales-1-6-million-worth-bitcoin-sales.html

I really like what overstock is doing for bitcoins, and this definitely more good news.I hope they continue supporting btc purchases for a long time.

I agree that this is pretty nice. What we need now is discounts. Give people a reason to buy Bitcoin to use there, rather than just the novelty of it. This would increase sales more and get more people using them.

Discounts could dramatically increase sells so i hope your reading this, overstock. Or buy one get one free(if you buy with bitcoins) or buy one and get the second one at half price.

They'd have issues if they were too steep. We estimate that companies save what, like 4% on transactions (maybe 3%, for high-volume)? Give us 2% of that. Now the company saves money and we do as well. For bigger purchases, this is MASSIVE. For smaller ones, it adds up over time.

Pace has slowed down though at Overstock
What's interesting is that they are retaining 10% of btc and only turning 90% to fiat

Number is quite low for the size of the company.

I don't think $1.6 millions in bitcoin sales is "quite low", Overstock just started to accept btc and therefore the gain can only grow in the future.

They have been accepting it for quite a while.

Yeh this is great for Bitcoin, but we need indeed something that will attract people to buy bitcoins, and spend them.
Because without anything special people without bitcoins will just spend there paper money for the items they need.
But when bitcoin has a special discount or something like you can spend another 20$ if you buy with bitcoins.
Just anything to attract non bitcoiners.

They should offer a discount for using bitcoin. Their prices are really not that competitive.

Yes, if they pass some of the processing fee savings on to the consumer sales will go up even more. People would start buying BTC just to use for shopping.

Overall it is quite low, but its a great start.  Overstock did $1.3B in sales in 2013.  That's $108MM / month on average.  $1.6MM over a few months is a rounding error for them.  But if they have success with it other companies may follow suit.

To add on, keep in mind most people using Bitcoin are computery people. We're technology buffs (as a whole). Overstock is far from being a company most of us shop at. If Newegg accepted Bitcoin and it only got $1m in a few months, I'd be extremely surprised, since that's a company we can all relate to.

He said they were going to keep all of the coins, so probably will hold them til they're worth a few times more than when the product was sold.

They have to keep their cushion though. I can't fathom them giving discounts based on what Bitcoin COULD be worth, otherwise they might as well start just buying BTC for $10k a piece. They have to base any discounts on its value right now and their savings at this moment.

Yes this would be a huge plus.
Anyway this company is doing a great job with bitcoin, and it will be first on my list when regards about spending my bitcoins, they have alot of cool stuff, hehe :D

Any representative from Overstock here?

This news means that for the March-May period, the daily combined Bitcoin transaction volumes in Overstock were around $8,000. This comprises less than 1% of the Overstock sales.

Overstock isn't a big merchant for most of us Bitcoiners though, so that's to be expected. It's almost like if Bed Bath & Beyond started to accept it. While they'd get orders, most of us aren't interested.

What we need is fucking international payments, they haven't set anything up for the UK yet or any other European countries that said their support staff did say they were planning on it to me.

i just seen the video there

no words just wow :)

Yeah, that video is impressive

it's a nice start, but they do over $1 billion in sales a year, so even $10 million is only a drop in the ocean. i'm just hoping bitcoin's integration isn't too burdensome for them, so that they continue to do it.

"Thumbs up"

wow :o

DO you have a source for that? Because if they are keeping 10% of the bitcoin as actual bitcoin, and not converting it all to fiat I'd be one happy camper.

I would have to disagree. For only two months, they've made that amount, not being as big as someone like Amazon.

First of all, overstock is not all that well known outside of America (at least I personally never heard of it before bitcoin). Even though they do deliver here as well, apperantly.

Second, the percentage of people in the world that use bitcoin is far less than 1% and the total amount of value in bitcoins is not even remotely close to 1% of the total value of all currency in the world. And I'm not even talking about the combined value of gold, silver, platinum, stocks, bonds, oil, etc.

Bitcoin may look big with it's several billion 'market cap' or whatever you call it in bitcoins case, but in reality we are not even a tiny drop in the bucket yet. Which is not at all bad because that only means we have plenty of room left for (exponential) growth.

Considering bitcoin is so small it's a pretty big deal even if overstock would not really miss a couple of thousand dollar a day.

That's a fairly impressive figure although not that much in the great scheme of things considering bitpay processes around 1 mil daily.

If you read the article you will see that Overstock did $1m the first two first two months and $600k to date. I think that first two months are January and February.