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Source: Internet Retailer Internet Retailer

Overstock goes international with bitcoin

Published: 08 Dec 2014 19:18:19 PST

The mass merchant e-retailer opens up the alternative payment option to its international shoppers.

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International customers shopping on Overstock.com can now pay with bitcoins, the e-retailer announced today. Consumers shopping on Overstock’s international website, O.co, also can pay with bitcoins.

"Bitcoin has been readily adopted in countries outside the United States, yet the opportunities to spend Bitcoin internationally are extremely limited," says Overstock.com Inc. CEO Patrick M. Byrne. "We're pleased to offer this service to the millions of Bitcoin users in other countries and believe they will respond enthusiastically. With this move, Bitcoin has indeed become a borderless currency that permits its holders to buy and take delivery of millions of products."

Overstock, No. 31 in the Internet Retailer Top 500 Guide, was an early adopter of bitcoin and began accepting the currency for domestic transactions in January 2014. As of April, Bitcoin sales represented a sliver of total sales, just 0.4%, or about $1.4 million, the company says. In March 2014, Overstock began holding 10% of the bitcoins it receives instead of converting them into U.S. dollars. Overstock chairman Jonathan Johnson says the e-retailer made the decision because some employees have asked to be paid—at least partially—in bitcoin.

Several large e-retailers—including Newegg Inc., No. 17 in the Internet Retailer Top 500 Guide, and Dell Inc., No 10 in the Top 500 Guide—have started to accept Bitcoin on their e-commerce sites.

September 11, 2014, 11:29 AM
By Abby Callard Associate Editor

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