Overstock.com Bitcoin Transaction Pass the $1M Mark

[villager]

Overstock.com customers have officially made more than $1 million in purchases with bitcoins. The online retailer partnered with Coin Base in early January 2014 to accept the digital currency, meaning the million-dollar milestone was surpassed in slightly less than two months.

In the first 50 days of acceptance, 4,000 Overstock shoppers used bitcoins to make purchases. The bitcoin users stood out from Overstock’s customer base in a few notable ways. They were mostly new, 58 percent had never used Overstock before going to the site to spend some cryptocurrency. They also spent more money, bitcoin-based shoppers spent an average of $226 per visit, where as those using the traditional U.S. dollar spent only $126 on average.

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http://www.pymnts.com/briefing-room/consumer-engagement/consumer-behavior/2014/overstock-com-bitcoin-transaction-pass-the-1m-mark/

[leftyohiolib]

1. how long before the us make b.coins illegal?

[villager]

2. whenever it becomes big enough to start truly threatening the banks, I think

n/t

[FSogol]

3. Could it be that people are dumping bitcoin thru one of the few retailers that accept it? n/t

[villager]

4. I suppose we won't know unless there's a precipitous drop in Bitcoin purchases...

...after this recent spike....

[TampaAnimusVortex]

6. Which spike are you referring to?

http://bitcoinwisdom.com/markets/bitstamp/btcusd

I see the market returning back to more or less where it was before the Mnt Gox implosion on the 24th.

[villager]

8. "Spike" may have been the wrong verb. I meant the uptick in steady Bitcoin usage for Overstock

I was suggesting that if the poster's theory about the purchases being a "dump" of Bitcoin were to be true, we'd expect to see a precipitous drop in Bitcoin usage after the "dumping"

[TampaAnimusVortex]

5. Could it be that other retailers will now follow suit?

Once they see the increased profits, its just a matter of time...

I heard Netflix was about to start accepting them.

[PowerToThePeople]

9. What profits?

How are they handing bitcoins on filing their earnings statements? How do they handle it? Are they hoarding or dumping them back on an exchange for dollars? A lot of questions here. But, unless they transfer the bitcoins into USD, I do not see how it could be posted as a profit.

[liberal_at_heart]

7. good for them. I will stick with my dollar bills thank you.