Overstock’s Gamble on Bitcoin Paid Well, Made $124K in a Day

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Overstock’s Gamble on Bitcoin Paid Well, Made $124K in a Day
Overstock’s Gamble on Bitcoin Paid Well, Made $124K in a Day

Overstock’s Gamble on Bitcoin Paid Well, Made $124K in a Day

It has been more than 24-hours since the renowned online retailer Overstock reportedly announced that it accepts Bitcoins as one of its payment forms. The gamble played by this retail giant on a continuously-criticized virtual currency seemed to have played quite well, as soon as the figures reflected that the company made $124K within just a day after receiving 780 Bitcoin orders.

The journey of figures embarked right after Overstock announced a partnership with the renowned Bitcoin wallet Coinbase. This unification has proved to be great news to both the organizations, making them the largest Bitcoin merchant till date. Another factor that is key in delivering such record figures is the reachability of both the organizations to end-users. The combination has extended the company’s reach further, validating the acceptance of Bitcoins to the banks and governments all over the world.

And how it happened?

Earlier the Overstock’s CEO Patrick Byrne has been seen admitting the company’s plan to cut down the transaction fees on all its items, which include everything from jewelry to couches. The 51-year old broadminded discussed how using Bitcoins as an alternative mode of payment can help everyone fight the big machines of giant banks and governments. Even before, the company made an announcement that it will start accepting the 2008-incepted digital currency in the middle of the year 2014. However, the company started the process in January itself – raising eyebrows of many of the Bitcoins’ critics.

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Why Bitcoins are considered as a Fuss?

Formed in 2008 and launched in 2009, Bitcoins have come a long way from being a newbie to, now a, giant. The virtual currency has been a troublemaker for most of the government authorities (including U.S., China, etc.) for its sheer capability of being untraceable and unregulated by the same authorities. Having been speculated that the currency can prove to be a danger for currency-king USD, many governments have banned Bitcoins transaction – making many Bitcoin companies either shut down or move their base to more liberal grounds. The real king however is the user who never seems to have doubted the potential of this currency, giving a sense of confidence to renowned companies like Overstock to come into the picture and provide the rightest edge to Bitcoins.

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