Overstock.com’s First Day Accepting Bitcoin Brings in Bucks

I do need a new area rug ...Wait, can we refer to bitcoins as “bucks”?
Are those only used in reference to American dollars?

Anyway, popular consumer retail site Overstock.com just started
accepting bitcoins to purchase all sorts of home and electronic
goods. How did they do in their first day? Wired
took a look

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
projector 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.

Read the full story here.

Wired reports that one customer even used bitcoins to
purchase a $2,700 13-piece set of patio furniture. I wonder who
will be the first to furnish an entire home with goods purchased
with bitcoins, assuming that hasn’t already happened.

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from Hit & Run http://reason.com/blog/2014/01/10/overstocks-first-day-accepting-bitcoin-b

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