Overstock’s Bitcoin bet brings in $20-30K every day, CEO says

overstock16 Mar 2014 – GeekWire – Overstock.com recently announced that it has done more than $1 million in Bitcoin sales since the company started offering customers the ability to use the digital currency to purchase items. But how does that affect the company’s day to day operations?

According to Patrick Byrne, Overstock’s CEO, the company is seeing tens of thousands of dollars in Bitcoin sales every day.

“There was a huge surge (in Bitcoin spending) the first day, with people showing support. It’s since dropped to $20k to $30k per day, but it’s gradually increasing from there. It’s going well,” he told Business Insider.

Through a partnership with Coinbase, Overstock immediately turns all of the Bitcoins it receives into dollars, so the company isn’t holding any of the currency long-term.

According to Byrne, retailers gain a number of advantages from using Bitcoin. Because transactions through Bitcoin are irreversible, there’s no way for a customer to request a chargeback, which means that it’s difficult to commit fraud. The currency also doesn’t require the high transaction fees that are standard for credit card companies….. Read more


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