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Overstock.com Exceeds US$1 Million in Sales via Bitcoin

By: PanAm Post Staff - Mar 5, 2014, 1:56 pm

Bitcoin enthusiasts achieved a major coup on January 9, when online retailer Overstock.com allowed consumers to purchase items with the cryptocurrency. Now, less than one month later and working in conjunction with the Coinbase intermediary, Overstock.com just surpassed $US1 million in sales from bitcoin purchases.

Perhaps even more notable, bitcoin customers have spent on average 30 percent more per sale than US dollar customers. Coinbase also boasts that 58 percent of the bitcoin customers had previously not shopped.

Source: Coinbase

This positive outcome comes in the wake of turmoil for the cryptocurrency. Mt. Gox, one of its major trading platforms, ceased releasing customers’ bitcoin balances in February and has lost hundreds of millions of dollars worth of deposits.

Source: The Coinbase Blog.