Overstock became the largest retailer to use Bitcoin as a mode of payment, and its first full day after allowing Bitcoin netted the organization $126,000 in sales.
Overstock announced earlier last month that it would start allowing Bitcoin as a mode of payment. It has officially launched the payment gateway officially yesterday, with Coinbase as the payment processor. In the first full day of sales with Bitcoin, Overstock CEO Patrick Byrne announced that it made $126,000 from over 800 Bitcoin transactions, which is just under 4 percent of its daily sales. In the first 30 minutes alone, Bitcoin orders value exceeded $5,000, with the number crossing $10,000 in under two hours.
— Patrick M. Byrne (@OverstockCEO) January 10, 2014
Coinbase currently processes transactions of over 19,000 outlets, but Overstock is the biggest retailer that is using Bitcoin as a mode of payment. The value of Bitcoin itself has fluctuated wildly over the last month. At one stage, the value of a Bitcoin was down to $640 after it was announced that China would be barring its central banking institutions from processing Bitcoin transactions. However, prices of Bitcoin surged barely three weeks later as it was announced that Zynga would be allowing Bitcoin transactions.