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Overstock.com accepting Bitcoin starting today

Discussion in 'CryptoCurrency' started by Patel, Jan 9, 2014.

  1. Patel

    Patel Senior Member

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  2. FUBSZ

    FUBSZ Jr. VIP Jr. VIP Premium Member

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    wow that is a pretty big step ! I have been thinking of getting into the bitcoin train, but I am a bit skeptical about it.
     
  3. Patel

    Patel Senior Member

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    They are using Bitpay (Bitcoin merchant processing company) so they aren't taking any risk by accepting Bitcoin.

    Customer pays in Bitcoin, Bitpay accepts the btc, Bitpay puts dollars into Overstock's bank account next day. So for them its just another payment gateway rather than actually holding the bitcoin currency. And they pay 0% fees on transactions vs credit cards.

    It's pure win win for them. Bitcoin comminity traffic + no credit card fees.


    edit: I was wrong, they are using coinbase as the merchant processor instead of bitpay.

    http://blog.coinbase.com/post/72787431702/coinbase-and-overstock-com-announce-largest-bitcoin
     
    Last edited: Jan 9, 2014
  4. hotdew

    hotdew Jr. VIP Jr. VIP Premium Member

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    I expect a number of merchants to follow suit. This is smart.
     
  5. MafiaBoss

    MafiaBoss Elite Member

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    nice step taken by overstock.
     
  6. Patel

    Patel Senior Member

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  7. Ramirez

    Ramirez Newbie

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    Smart move by overstock and great news for Bitcoin. I have a feeling Bitcoin is going to really take off this year.
     
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