Overstock.com Offers Staff Option to be Paid in Bitcoin

Posted in: Archive
January 10, 2015 5:53 AM UTC

Employees at Overstock.com have another option when it comes to receiving their paycheck – bitcoins. The discount online retailer Overstock.com announced on Friday it is planning on offering its employees the option of being paid in Bitcoin. The announced was made in a release about a Bitcoin ATM that was installed at its corporate headquarters in Salt Lake City. It is the one year anniversary of when the company first announced it would be accepting bitcoin as a form of payment.

Also read: Overstock to Pass $3 million in Bitcoin Sales in 2014

Overstock.com Offers Staff Bitcoin

In his announcement, CEO Patrick M. Byrnes emphasized the company’s commitment to bitcoin and moving it into the mainstream. “Moving cryptocurrencies out of the realm of geeks and into the realm of the rest of us requires making changes at all levels of the financial ecosystem. An important part of this effort is making digital money ATM accessible.”

Since Overstock began accepting bitcoin, customers have made $3 million in bitcoin purchases in bitcoin on their site. This number falls short of the original forecast of over $10 million for 2014. Its original forecast was based on sales early in 2014, where Overstock had over $1 million in sales by March.

Although the value of bitcoin has decreased over time, it has seen a significant increase in popularity for retailers after major companies like Microsoft, Dell and Time Inc. announced they too would be accepting bitcoin. Overstock is not the first company to offer its employees the option to be paid in bitcoin.

Images from Shutterstock.

Last modified: July 13, 2020 3:19 AM UTC

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Carter Graydon @BitcoinWriter

A UNC Chapel Hill graduate, blockchain enthusiast and analyst. I have a background in programming and IT, strong studies in econ, stats and game theory. Currently working as a Social Media Director and pursuing my MS in Online Marketing - busy!