Overstock accept bitcoin, this news comes on the 10th of January, Beginning of the tweet overstock ceo,
That figure amounts to around 4% of daily revenues, based on the firm’s 2012 figures.
He
also added in an interview with CNN that he believed Amazon would be
forced to take bitcoin at some point, as the market is growing by 30%
per month.
Online retail giant Overstock.com has moved forward its plan to take
bitcoin payments. The company began taking the digital currency on its
site this morning. About $10,000 worth of bitcoins has reportedly already been spent since Overstock made the announcement just a couple of hours ago. The first item purchased in bitcoin, according to Overstock CEO Patrick Byrne,
was a $2,700 patio set. Around 150 bitcoin-based orders were received
in the first 90 minutes, he added. The firm has chosen California-based
online wallet and payment processing firm Coinbase to handle its transactions, in what must surely be a major coup for the company.
Less than three weeks ago, Byrne told CoinDesk
that the firm would begin taking bitcoin payments in June or July, and
at the time had not signed a payment processor. However, things
accelerated after Byrne broke the news, he said. “I felt I had tipped my
hand. I didn’t want someone else to beat us,” Byrne told tech
publication Wired.
The deal with Coinbase also provides some clarity on how Overstock
will manage its exposure when dealing with a notoriously volatile
financial instrument, which acts more like a commodity than a currency
at present.
In December, Byrne said that some hedging might be
necessary if the firm decided to hold a position in bitcoin. However,
Coinbase immediately converts bitcoins that it processes into dollars,
meaning that Overstock will never hold any of the digital currency. In
conversation with Bloomberg, Coinbase CEO Brian Armstrong admitted that the firm would be taking all the risk for Overstock.
Coinbase currently serves around 17,000 merchants with its payment
processing business. Aside from using algorithmic trading to manage its
own bitcoin exposure and shield retailers from volatility, one of its
other unique selling propositions is ease-of-use.
The company has created a system which interacts with the block
chain, but which also provides additional benefits to those operating
exclusively within its own network. It enables holders of bitcoins in
Coinbase-based wallets to send bitcoins to each other using email
addresses, for example. It also enables US-based users to purchase
bitcoins directly from it. This is something that pure payment
processing companies like BitPay do not offer.
Coinbase is also considerably more advanced in its funding than other bitcoin companies, having completed
a $25m B round last month from Andreessen Horowitz. This bought the
total amount raised by the company to $31.9m. This cash may help the
company to deal with any state-level regulatory challenges that it faces in the future with its bitcoin sales service.
Overstock’s share price rebounded slightly on the news of bitcoin
acceptance, but was still off from early trading this morning, following
news that it would be fined $6.8m by a California judge for allegedly
misleading price comparisons on its website. That case was brought by
the state of California in 2010.
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| Overstock Payment |
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