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In One Day, Brings In $126,000 From Bitcoin Sales

The company announced Thursday that it would accept payments in Bitcoin and received 150 orders paid for with the cryptocurrency within the first hour.

[Image: Flickr user antanacoins]

Just one day after announced that it would accept payments in Bitcoin, CEO Patrick Byrne announced that the company received 800 orders paid for in Bitcoin, totaling $126,000.

Overstock's payments processor Coinbase also noted that the e-commerce site received more than 150 orders in the first hour of its announcement. A self-professed Bitcoin fan, Byrne says he expects 1% of sales this year, or about $13 million, to be paid in the cryptocurrency. Overstock had initially planned to accept the virtual currency around the middle of the year, but accelerated its plans when a number of Bitcoin payment processors approached the company.

"On January 1st, our people said they could do it within 10 days if I gave them enough people," Byrne told Forbes. "So we put a team of 40 people on it. We locked them in a room and slid pizzas under the door, and gave them hotel rooms when they needed them. The technique of swarming to form a team was incredibly efficient."

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