Alternative Finances

Overstock.com Bitcoin Transaction Pass the $1M Mark

05 March 2014

Overstock.com customers have officially made more than $1 million in purchases with bitcoins. The online retailer partnered with Coin Base in early January 2014 to accept the digital currency, meaning the million-dollar milestone was surpassed in slightly less than two months.

In the first 50 days of acceptance, 4,000 Overstock shoppers used bitcoins to make purchases. The bitcoin users stood out from Overstock’s customer base in a few notable ways. They were mostly new, 58 percent had never used Overstock before going to the site to spend some cryptocurrency. They also spent more money, bitcoin-based shoppers spent an average of $226 per visit, where as those using the traditional U.S. dollar spent only $126 on average.

While the early numbers are impressive, it remains to be seen if bitcoin shopping enthusiasm will hold up. Pymnts’ own David Evans has his doubts.

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