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In One Day, Overstock.com 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.

In One Day, Overstock.com Brings In $126,000 From Bitcoin Sales
[Image: Flickr user antanacoins]

Just one day after Overstock.com 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.

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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.”

About the author

Based in San Francisco, Alice Truong is Fast Company's West Coast correspondent. She previously reported in Chicago, Washington D.C., New York and most recently Hong Kong, where she (left her heart and) worked as a reporter for the Wall Street Journal.

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