Overstock will be one of the few major e-commerce companies to test Bitcoin acceptance in international waters. Companies first want to test out this new approach locally and then gradually expand. Said Byrne:
“I know that’s it’s become part of the Bitcoin lore in the United States to shop on Overstock. My hope is that would happen at a global level.”
In going international, Overstock will be making the most of Bitcoin’s ability to transcend borders and save on foreign conversion charges. Gil Luria of Wedbush Securities estimates that savings as high as 8% can be realized for consumers and retailers.
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Byrne plans on passing on these savings, donating 4% of bitcoin sales to foundations supporting the adoption of digital currency. He said:
“Bitcoin saves us so much money that we want to help the community.”
Clarity on the numbers?
In the course of the New York Times correspondence with Byrne, it was also mentioned that daily Bitcoin-based sales are $12,000 to $15,000. Based on the lower end of this range, this translates to $360,000 per month, which gets you closer to the $300,000 figure mentioned previously. Last week, Reuters reported a number of figures related to Bitcoin-based performance. Among them was the $300,000 monthly bitcoin sales figure, which appeared irreconcilable with $15k per day.
Another difficulty was how $6-8 million in Bitcoin-based sales can be achieved for the whole year, which would require an increase of 200-300% during the second half. This time around, Byrne did mention international Bitcoin sales can pull in another $2 million, but the indication was that this will be separate from the $6-8 million in the US.