Overstock.com now accepting bitcoins as payment!

[Feri22]

If you pay with your CC in a store, you still say the store accepts the CC. Even though they get fiat from the CC company.

The credit card itself is based on fiat.

Overstock does not accept BTC for a later use to...restock itself using BTC to pay it's suppliers. Etc...  That would be an actual acceptance of BTC.

What they offer is a way for you to pay in BTC but what they accept is fiat.  

You don't know if they are not keeping some parts of profits in BTC. Anyway, it is great news, we should be all proud to be part of it. If this is not great news, i don't know what people more want to hear to understand that Bitcoin is BIG DEAL.

[tanatos]

Well it is not all that bad.

The fiat money, which overstock actually accepts, has to come from somewhere. This means someone has to go and buy those BTC used to purchase stuff from overstock. So you have an ongoing "circulation" and people buying BTC signifies a demand for it which means a higher value for BTC, which means "cheaper" (relatively speaking) items on overstock, which means people might be motivated more to buy BTC,...etc 

Which also means nothing happens without using fiat money.

[gateway]

haha crap, typing to fast causes booboo's. title changed.. thanks guys. I stepped away for a meeting and came back to this

[hilariousandco]

If you pay with your CC in a store, you still say the store accepts the CC. Even though they get fiat from the CC company.

The credit card itself is based on fiat.

Overstock does not accept BTC for a later use to...restock itself using BTC to pay it's suppliers. Etc...  That would be an actual acceptance of BTC.

What they offer is a way for you to pay in BTC but what they accept is fiat.  

You don't know if they are not keeping some parts of profits in BTC. Anyway, it is great news, we should be all proud to be part of it. If this is not great news, i don't know what people more want to hear to understand that Bitcoin is BIG DEAL.

Well if they're using Bitpay then they instantly turn it into fiat.

[BitCoinNutJob]

www.overstock.com/bitcoin

[Bobsurplus]

I'm in the process of placing an order for a Rolex thanks to overstock!

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

[stayeduptolate]

I'm in the process of placing an order for a Rolex thanks to overstock!

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

great! BTCBTCBTCBTCBTCBTC

[EvilPanda]

www.overstock.com/bitcoin

That's how you make money on innovation. Overstock is going to wish they did it earlier.

[AirFlame]

I am thinking when will be first transaction with user buying something or maybe there was already

[Bobsurplus]

I am thinking when will be first transaction with user buying something or maybe there was already

Already done!

 

[phazon307]

I guess we will have to wait and see how this plays out.

[esse83]

Overstock.com ‏@Overstock 2m
@mmeijeri Hi, international is in the works! We'll make an announcement when it's live.

[igorr]

The best payment option is Paypal.   

[bignumbheart]

well this was an unexpected announcement for today imo

[BitCoinNutJob]

150 orders using BTC in first hour says coinbase, nice

[Melbustus]

Yes, they're likely converting most to fiat right now. The CEO has expressed this necessity given duties to investors as Overstock is a publicly-traded company. Bitcoin's volatility is indeed a problem in that light. Obviously that concern lessens as time goes by and bitcoin acceptance goes up.

This insta-convert-to-fiat period is a necessary step on the path to a more true closed-loop bitcoin economy.

And note that the CEO *does* believe in bitcoin for all the right reasons, and has expressed as much a number of times. Again, his post from Tuesday:
http://www.cnbc.com/id/101315433

And check him out on twitter: @OverstockCEO

[hilariousandco]

The best payment option is Paypal.   

Haha. Excuse me whilst I do a chargeback.

[stayeduptolate]

Our channel spends 10k a month on hardware to review for the community. We have produced 6 videos have enough recorded for 6 more on hardware/mining reviews. Our budget for Feb is nearly the same as Dec/Jan and we will purchase all that we can from Overstock.com to show appreciation

https://www.youtube.com/user/BitsBeTrippin

thats great buying from overstock with btc only helps btc!

[igorr]

What is Current exchange rates for bitcoin on  Overstock.com ?  
-5% or -10% in relation to BTC-e exchange rates ?

How much taking commissions if I choose paypal payment option?
0% or 1% ?

[Melbustus]

Our channel spends 10k a month on hardware to review for the community. We have produced 6 videos have enough recorded for 6 more on hardware/mining reviews. Our budget for Feb is nearly the same as Dec/Jan and we will purchase all that we can from Overstock.com to show appreciation

https://www.youtube.com/user/BitsBeTrippin

Awesome.


And I just placed my own (small) order. Overstock is the first of many. #goodtimes