OverStock Reported $1.6 Millions in Bitcoin Sales - WOW

JessyMatt

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Quote from: lyth0s on May 29, 2014, 03:59:15 PM

Quote from: Divinespark on May 28, 2014, 03:17:58 AM

Pace has slowed down though at Overstock
What's interesting is that they are retaining 10% of btc and only turning 90% to fiat

DO you have a source for that? Because if they are keeping 10% of the bitcoin as actual bitcoin, and not converting it all to fiat I'd be one happy camper.

If you read the article you will see that Overstock did $1m the first two first two months and $600k to date. I think that first two months are January and February.

Shallow

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That's a fairly impressive figure although not that much in the great scheme of things considering bitpay processes around 1 mil daily.

zimmah

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Quote from: bryant.coleman on May 29, 2014, 01:31:28 AM

This news means that for the March-May period, the daily combined Bitcoin transaction volumes in Overstock were around $8,000. This comprises less than 1% of the Overstock sales.

First of all, overstock is not all that well known outside of America (at least I personally never heard of it before bitcoin). Even though they do deliver here as well, apperantly.

Second, the percentage of people in the world that use bitcoin is far less than 1% and the total amount of value in bitcoins is not even remotely close to 1% of the total value of all currency in the world. And I'm not even talking about the combined value of gold, silver, platinum, stocks, bonds, oil, etc.

Bitcoin may look big with it's several billion 'market cap' or whatever you call it in bitcoins case, but in reality we are not even a tiny drop in the bucket yet. Which is not at all bad because that only means we have plenty of room left for (exponential) growth.

Considering bitcoin is so small it's a pretty big deal even if overstock would not really miss a couple of thousand dollar a day.

jeffersonairplane

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Quote from: dadugan on May 28, 2014, 04:32:51 AM

Number is quite low for the size of the company.

I would have to disagree. For only two months, they've made that amount, not being as big as someone like Amazon.

lyth0s

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Quote from: Divinespark on May 28, 2014, 03:17:58 AM

Pace has slowed down though at Overstock
What's interesting is that they are retaining 10% of btc and only turning 90% to fiat

DO you have a source for that? Because if they are keeping 10% of the bitcoin as actual bitcoin, and not converting it all to fiat I'd be one happy camper.

metstijl

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wow

BitZCoin

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Quote from: beetcoin on May 29, 2014, 01:39:46 PM

it's a nice start, but they do over $1 billion in sales a year, so even $10 million is only a drop in the ocean. i'm just hoping bitcoin's integration isn't too burdensome for them, so that they continue to do it.

"Thumbs up"

beetcoin

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it's a nice start, but they do over $1 billion in sales a year, so even $10 million is only a drop in the ocean. i'm just hoping bitcoin's integration isn't too burdensome for them, so that they continue to do it.

JessyMatt

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Quote from: Joca97 on May 29, 2014, 06:02:36 AM

i just seen the video there

no words just wow

Yeah, that video is impressive

Joca97

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i just seen the video there

no words just wow

Lethn

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What we need is fucking international payments, they haven't set anything up for the UK yet or any other European countries that said their support staff did say they were planning on it to me.

ranlo

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Quote from: bryant.coleman on May 29, 2014, 01:31:28 AM

This news means that for the March-May period, the daily combined Bitcoin transaction volumes in Overstock were around $8,000. This comprises less than 1% of the Overstock sales.

Overstock isn't a big merchant for most of us Bitcoiners though, so that's to be expected. It's almost like if Bed Bath & Beyond started to accept it. While they'd get orders, most of us aren't interested.

bryant.coleman

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This news means that for the March-May period, the daily combined Bitcoin transaction volumes in Overstock were around $8,000. This comprises less than 1% of the Overstock sales.

JessyMatt

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Any representative from Overstock here?

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Quote from: Ron~Popeil on May 28, 2014, 12:14:25 PM

Yes, if they pass some of the processing fee savings on to the consumer sales will go up even more. People would start buying BTC just to use for shopping.

Yes this would be a huge plus.
Anyway this company is doing a great job with bitcoin, and it will be first on my list when regards about spending my bitcoins, they have alot of cool stuff, hehe Cheesy

ranlo

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Quote from: farlack on May 28, 2014, 02:14:49 PM

Quote from: ranlo on May 28, 2014, 03:04:19 AM

Quote from: validium on May 28, 2014, 03:00:27 AM

Quote from: ranlo on May 28, 2014, 02:46:46 AM

Quote from: validium on May 28, 2014, 02:41:15 AM

I really like what overstock is doing for bitcoins, and this definitely more good news.I hope they continue supporting btc purchases for a long time.

I agree that this is pretty nice. What we need now is discounts. Give people a reason to buy Bitcoin to use there, rather than just the novelty of it. This would increase sales more and get more people using them.

Discounts could dramatically increase sells so i hope your reading this, overstock. Or buy one get one free(if you buy with bitcoins) or buy one and get the second one at half price.

They'd have issues if they were too steep. We estimate that companies save what, like 4% on transactions (maybe 3%, for high-volume)? Give us 2% of that. Now the company saves money and we do as well. For bigger purchases, this is MASSIVE. For smaller ones, it adds up over time.

He said they were going to keep all of the coins, so probably will hold them til they're worth a few times more than when the product was sold.

They have to keep their cushion though. I can't fathom them giving discounts based on what Bitcoin COULD be worth, otherwise they might as well start just buying BTC for $10k a piece. They have to base any discounts on its value right now and their savings at this moment.

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Quote from: ranlo on May 28, 2014, 03:04:19 AM

Quote from: validium on May 28, 2014, 03:00:27 AM

Quote from: ranlo on May 28, 2014, 02:46:46 AM

Quote from: validium on May 28, 2014, 02:41:15 AM

I really like what overstock is doing for bitcoins, and this definitely more good news.I hope they continue supporting btc purchases for a long time.

I agree that this is pretty nice. What we need now is discounts. Give people a reason to buy Bitcoin to use there, rather than just the novelty of it. This would increase sales more and get more people using them.

Discounts could dramatically increase sells so i hope your reading this, overstock. Or buy one get one free(if you buy with bitcoins) or buy one and get the second one at half price.

They'd have issues if they were too steep. We estimate that companies save what, like 4% on transactions (maybe 3%, for high-volume)? Give us 2% of that. Now the company saves money and we do as well. For bigger purchases, this is MASSIVE. For smaller ones, it adds up over time.

He said they were going to keep all of the coins, so probably will hold them til they're worth a few times more than when the product was sold.

ranlo

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Quote from: skivrmt on May 28, 2014, 12:25:44 PM

Quote from: DolanDuck on May 28, 2014, 06:20:36 AM

I don't think $1.6 millions in bitcoin sales is "quite low", Overstock just started to accept btc and therefore the gain can only grow in the future.

Overall it is quite low, but its a great start. Overstock did $1.3B in sales in 2013. That's $108MM / month on average. $1.6MM over a few months is a rounding error for them. But if they have success with it other companies may follow suit.

To add on, keep in mind most people using Bitcoin are computery people. We're technology buffs (as a whole). Overstock is far from being a company most of us shop at. If Newegg accepted Bitcoin and it only got $1m in a few months, I'd be extremely surprised, since that's a company we can all relate to.

skivrmt

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Quote from: DolanDuck on May 28, 2014, 06:20:36 AM

I don't think $1.6 millions in bitcoin sales is "quite low", Overstock just started to accept btc and therefore the gain can only grow in the future.

Overall it is quite low, but its a great start. Overstock did $1.3B in sales in 2013. That's $108MM / month on average. $1.6MM over a few months is a rounding error for them. But if they have success with it other companies may follow suit.

Ron~Popeil

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Yes, if they pass some of the processing fee savings on to the consumer sales will go up even more. People would start buying BTC just to use for shopping.

Topic: OverStock Reported $1.6 Millions in Bitcoin Sales - WOW (Read 1763 times)