Overstock.com Employees May now Get their Salaries in Bitcoin

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Overstock.com Employees May now Get their Salaries in Bitcoin

Overstock.com has always been on the forefront of Bitcoin; first it became the initial large size retailer to embrace Bitcoin and now it is allowing its employees to take their paychecks in Bitcoin. The company says that employees have another option when it comes to receiving their paycheck – Bitcoin. The announcement came earlier on the Friday as the company wants to be pro-Bitcoin.

Earlier last year, ForexMinute had reported that conforming to the promise by Overstock CEO Patrick Byrne that his company wanted to accept Bitcoin it decided finally to do so. At that point of time it was the first major online retailer to embrace Bitcoin that announced that it was accepting payments in the digital currency.

Now that Overstock.com is willing to pay its employees in Bitcoin at the occasion of launching the Bitcoin ATM that was installed at its corporate headquarters in Salt Lake City, the company’s role in the Bitcoin system has gone one notch up. Nonetheless, the decision to offer Bitcoin a payment option for employees is to celebrate one year of the decision to accept Bitcoin.

Talking to media professionals CEO Patrick M. Byrnes emphasized the company’s commitment to Bitcoin and moving it into the mainstream. He admitted that moving cryptocurrencies out of the realm of geeks and into the realm of the rest of us requires making changes at all levels of the financial ecosystem.

Overstocks Installs Bitcoin ATM at its Headquarters

Launching the first Bitcoin from the company he said that it is an important part of this effort is making digital money ATM accessible. The company says that since it began accepting Bitcoin, customers have made $3 million in Bitcoin purchases in Bitcoin. Though this number falls short of the original forecast of over $10 million for 2014, it is still a promising number.

The company had forecast that as Bitcoin was becoming popular a lot of Bitcoin users will prefer it to buy products, did not receive the expected pace. At the same time over the months, the value of Bitcoin has fallen to great levels. Whereas Bitcoin was valued above $1000 in the last months of 2013, it has fallen to below $300 now.

Interestingly, although the value of Bitcoin has decreased over time, it has seen a significant increase in popularity. For instance, some major companies like Microsoft, Dell and Time Inc. announced they too would be accepting Bitcoin. Thus, Overstock took the lead and other majors started following it.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com