Live Today: Overstock.com Initiates Bitcoin Payments Using Coinbase

Get used to seeing “Just paid Overstock.com in bitcoin using @Coinbase! http://www.overstock.com/bitcoin“ Overstock.com made some headlines at the end of 2013

Get used to seeing “Just paid Overstock.com in bitcoin using @Coinbase! http://www.overstock.com/bitcoin

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Overstock.com made some headlines at the end of 2013 when their CEO announced that they would be initiating bitcoin as a payment option.  The service has just been launched today with users provided a custom message to tweet about their purchase using bitcoins.  Partnering with Coinbase, Overstock.com users will now see bitcoin as a payment option for their purchases.  Not surprisingly, Overstock.com also features Coinbase on its bitcoin information page when explaining how to buy bitcoins.

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Having just been launched, bitcoin purchases are picking up stream with partial results of buyers showing up on Twitter’s stream.  You can check out Twitter search for live updates of users tweeting their purchase.  (Curious how many of these buyers are purchasing on Overstock.com for the first time)

With a market cap of $700 million and revenues of $1.25 billion, Overstock.com is among the largest firms in the world accepting bitcoin payments directly.  In addition, unlike Zynga which recently began to accept bitcoins for some of its social games, availability of items for purchase with bitcoins at Overstock.com is on a much wider scale.  Looking ahead, it will be interesting to see who the next big retailer in the US decides to offer bitcoin payments.  With firms such as BitPay and Coinbase providing integrated merchant payment processing solutions, accepting bitcoins is easier than ever.

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