Patrick Byrne, CEO of Overstock, reports that the popular online retailer is selling $15,000 worth of goods for bit coin on a daily basis, culminating to over $2 million Bitcoin. Despite BItcoin accounting for less that 25% of Overstock’s sales revenue, Byrne claims the company’s overall profits are projected to increase due to its January decision to accept Bitcoin.
The company has also recently announced its plans to pay employee bonuses using Bitcoin, as well as plans to eventually incorporate it into its regular payroll payments. Venders are also offered deals, such as discounts, if they choose to accept Bitcoin. Initiatives such as these are no fad- Byrne claims he plans to maintain them for as long as possible.
We’re in bitcoin for the long haul, I intend to make it permanent… [cryptocurrencies will remain] as long as the law of mathematics works”.
Overstock’s public intentions to advance Bitcoin have not only benefitted the company itself, but have earned them a place within the Bitcoin community. In an interview with Reuters, Byrne claims that it has become a Bitcoin ethic to make purchases through Overstock. The company’s experience with Bitcoin is one likely to inspire other businesses to expand their accepted currencies to include virtual currencies.
New businesses rumored to soon join the Bitcoin community are Airbnb, Uber, and Ebay. The massive online auction community has reported meetings companies that facilitate Bitocin transactions to develop a way in which to incorporate the virtual currency into its PayPal payment system. Ebay and PayPal initially claimed they were not interested in accepting Bitcoin, but the currency was never dropped from consideration. Those pursuing Bitcoin acceptance on behalf of Ebay believe the virtual currency is less subject to fraud.
Read more here- “Ebay Payments Unit in Talks to Accept Bitcoin,” (Greg Bensinger, Wall Street Journal Blog)
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.