Overstock.com, 5 march 2017, overstock noticed one thing after acceptance of bitcoin, that is, people want to use bitcoin for their transaction. Chairman of overstock states, “We did not expect to hit this milestone so quickly, “and “Bitcoin customers are good customers, and we’re pleased to provide them this service.”
Overstock is American’s largest internet headquarter. On January 9, 2014, bitcoin became the major retailer, who accept the bitcoin as a payment of its goods. First day sales through bitcoin was USD$ 126,000,
4.33% increase in sales. Whereas, per day sales calculates is $3 million per day.
In early January, overstock starts its working to process the payment and handle the conversion of bitcoin into U.S dollars. As a result, 4300 customers pay $1M for bitcoin payments. 60% of customer were new on overstock.com
Bitcoin transactions have a long way. Retailer’s financial statement indicates $397.6 million revenue during its fourth quarter. Just because of this news, overstock trading rises up to 4%.
This was basically an experiment, but with the result, overstock is happy with its decision.
Strangely enough, with the support of bitcoin ecosystem, overstock see significant gains with no drawbacks.