Overstock To Accept Bitcoin

[conjamuk]

Holy shit this is massive news for bitcoin.
Exclusive: Overstock.com to Begin Accepting Bitcoin Second Half of 2014 - newsBTC : newsBTC – Today's Bitcoin News

 

[EricVonDoobie]

I know more people who use Bitcoin than use Overstock.com, maybe that's why they're doing it.

 

[conjamuk]

I know more people who use Bitcoin than use Overstock.com, maybe that's why they're doing it.

I have bought a macbook air from overstock. Its the first major site like this to accept bitcoin. It has 1.1 Billion revenue. 1600 employees. You can soon buy 1000s of products with bitcoin. http://www.overstock.com/Electronic...efccid=FECDBG3I46SLDYKC77TC2LL2KQ&searchidx=0

 

[EricVonDoobie]

How much did you save on your MBA? And what specs?

 

[conjamuk]

How much did you save on your MBA? And what specs?

13 inch back in 2011 dont think i saved much.

 

[EricVonDoobie]

Lololol

 

[vgeek]

Overstock's SEO team is amazing. Announce this 6+ months in advance, get nearly free publicity, then quietly come up with a reason to not use BitCoin once the deadline comes and passes.

 

[productionhead]

“Bitcoin is good money,” Byrne told me.

 

[blureach]

Overstock's SEO team is amazing. Announce this 6+ months in advance, get nearly free publicity, then quietly come up with a reason to not use BitCoin once the deadline comes and passes.

This.

Is the BTC system set-up for retailers so the second a transaction is completed they can convert the BTC into USD at that exact value +/- a few seconds?

 

[productionhead]

This.

Is the BTC system set-up for retailers so the second a transaction is completed they can convert the BTC into USD at that exact value +/- a few seconds?

You can with Coinbase, provided the liquidity is there.

 

[blureach]

provided the liquidity is there.

You mean on the behalf of the retailer or buyers?

 

[productionhead]

You mean on the behalf of the retailer or buyers?

People willing to buy BTC with USD.

 

[(O_o)]

This is what was said

Patrick M. Byrne, chief executive of the online retailer Overstock.com, said his company was talking about accepting bitcoin, but it decided to pause its plans until legal matters around the currency were clarified.

Doesn't sound too official.

 

[HurrDurr]

This.

Is the BTC system set-up for retailers so the second a transaction is completed they can convert the BTC into USD at that exact value +/- a few seconds?

I would like to know myself. I setup a test page that has some Coinbase buttons. The amount is set for around $1. I will refund all transactions if anyone wants to test it.

WickedFire Coinbase Transaction Test

 

[(O_o)]

Just sent 0.001475 BTC ^

 

[HurrDurr]

Yep got the email. Its in my account.

 

[redgsr]

Overstock.com To Take Bitcoin Next Year - Business Insider

 

[clear]

Let me know when amazon and newegg starts accepting them. Overstock, meh.

 

[lukep]

He's really going to do it. Not only is a an Austrian fan of sound money, but he's had more interviews about bitcoin since the OP's announcement and says that accepting bitcoin will double to triple his profit on sales using bitcoin:

Byrne cited cost as a key driver for the bitcoin move. “You’re getting rid of the interchange fees. We’re paying credit card companies around 2%. For a company whose margin is 1%, picking up 2% on that is quite attractive.”

Slightly massive news; not because O.co is so damn important, but because of who O.co's competition is, that this move will eat the profitshare of.

In other words, if this change unbalances the profit-making potential between O.co and the other largest online-only retaliers like Amazon, then those competitors will find no easier way to restore the balance than to take bitcoin themselves.

...And Amazon's CEO is a libertarian too, so...

Just a matter of time now boys. Completely unavoidable.

 

[iCreate]

Bitcoin jumped abotu $50 the last day.... $588 was the coinbase exchange i saw yesterday... now it's $634...... almost looks like htey are waiting for one more piece of news to jump