Overstock.com, Inc. announced it has sold over $1 million in product to Bitcoin users since the online shopping site started accepting the cryptocurrency on Jan 9, 2014. Of the over 4,300 Bitcoin customers that made purchases since then, Overstock.com estimates almost 60 percent to be new customers.
"We did not expect to hit this milestone so quickly," said Overstock.com Chairman and CEO Patrick M. Byrne. "Bitcoin customers are good customers, and we're pleased to provide them this service."
Overstock.com claims it was the first major online shopping site to accept Bitcoin. Byrne said that besides the obvious business advantages Bitcoin brings, he admires Bitcoin because it does not answer to a central authority and is similar to gold in that its supply is constrained.
Overstock.com is partnering with San Francisco-based Coinbase.com to process the payments and handle the conversion of Bitcoin into U.S. dollars.