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"Bitcoin may be experiencing some growing pains, but the currency has proved to be a hit with at least one major retailer.\nOverstock.com announced Tuesday that customers have purchased more than $1 million worth of products with bitcoins since the online retailer began accepting the digital currency in January. \nSee also: 5 Reasons Mt. Gox Won't Take Bitcoin Down With It\n\"We did not expect to hit this milestone so quickly,\" Patrick Byrne, chairman and CEO of Overstock, said in a statement. \"Bitcoin customers are good customers, and we're pleased to provide them this service.\"\nIn an interview with The Wall Street Journal, Byrne added that he now expects bitcoin sales on Overstock to hit $10 million to $15 million by the end of the year. Even if it hits the high end of that estimate, bitcoin purchases would represent barely 1% of total sales at Overstock, based on the $1.3 billion in sales it did last year. \nThe real value add for Overstock, and likely a key reason why it and other retailers have made a show of accepting the currency, is that it potentially brings in more new customers. Overstock announced that more than 4,300 shoppers made purchases using bitcoin and nearly 60% of them had never shopped at Overstock before.\nFor those invested in the concept of Bitcoin and digital currencies more broadly, the Overstock news may have a bit more meaning. It suggests there is some demand to use the currency for more mainstream use cases like shopping.\nBONUS: What is Bitcoin? [VIDEO]\n"^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2014/03/04/overstock-bitcoin-sales/>