Overstock.com reports $130,000 in Bitcoin sales in 24 hours – News-Herald

Screenshot of Overstock.com

Online discount retailer Overstock.com now accepts Bitcoin and people are paying with Bitcoin. An Overstock.com customer made over 800 purchases using Bitcoin last Thursday, the first day the e-commerce retailer launched the cryptocurrency. The retailer announced on Monday that Bitcoin purchases made within the first 24 hours totaled $130,000. Overstock.com last week

Added Bitcoin

is a cyber currency created, distributed, and certified outside banks and governments and used as a payment option at customer checkout alongside PayPal, Visa, and MasterCard. Patrick Byrne, Chairman and CEO of Overstock.com, said: “Digital currencies will be an important part of the future and Overstock is excited to be the first major online shopping retailer to accept digital currencies. ”. “As someone who believes in limited government, this appeals to me because this is a form of money where no government mandarin can sustain it.” Bitcoin is free from government-imposed regulations. It is supported by some liberal groups that support the currency. Instead, the Bitcoin network is made up of thousands of computers run by individuals around the world, does not answer to a central authority, and has a limited supply of up to 21 million units. Overstock.com partners with his San Francisco-based Coinbase.com to process payments and handle Bitcoin to USD conversions. Overstock.com was the first major e-tailer to accept Bitcoin, and other companies have indicated they will start accepting Bitcoin as well. If enough retailers move to cybercurrencies, online payment companies could follow suit, or the Bitcoin-only processing platform risks losing out to companies like Coinbase. But for now, online payments giant PayPal says it doesn’t have as many customers paying with Bitcoin as it would need to make the transition. Screen capture from Overstock.com