Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeYesterday at 6:02 am by Ditartyn

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeSat Mar 23, 2024 9:25 am by swizzlestick

» ZIGPLACE
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

» Did Okie Die?
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Mar 04, 2024 11:34 am by Arendac

» Hello all, I’m new
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» The second American Revolution has begun, God Bless Texas
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Tucker talking Canada
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
In First Day With Bitcoin, Overstock Does $126,000 in Sales I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

In First Day With Bitcoin, Overstock Does $126,000 in Sales

2 posters

Go down

In First Day With Bitcoin, Overstock Does $126,000 in Sales Empty In First Day With Bitcoin, Overstock Does $126,000 in Sales

Post by Ponee Sun Jan 26, 2014 7:34 am


 
 
 
In First Day With Bitcoin, Overstock Does $126,000 in Sales

In First Day With Bitcoin, Overstock Does $126,000 in Sales Bitcoin-660x493
Less than 30 minutes after online retailer Overstock.com started accepting payments in bitcoin, Jason Steele used the digital currency to buy a new case for his smartphone.

Steele — a 32-year-old computer programmer from Atlanta who has been using bitcoin since March of last year — wanted to see if Overstock’s new system actually worked, but he was also interested in, well, fighting the good fight. Overstock is the first major online retailer to accept the digital currency, and Steele was doing his part to help push this new-age technology even further into the mainstream, so that it becomes a viable alternative to fiat currencies like the dollar and the euro and the yen.
“It’s a concept that could take off, and should take off, for a lot of reasons,” he says. “I want wider adoption. I want more businesses to use it.”

Steele is not alone. In its first 22 hours accepting the digital currency, Overstock tells us, it accepted 800 orders in bitcoin, and they were worth a total of about $126,000. The company nabbed $5,000 in bitcoin orders in the first 30 minutes alone, and about $10,000 in the first two hours. That’s not an enormous haul, but judging from the company’s yearly revenue, it could be as much as 4 percent of its average daily sales, and it shows there’s a vibrant bitcoin community that’s interested not only in using the digital currency as an investment, but in actually spending it. That will be crucial to the future of this still very young technology.

Certainly, some just wanted to try out the new Overstock system. Others wanted to show the company how pleased they were that it had made the move. But all were uploading real funds, and many are interested in regularly spending their bitcoins, not just hoarding them in the hopes that their value with continue to rise.

Ben Doernberg, a 24-year from New York City, bought a screen protector for his cell phone just after Overstock flipped the bitcoin switch. “I wanted to express my appreciation to them for stepping up,” he says. “[And] I thought I might be the first one to buy from them, which would be cool.” But he aims to spend his bitcoin more often, having invested in the digital currency since May of last year.
“So far I have not regularly bought stuff with bitcoin, although I am beginning to change that behavior,” he says. “The increasing price of bitcoin is definitely an obstacle to purchasing bitcoin, but a temporary one.” As he points out, more merchants will have to follow Overstock’s lead in order for people like him to become regular spenders, but that’s already happening.

The bitcoin system is operated by a network of computers that spans the globe, and no central authority has the power to control it. It’s a currency — and a means of easily exchanging money over the net — that’s controlled by the people. After the value of a bitcoin topped $1,000 on popular online exchanges this fall, the digital currency has attracted a huge amount of interest, not only among individuals but businesses.

Coinbase, the San Francisco startup that processes Overstock’s bitcoin transactions, says it is also serving 19,000 other businesses, and another went live today: eZanga, a Delware outfit that helps people and companies place ads across the internet. eZanga is not only accepting payments from advertisers in bitcoin, it’s using the digital currency to pay the sites where it places ads.

“We have publishers all over the world who can do this,” says eZanga CEO Rich Kahn. “It’s an easier medium they can use to get payments faster.” Part of the strength of bitcoin is that lets anyone move money across borders without paying expensive credit card or wire transfer or currency exchange fees. That’s one of the reasons Jason Steele is high on bitcoin. It will make it easier and cheaper for him to travel overseas.

Overstock declined to tell us how its first day of bitcoin purchases compared to its overall daily take. But the point is a healthy number of people are well and truly behind the digital currency. One customer even bought a $2,700, 13-piece set of patio furniture. That’s not an empty statement. And neither was that phone-case purchase from Jason Steele. Late last night, he went back to Overstock and bought a chair with bitcoin too.



http://www.wired.com/business/2014/01/overstock-bitcoin-sales/

*****************
Ponee
Ponee
Admin
Admin

Posts : 38267
Join date : 2011-08-09

Back to top Go down

In First Day With Bitcoin, Overstock Does $126,000 in Sales Empty Re: In First Day With Bitcoin, Overstock Does $126,000 in Sales

Post by livingintheloop69 Tue Jan 28, 2014 10:05 am

yeah saw first week they had something like a 6% increase in sales. obviously much of this due to the novelty factor but none the less i think btc has promise for overstock and i think amazon and ohters will jump on the bandwagon. i agree currently until we have some credit card like device btc wont be great for getting your morning coffee but for online purchases where it doesn't matter if a transaction takes 6-10 minutes to clear i think it has promise

livingintheloop69
Forum Friend
Forum Friend

Posts : 114
Join date : 2013-12-09

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum