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Author Topic: Why would sales in Bitcoins decline on Overstock?  (Read 2642 times)
Este Nuno
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amarha


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June 04, 2014, 01:00:53 PM
 #41

Everyone have been looking for big retail companies to come on board, with digital currency.

Thing is, the Bitcoin community is not supporting this.

It was reported that on the 9th January 2014, when Overstock became the first major retailer in the world to start accepting Bitcoin, they made sales worth US$126,000 in Bitcoin.

As of 13 March 2014, Overstock Bitcoin income had shrunk to under 1% of their normal daily cash intake.

Source "http://en.wikipedia.org/wiki/Overstock.com"

My question is this. Why not support these ground breaking companies?, to proof to the rest of the retailers, that bitcoin has huge potential income.

Or are we hoarding coins for potential investment returns? 



Usually companies are going to see a surge in bitcoin sales when they start to offer it as a payment option. In order for that number to keep growing bitcoin is going to have to be adopted as an alternative payment system by more and more average people who would otherwise use PayPal or their credit cards to purchase things online.

Maybe bitcoin is growing in that regard but the price isn't a great indicator of consumer adoption. I would like to see some good evidence showing that more and more people are starting to choose bitcoin over other alternative payment systems. I guess keeping an eye on bitpay is one good way to watch that.
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CoinDiver
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June 04, 2014, 02:52:12 PM
 #42

I mentioned Apple's new app rules regarding bitcoin to a friend... his reply was "Didn't [bitcoin] go bankrupt?"

We need good news to get bitcoin freshly back in front of their eyes. When we cross back over gold parity/ATH... we're going to be in for a ride.

http://mises.org/daily/3229
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June 04, 2014, 07:43:37 PM
 #43

I assume there was a big bounce of people excited to spend Bitcoins at overstock.  Then the novelty wore off and people would rather use cash.  Or maybe people are just saving their BTC and don't want to spend as price goes up.
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June 05, 2014, 02:37:44 AM
 #44

I assume there was a big bounce of people excited to spend Bitcoins at overstock.  Then the novelty wore off and people would rather use cash.  Or maybe people are just saving their BTC and don't want to spend as price goes up.

That makes sense as volume would likely be more consistent when the price is trading sideways
Less so when the Bitcoin price is moving in an upward trend.
That said in general if the volume is increasing that is a good sign people are aware and still using it.

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June 05, 2014, 03:17:48 AM
 #45

http://www.coinometrics.com/bitcoin/btix

if you go to bottom of page you can see the historical graph of bitcoin volume transactions in $.  It bubbled and declining
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