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Author Topic: Overstock getting close $1million sales in bitcoin  (Read 2980 times)
BTCisthefuture
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February 12, 2014, 05:51:52 PM
 #1

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/

Hourly bitcoin faucet with a gambling twist !  http://freebitco.in/?r=106463
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jcoin200
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February 12, 2014, 06:13:38 PM
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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!!
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February 12, 2014, 06:16:13 PM
 #3

That's great!

Good for Overstock!

Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
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February 12, 2014, 06:16:31 PM
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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!!

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.

LaudaM
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February 12, 2014, 06:17:23 PM
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This is good for bitcoin and overstock.

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bassclef
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February 12, 2014, 06:18:39 PM
 #6

Agreed. A million more in sales per month is no small potatoes.
Gabi
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February 12, 2014, 06:20:57 PM
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This is a great news!
whtchocla7e
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February 12, 2014, 06:22:10 PM
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They're happy to take your dollars but not your bitcoins.
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February 12, 2014, 06:22:36 PM
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Agreed. A million more in sales per month is no small potatoes.

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

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February 12, 2014, 06:23:54 PM
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And this is just one website, they just started accepting bitcoin a month ago. Now multiply that for all the websites that accept bitcoin!
yatsey87
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February 12, 2014, 07:04:40 PM
 #11

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.

davinchi
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February 12, 2014, 07:07:40 PM
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But bitcoin have droped almost 20% in this month
BittBurger
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February 12, 2014, 07:12:52 PM
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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-

Never forget the true purpose of Bitcoin.  Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b?show_adv=true
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February 12, 2014, 07:19:54 PM
 #14

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.

BTC: 1LuGEgX5XWKWDH7T4KSXYEvEov45M6DvLu
yatsey87
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February 12, 2014, 07:46:01 PM
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But bitcoin have droped almost 20% in this month

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

5thStreetResearch
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February 12, 2014, 07:58:51 PM
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this is great and all but bitcoin sales here seem to have slowed significantly since the first few days

CryptoPanda
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February 12, 2014, 08:00:56 PM
 #17

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

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February 12, 2014, 08:03:29 PM
 #18

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.
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February 12, 2014, 08:06:52 PM
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But bitcoin have droped almost 20% in this month

You must be new here.
kik1977
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February 12, 2014, 08:07:03 PM
 #20

But bitcoin have droped almost 20% in this month

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