That was fast: Overstock now accepts Bitcoin

[brooks009]

https://help.overstock.com/app/answers/detail/a_id/5794/c/4

I guess it was easier to implement than they initially thought. Instead of "in the next 6 months" it was more like 6 days.

 

[Neil Desmond]

That's interesting. It seems like customers can use bitcoins to pay but prices are still in USD/FRN units rather than bitcoin units, though. What I'll find interesting is when companies will not only accept bitcoin payments, but actually price their products/services in units of bitcoins.

 

[brooks009]

That's interesting. It seems like customers can use bitcoins to pay but prices are still in USD/FRN units rather than bitcoin units, though. What I'll find interesting is when companies will not only accept bitcoin payments, but actually price their products/services in units of bitcoins.

Not anytime soon. They are actually using Coinbase to convert to USD instantly so they don't have to hold Bitcoin. It will take time for people to think in Bitcoin... it will be mainstream when that happens.

 

[UtahApocalypse]

Waiting for eBay or amazon to drop...

 

[robert68]

From Coinbase website:

Payouts

As a merchant, you never need to hold bitcoin or expose yourself to any exchange rate risk if you don't want to.

Most merchant set prices in their local currency and get paid in their local currency. For this "instant exchange" service we charge 1% plus $0.15 to convert the bitcoin you receive into your local currency (the same price if you manually sell bitcoin).

 

[dannno]

If they are smart they will hold some of the bitcoin back.

 

[muh_roads]

Not anytime soon. They are actually using Coinbase to convert to USD instantly so they don't have to hold Bitcoin. It will take time for people to think in Bitcoin... it will be mainstream when that happens.

I really like the $1000 price point of BTC. 1 mBTC for $1 feels good and was easy to explain to family members.

Once we get over $1000 and it is stable, I think we'll be seeing a lot more of the mBTC denomination.

 

[muh_roads]

If they are smart they will hold some of the bitcoin back.

I'm positive the CEO wants at least 1% to stay as BTC. He's far more libertarian than I thought. His comment about Government controlled money was great.

 

[kpitcher]

Good timing, I needed a few electronic things.

The only downside is it uses your coinbase account and doesn't let you send money like a normal bitpay payment. No big issue but I like being able to pay directly from my own wallet.

The upside - easier for the end user as it recognized I was logged in to coinbase and just popped up a confirmation. No having to send to a specific address or have to type in the BTC amount.

 

[robert68]

Good timing, I needed a few electronic things.

The only downside is it uses your coinbase account and doesn't let you send money like a normal bitpay payment. No big issue but I like being able to pay directly from my own wallet.

The upside - easier for the end user as it recognized I was logged in to coinbase and just popped up a confirmation. No having to send to a specific address or have to type in the BTC amount.

What if for some reason the items you purchase aren't what you were expecting, and you want to get your money back?

 

[PaulConventionWV]

What if for some reason the items you purchase aren't what you were expecting, and you want to get your money back?

Then Overstock.com will return it because they are a legitimate business and want to keep their reputation as such.

 

[specsaregood]

https://help.overstock.com/app/answers/detail/a_id/5794/c/4
I guess it was easier to implement than they initially thought. Instead of "in the next 6 months" it was more like 6 days.

Both coinbase and bitpay have made it remarkably easy to implement for merchants. Certainly no more difficult to implement than any other payment processor and actually easier than some.

 

[KCIndy]

What if for some reason the items you purchase aren't what you were expecting, and you want to get your money back?

Just a guess, but I would imagine if you bought something that cost, say, $50 USD and then returned it, they would refund you $50 worth of BTC - even if the ratio of BTC/USD was different.

As other have stated, it will all be tied to USD equivalents.

 

[specsaregood]

Just a guess, but I would imagine if you bought something that cost, say, $50 USD and then returned it, they would refund you $50 worth of BTC - even if the ratio of BTC/USD was different.

As other have stated, it will all be tied to USD equivalents.

I read that there is a notice in the terms that they only give store credit for btc purchases.

 

[KCIndy]

I read that there is a notice in the terms that they only give store credit for btc purchases.

Wow. If that's true, it's kinda shortsighted of them. I mean, after all, $50 worth of BTC is $50 worth of BTC. The *amount* of Bitcoin doesn't matter, if the transaction is tied directly to the value of the USD.

 

[FSP-Rebel]

 

[muh_roads]

She seemed to be really reading from the central bankster script. So glad to hear the CEO mention how the USD funds terrorism far more. Excellent thing to say on live TV. That narrative needs to be pushed hard.

I am shopping at Overstock.com exclusively now. And their prices are pretty good. To help their statistics (because competitors are going to be watching now), it would be in your best interest to buy everything you need there with Bitcoin.

Immediately replace the Bitcoin you use with the USD you would normally spend at Wal-Mart or one of those other establishment fucks. Be the change that helps End the Fed.