Overstock.com now accepting bitcoins as payment!

[stayeduptolate]

About $10,000 worth of Bitcoin from about 100 purchasers has already been spent since the announcement less than two hours ago, Byrne said. Online Bitcoin chatter indicates much of it is from folks making purchases in tribute to the company's vote of confidence in the digital currency.

Read more: http://www.businessinsider.com/overstockcom-is-now-officially-accepting-bitcoin-2014-1#ixzz2pwLGxJqc

WOW

[Bobsurplus]

About $10,000 worth of Bitcoin from about 100 purchasers has already been spent since the announcement less than two hours ago,

Trust me, Its WAYYYY more then that!

[StevenS]

BTC goes to payment processor which gives fiat to overstock.

So overstock actually accepts fiat.

The payment processor is coinbase. On coinbase, a merchant has the option of keeping payments in their coinbase wallet, or enabling "instant exchanges", which exchanges it for fiat as soon as the customer pays. Does anyone know which option Overstock.com uses?

I think I may have found the answer, according to this Wired article:

Before each payment is made, Coinbase sets an exchange rate, immediately converts the buyer’s bitcoin into dollars, and transfers the dollars to Overstock. The retailer never holds any bitcoin.

[gateway]

Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.

[Bobsurplus]

Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.

Refund is in USD for the price paid for the item!

[igorr]

With which payment options it is cheaper to pay at Overstosk.com?

1. Bitcoin ?
2. PayPal ?

[alumar]

Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.

Refund is in USD for the price paid for the item!

Is it me or is this a potential elephant in the room?

[blade87]

I am totally adding overstock.com to my stock portfolio for this.  

It may not be ideal the way they are doing it, but it's a huge step forward.

[proudhon]

Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.

Refund is in USD for the price paid for the item!

Is it me or is this a potential elephant in the room?

No, I think that's a pretty big issue.  At the very least companies will do what Overstock has done and make a disclaimer about bitcoin refunds being in USD.  I think a better option would be to give bitcoin refunds for up to 48 hours or something like that, and after that it would have to be USD.

[Lauda]

Very good news.

[Littleshop]

Curious what the refund policy is.. the btc you paid originally or a conversion of what the US to btc exchange rate currently is.

Refund is in USD for the price paid for the item!

Is it me or is this a potential elephant in the room?

No, I think that's a pretty big issue.  At the very least companies will do what Overstock has done and make a disclaimer about bitcoin refunds being in USD.  I think a better option would be to give bitcoin refunds for up to 48 hours or something like that, and after that it would have to be USD.

So everyone gets a 48 hour call option on bitcoin if it goes up?  Not very good idea for overstock.com.  With greater then 10% swings in Bitcoin one could find a way to make a profit that way.

[TheJacob]

So everyone gets a 48 hour call option on bitcoin if it goes up?  Not very good idea for overstock.com.  With greater then 10% swings in Bitcoin one could find a way to make a profit that way.

I suspect that will be fixed promptly and work as it should(you receive a credit for the value of the item).

[BitchicksHusband]

How will they do refunds? In BTC or USD?

Store credit.

[Bitcoin_Evolution]

I think that couple more of such news and 2014 pump will begin

[Kouye]

How will they do refunds? In BTC or USD?

Store credit.

Then USD it is.

[BitchicksHusband]

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.

Both Bitpay (who they don't use) and Coinbase (who they do use) allow you to select any percentage from 0% to 100% to keep in bitcoin.  But apparently they've already said they are converting 100% immediately.

[Melbustus]

I think that couple more of such news and 2014 pump will begin

We probably get some good stories tomorrow or the next day about how Overstock did thousands of orders totaling $250,000+ in their first day of bitcoin acceptance.

[BitchicksHusband]

I think that couple more of such news and 2014 pump will begin

We probably get some good stories tomorrow or the next day about how Overstock did thousands of orders totaling $250,000+ in their first day of bitcoin acceptance.

Everybody go buy a small token item of support.

[brioche]

I think that couple more of such news and 2014 pump will begin

We probably get some good stories tomorrow or the next day about how Overstock did thousands of orders totaling $250,000+ in their first day of bitcoin acceptance.

Everybody go buy a small token item of support.

Sounds good. I'll head over there and get me a souvenir.

[whtchocla7e]

Overstock is NOT accepting bitcoin. They accept USD converted from bitcoin by a 3rd party who is willing to take on the "risk".
That doesn't inspire much confidence... but at least it sounds good and that's good enough for most people