The heart of tech

This article was published on March 4, 2014


In under two months, Overstock.com passes $1 million in sales generated from Bitcoin orders

In under two months, Overstock.com passes $1 million in sales generated from Bitcoin orders
Emil Protalinski
Story by

Emil Protalinski

Emil was a reporter for The Next Web between 2012 and 2014. Over the years, he has covered the tech industry for multiple publications, incl Emil was a reporter for The Next Web between 2012 and 2014. Over the years, he has covered the tech industry for multiple publications, including Ars Technica, Neowin, TechSpot, ZDNet, and CNET. Stay in touch via Facebook, Twitter, and Google+.

Overstock.com has surpassed $1 million in sales generated from Bitcoin transactions. The retailer partnered with Coinbase on January 9 to let consumers purchase items with the digital currency, meaning the milestone was achieved in less than two months.

overstock_coinbase_charts

As you can see in the charts above shared by Coinbase, more than 4,000 customers made purchases with Bitcoin on Overstock.com in some 50 days. The average order size for a Bitcoin customer ($226) was 34 percent greater compared to customers paying in USD ($168), and over half of all customers paying in Bitcoin were new to Overstock.com (58 percent), having never purchased goods from the site before. Those are impressive results, but the real test will be to see how those numbers hold up.

See also – WordPress.com criticizes PayPal, credit card firms for restrictions, now lets you pay with Bitcoin and Shopify adds support for Bitcoin, letting more than 75,000 of its merchants accept the virtual currency

Top Image Credit: zcopley/Flickr