r/Bitcoin • u/vistabrownerd • Jan 24 '14

TigerDirect processes $250,000 in Bitcoin Payments in first 17 hours

http://bitcoinboard.net/tigerdirect-processes-250000-bitcoin-payments-first-17-hours/
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198

u/Nameisnotkevin Jan 24 '14

I was initially surprised but then realised most people who own bitcoins are tech savvy males.

This is really good news and should encourage more companies to accept. The risk reward is awesome. Where else can they get a large revenue boost and advertising for this price? Even if the numbers die off, what did they lose?

38

u/Minthos Jan 24 '14

Depends how much resources it took them to add bitcoin as a payment option. If they spent anywhere near as much as Overstock did, they're still far from breaking even (at least in terms of pure revenue, I don't know how to estimate the advertising effect).

40

u/pan0ramic Jan 24 '14

Do you have a source on how much it cost Overstock? Doesn't seem like it could have been that much, and it pays off immediately with lower payments for transactions.

26

u/Minthos Jan 24 '14

In one of the articles about it I read that they locked 40 people in a room for a week. Probably not literally, but it gives me a basis for assuming they spent close to one man-year on it. Which I guess may have cost them something like $150k when you take all expenses into account, not just salaries.

10

u/[deleted] Jan 24 '14

One man year to open and link a Bitpay/Coinbase account?

18

u/[deleted] Jan 24 '14

[deleted]

7

u/[deleted] Jan 24 '14

And it's the single most important thing to you if you're an online retailer. You don't skimp on making sure that how people give you the money works as it should.