Overstock.com uses Coinbase and Coinbase handles the entire checkout process. It's really no different than checkout with PayPal. Except that it's never in bitcoin at all. Overstock never shows a bitcoin amount due, it's handled entirely at Coinbase's end. And no bitcoins are ever given to Overstock.com, they just get USD from Coinbase directly and the customer is charged the amount in bitcoins that convert to the amount of USD that their order is.<p>It's a win win for Overstock.com, really, since they don't need to worry about the volatility and instability of bitcoin and only deal in USD but get to look forward-thinking by accepting bitcoin. Yes, they are accepting more risk because Coinbase.com could disappear overnight (FAR more likely than PayPal or Visa disappearing overnight), but they get some advantage for their risk.
Is there a tax guide that would explain the consequences of me using some of the bitcoin I bought in 2013 to buy an item on overstock this month?<p>As I understand it I would have to record the value I paid for the bitcoin in 2013, calculate the value it appreciated between when I bought it and the amount I am using to buy the item. And then report this as capital gains on my 2014 tax return?<p>This sucks, this makes using bitcoin a lot more work than just paying with a credit card. Plus, it might mean having to hire an accountant instead of just using turbo tax?
I just bought a watch using their bitcoin checkout. Since I was already logged in to Coinbase it a single screen to approve the payment. Then back to a page saying my order was complete. Couldn't be easier.<p>This is a win for bitcoin but its a huge win for Coinbase. Their payment flow works well and I am sure Overstock accepting it will make it an easier sell for other merchants.
The importance of this news cannot be overstated. Overstock.com is the first "main stream" company (my mom shops there) that accepts bitcoin that I can think of.<p>Wow. Good job, overstock.com team for getting this done so quickly!
Just ordered a mini-helicopter on Overstock using Bitcoins. The checkout process was flawless. I used the Bitcoin client on my phone to send the amount by snapping a shot of the QR code on the website. Went right through, hit confirm, and the deal was done!<p>Couldn't have been an easier process and can't wait to get my helicopter.
As a European, I have never heard of Overstock. Though they actually do ship here and prices can be displayed in Euro's.<p>How big is this site? What is their angle? Are they just like a smaller amazon.com? Overstock sounds a little like lower priced articles from left over stocks or something...
We recently began accepting it on our typing education websites <a href="http://www.Typing.com" rel="nofollow">http://www.Typing.com</a> and <a href="http://www.NitroType.com" rel="nofollow">http://www.NitroType.com</a>, though to an unfortunately meager response. Hopefully between Zynga and Overstock Bitcoin begins to be accepted as a true medium of exchange.<p>The initial reaction was simply confusion and a lot of "what the heck is bitcoin??? is it paypal??", so the rollout really was more of a educational session than anything else.
How much volume are they actually going to get though? I'm excited to see more outlets accepting bitcoin, but to this point it still feels more like a marketing gimmick.
I'm impressed they followed through with this so quickly. Great to see the adoption starting to flow in places that non crypto nerds and tech enthusiasts visit.
So I wonder if anyone from the US could let me know, i'm from the UK and just tried to make a purchase it bitcoin, but I only get the option for CC, debit cards and paypal, no bitcoin.<p>So is this US only?
So does anyone sell FX forwards (etc.) on Bitcoin yet? It seems everything now prices their items in, say, USD, and then calculates the Bitcoin price at purchase time. This makes the economy very unstable as the prices are never consistent. If Bitcoin prices were stable, then people would start accepting salary in Bitcoins, leading to even more stability, and so on. Or is Bitcoin too young for that?
It's refreshing that now I can spend my bitcoin on things I want! They got it working much faster than expected. Does anybody have any idea how returns would work? Do they just send the original amount of bitcoin to the payer's wallet? Or are returns even possible at this point in time?
This is pretty huge. I'd be interested to know what overstock's strategy is for converting bitcoins back to fiat. I also wonder if there will be any tax implications here for purchases made in countries such as Norway that don't consider bitcoin real currency.
Wish people would stop using the term "bitcoins" as if they're singular metal entities, it seems to be where the perception that they are "too expensive" comes from.<p>Bitcoin. Divisible to 8 decimal places.
Great for publicity value. Not that useful for their business in any other respect (at the moment). This is a great time for ecommerce sites to start accepting Bitcoin to leverage it for publicity.