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Overstock.com Passes $1 Million in Bitcoin Sales in Less than Two Months

The decision by Patrick Byrne, CEO of Overstock.com, to accept Bitcoin in exchange for its products has turned out to be a very savvy business decision for the online retailer. While the pace of Bitcoin sales has dropped off significantly from the tremendous $130k recorded in the first 24 hours, the sales have continued to come in. Only two months into the experiment, the retailer has now surpassed $1 million in BTC sales. More importantly, Mr. Byrne estimate 60% of these sales came from entirely new customers.

From TechDirt:

“We did not expect to hit this milestone so quickly,” states Overstock.com Chairman and CEO Patrick M. Byrne. “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

Overstock.com started accepting Bitcoin in early January by partnering with Coinbase to process the payments and handle the conversion of Bitcoin into U.S. dollars. Since then, Overstock.com reports 4,300 customers paid for over $1 million worth of goods with Bitcoin. The retailer estimates almost 60% of those are new customers to Overstock.com.

continue: http://libertyblitzkrieg.com/2014/03/04/overstock-com-passes...

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Overstock.com CEO Patrick Byrne Discusses $1 milion in Bitcoin

Overstock.com CEO Patrick Byrne Discusses $1 milion in Bitcoin Sales on FOX Business

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
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thanks MMJ - that was a good interview

he's a believer!

"When the power of love overcomes the love of power, the world will know Peace." - Jimi Hendrix

Dumping Bitcoins

that makes sense

too bad overstock doesnt keep

too bad overstock doesnt keep bitcoins. as soon as they get them they turn around and sell them for dollars, hmmm i wonder why they wouldnt want to keep ahold of such a "sound currency"

They are working towards keeping them AND

they are preparing to offer payment to suppliers and employees in bitcoin.


http://youtu.be/m3m79UsfUy4

"When the power of love overcomes the love of power, the world will know Peace." - Jimi Hendrix

thanks for posting, i missed that one

i think that overstock has started keeping some of the btc since this interview. i know the CEO said he's holding btc personally.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
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holding it in hopes it goes

holding it in hopes it goes higher so they can sell it for dollars.

ahhh no

if you watch the video and have read what he has said you would know he wants to grow the btc ecosystem and is planning on giving employs bonuses in bitcoin and paying suppliers in btc and vertically integrating btc as much as possible. the goal is to not have to ever transact in fiat frn's. seems like a pretty noble goal to me.
i personally keep 90% of my wealth in silver and bitcoins and only cash out to frn's when i have too.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

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Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand