Patrick Byrne's Overstock.com Now Accepts Bitcoin Internationally

overstockedBitcoin users around the world are reporting that Bitcoin payments are now accepted everywhere on Overstock.com. In August, Overstock CEO Patrick Byrne promised to release the highly popular functionality on 9/5/14; however, much to the chagrin of many potential customers, his company missed that deadline. Unlike other companies that have only extended their Bitcoin acceptance to Canada and the United States, Overstock.com is now open to anyone with internet access. Unfortunately, though Overstock allows people to pay from anywhere, shipping options are still only limited to a large handful of countries.

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As Overstock CEO Patrick Byrne told Wired,

As long as you can get on the internet, you can order and pay in bitcoin. You can order in North Korea if you want—as long as you’re having things delivered to, say, Singapore.

Now that Byrne's company has a solid financial infrastructure with which to offer services to the entire international market, Overstock will likely start shipping to countries that previously were fiscally inaccessible. He went on to admit that Overstock.com hopes to expand its international presence with Bitcoin:

We’ve never had a strong international business, and this is a good first step towards building one.

Let's Overstock on True Bitcoin Visionaries

Patrick Byrne, who holds a Ph.D. in Philosophy, has personally helped Bitcoin's 2014 rise into the mainstream. Earlier this year, Overstock was the first in a slew of large companies that announced their acceptance of Bitcoin. Overstock led the charge and was soon followed by international giants such as Newegg, TigerDirect, Dell, Expedia and DISH. International customers in over 100 countries around the world probably know Overstock by its international website front: o.co. Overstock specializes in sourcing artistic goods from international markets through their WorldStock program which supports "fair trade." Worldstock returns 60-70% of its proceeds to the artisans that support it; eventually, Overstock may also lead the charge in B2B Bitcoin payments. Byrne is even behind a new attempt to create a stock market based on blockchain technology. "Cryptosecurities" are already in existence, though the lack of regulation has made for some interesting projects and burnouts, Overstock's listed information on cryptosecurities is extensive and highlights Overstock's commitment to Bitcoin and Bitcoin technology when compared with other companies.

Speaking at the Bitcoin in the Beltway conference a few months ago, Byrne unveiled Overstock's grand plan to donate "3% of all Overstock Bitcoin sales" to charitable organizations around the world that also support and promote cryptocurrency acceptance around the world. Byrne has previously publicized Overstock's unique Bitcoin retention program. Unlike other merchants that take all the bitcoins they receive from customers and immediately "dump" them on the open market to receive fiat, Overstock.com has committed to keeping 10% of all Bitcoin revenue in Bitcoin. Since Overstock's decision to accept Bitcoin in January, the value of the retained Bitcoin has taken quite a plunge. However, the loss in profits has not deterred Overstock.com or its investors. Even with a declining Bitcoin price over the last several months, Overstock.com has still managed to complete five figures (USD) worth of Bitcoin transactions daily and is expected to finish the year with over 6 million USD worth of Bitcoin sales. Not bad for a company that grosses 1.3 billion USD annually. Overstock's story is just the beginning of the Bitcoin revolution, stay tuned for more.

 

Images from Shutterstock.

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About the author

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Caleb Chen

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.

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