Overstock Exceeds $1million in Bitcoin Sales and Projects up to $20 million by the end of the year.

Overstock has topped over $1million in Bitcoin sales in two months. Coinbase.com sat down with Patrick Byrne, CEO of Overstock.

The initial projections for sales processed with bitcoin on Overstock.com this year was set at $3-5m, but this figure has since increased dramatically, according to Byrne.

The CEO now predicts that Overstock will see a total of $10-15m in bitcoin sales this year, and suggested that this number could reach as high as $20m if bitcoin sales maintain their current growth rate.

New data

Overstock partnered with Coinbase to process bitcoin payments, and together the two companies have compiled and released data that shows the spending habits of bitcoin users on Overstock, notably comparing them to credit card users.

The findings show that customers who use bitcoin as a payment method spend on average $58 (34%) more on their orders than customers using credit cards.

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In another Bitcoin related story, CNBC did a piece on Bitcoin Insurance.

From the article:

Elliptic touts its bitcoin “vault” that reportedly is insured by Lloyd’s of London. Should a hacker strike or other security breach cause a loss of bitcoins, they will be insured at that day’s bitcoin price, which will be determined through a proprietary index.

“We offer simplicity, security and transparency,” Falcon co-founder Brett P. Stapper said in an interview. “We feel if we can take care of these three things it will be beneficial for our company as well as investors getting into bitcoin.”

The size and the scope of the Falcon fund are a little sketchy at this point—as one might assume from a start-up delving into the relatively unexplored frontier of cryptocurrencies. Twin investors Cameron and Kyle Winklevoss, who had a well-publicized hand in developing Facebook, are proposing a bitcoin exchange-traded fund that remains under regulatory review.

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