• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
<>
Sensei Inu Logo

Overstock.com Poised to Donate 3 Percent of Bitcoin Sales Revenue to Support Cryptocurrency Adoption

newsbtc by newsbtc
9 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

Overstock.com, the first major company in the world to adopt bitcoin as a means of payment, is taking themselves a step further in the cryptocurrency space.

First reported by bitcoin website CryptoCoinsNews this past weekend, the Utah-based company’s CEO, Patrick Byrne, announced that the mega retailer has plans to donate approximately three percent of their bitcoin sales revenues to cryptocurrency-related causes. Specifically, with the aim to spur adoption in the sector.

The announcement came during Byrne’s keynote address at the Bitcoin in the Beltway conference that took place in Washington, DC.

“The decision to donate a portion of Bitcoin sales revenue is a new one and we’re still working out the details,” a company spokesperson told NEWSBTC on Monday evening. “Whatever happens, an official announcement won’t be made until September.”

Already, Overstock.com is widely considered to be many steps ahead of other major companies that accept bitcoin (such as TigerDirect, Expedia, and soon-to-be DISH Network) for the reason that the company keeps ten percent of bitcoin sales revenues in just that: as bitcoin. Byrne has previously referred to converting 100 percent of bitcoin revenue into bitcoin as “cheating”, so it’s no surprise they’re taking this particular route.

The company hasn’t hinted how the plan is expected to work exactly, but says the cause goes far beyond bitcoin.

“One thing I can confidently tell you, however, is that any revenue from Bitcoin sales that Overstock.com donates will go to support the adoption of Cryptocurrencies in general, not necessarily Bitcoin in particular,” the spokesperson added.

A pioneer in bitcoin commerce

Overstock.com announced plans to accept bitcoin an an interview with NEWSBTC in December of last year. In that interview, Patrick Byrne told me the plan was to enable these digital currency payments in second half of this year.

The announcement caught significant press attention, forcing the company to work quicker to implement the payment solution before a competitor beat them to the punch.

Support for bitcoin payments were finally enabled in early January in partnership with Coinbase of San Francisco, and by early March, the company had announced over $1 million sales paid for in digital currency.

Stay tuned for more updates on this story.

Tags: bitcoinbitcoinpaymentsNewsoverstockpatrickbyrne
Tweet123Share196ShareSend
newsbtc

newsbtc

Related Posts

Cardano

Cardano Bullish Momentum: ADA Targets Range High Post Support Flip

50 mins ago
Bitfinex’s Resilience Blueprint for Thriving in Crypto Market Volatility

Bitfinex’s Resilience Blueprint for Thriving in Crypto Market Volatility

1 hour ago
Crypto market explode DXY

Crypto Is On The Brink Of Explosion As 9-Year DXY Formation Returns

2 hours ago
Dogecoin

Is Dogecoin On Life Support? Analyzing Its Recent Price Downturn

4 hours ago
Bitcoin price fractal

Historical Bitcoin Fractal Pattern Hints At Crash Below $20,000

6 hours ago
XRP price

Ripple CEO’s Tattoo Predicts XRP Price Surge? Here’s When It Will Hit The Moon

13 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • ICOs Make Millionaires, Solana And Ethereum Have Proved...

    2 hours ago
  • Ripple (XRP) Enters a Downtrend as Maker (MKR) and VC...

    3 hours ago
  • The 100x Potential of Scorpion Casino Token, XRP, and...

    4 hours ago
  • Analysts Evaluate Prop Firms in Forex, Topstep Ranks First

    6 hours ago
  • Traders Union Analysts Provide In-Depth ActiveTrades Review

    24 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.