Overstock.com takes $1m Bitcoin payments in 2 months

Having Bitcoins worth x amount is one thing and all very well. But people with Bitcoins want to spend them and Overstock took the plunge and started to take the digital cryptocurrency at the start off the year. It’s remarkable to note then that in that time they’ve taken payments worth more than a million dollars.

Overstock teamed up with Coinbase to process the payments and convert it in to US dollars. Since then, Overstock is reported to have had circa 6300 orders totalling in excess of $1m and 60% of those customers are apparently new to the site. So it’s attracting new business.

Last month, eBay UK allowed the sale of Bitcoin and other digital currencies in a special classified category in a sign that eBay Inc. isn’t allergic to the development. PayPal boss David Marcus has also made positive noises about Bitcoin and others.

I think it’s a fair bet that before the year is out, we’ll see some sort of experiment at eBay/PayPal experimenting with accepting Bitcoin and maybe others as a mode of payment.