Wednesday, February 12, 2014

Overstock to Launch New Rewards Scheme for Bitcoin Buyers

Online outlet store is to launch a special rewards program that will give bitcoin buyers a 1% cashback in the form of Club O dollars, the company’s in-house rewards points.

Speaking to CoinDesk, Overstock CEO Patrick Byrne said the scheme is expected to debut in approximately four weeks, although he did not commit to a definitive timeline.

The program will not provide an instant discount on orders, but will instead give 1% of the total purchase value back to buyers to be applied to future purchases. Byrne did not provide further details of how the program would work, or whether it will be able to be used in conjunction with other company rewards schemes.

The announcement comes as Overstock nears a total of $1m in sales paid for in bitcoin. Overstock began accepting bitcoin on 9th January – garnering $130,000 in total first-day spending.

Byrne declined to provide hard figures for Overstock’s current sales total, citing legal reasons, but did estimate that it will likely pass the $1m mark by this weekend at its current bitcoin sales rate.

- Source, Coindesk, read more here: