Overstock.com accepting Bitcoin starting today

Bitcoin just went live on Overstock.com

Looks like this is gonna give a nice boost to Bitcoin awareness now.

https://twitter.com/Overstock/status/421358995858022400

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.

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

Patel said:

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.

Click to expand...

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

nice step taken by overstock.

they are using coinbase as merchant processing, not bitpay

http://blog.coinbase.com/post/72787431702/coinbase-and-overstock-com-announce-largest-bitcoin

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