Overstock to Create an Incentive Program to Encourage Employees and Vendors Use Bitcoin

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Overstock to Create an Incentive Program to Encourage Employees and Vendors Use Bitcoin
Overstock to Create an Incentive Program to Encourage Employees and Vendors Use Bitcoin

Overstock to Create an Incentive Program to Encourage Employees and Vendors Use Bitcoin

When Overstock started accepting Bitcoin, it became big news for the digital currency economy as it was a trend setter. Now, the organization is moving further and willing to experiment with its employees and venders wherein it plans to pay them in Bitcoin. The statement regarding this came when its CEO Patrick Byrne was talking on the Free Talk Live.

The Overstock CEO in his Free Talk Live podcast from the Porcupine Freedom Festival in New Hampshire also discussed a wide range of Bitcoin-related topics that may affect its future. For instance, he talked about a plan to create an incentive program to encourage his company’s employees and vendors to use Bitcoin and the likely outcomes.

He said that his company is going to be bringing online system that lets it pay the vendors, and the employees in Bitcoin. According to him, then, the company is going to start giving sort of special deals to the vendors who want to be paid in Bitcoin. He added that maybe the company will pay customers a week early or something like that.

According to the Overstock CEO by paying in Bitcoin, the company will drive the ecosystem. Similarly, he said that if the company can get employees taking it, vendors taking it, and customers’ paying with it, then it becomes a virtuous circle. For the purpose, Overstock has already sets aside roughly 10% of its Bitcoin earnings.

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Overstock Keeps 10% of Its Bitcoin Earnings with It

Thus, the organization keeps 10% Bitcoin earnings but it has to process or convert the rest to dollars to pay its vendors. However, if the vendors start accepting the digital currency the way it is, it would be easier for Overstock and the vendor itself. The overall impact of the entire process would be that Bitcoin would get greater acceptance.

Though the company hasn’t revealed precise numbers on its Bitcoin transactions, Byrne says he has seen more than $2 million in Bitcoin-based purchases since launching the payment option earlier this year. The company aims that as Bitcoin users tend to be younger men, bringing a relatively new customer base to Overstock’s older female dominated demographic will help.

Byrne believes that the recent trend of mainstream financial service providers, like MasterCard and Visa and their thoughts on Bitcoin are encouraging and hinting at some level of Bitcoin adoption. Thus, according to him the way Bitcoin is reaching to new people every passing day, the financial solutions providers too are willing to mend their ways to fit Bitcoin.

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