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Overstock.com profits from bitcoin customers

Overstock.com says it has surpassed $1 million in sales to bitcoin users.
Adam Jeffery | CNBC
Overstock.com says it has surpassed $1 million in sales to bitcoin users.

The online retailer Overstock.com says it has sold more than $1 million in merchandise to customers using bitcoin.

The company, which started accepting the virtual currency in early January, estimates that almost 60 percent of bitcoin users are new customers.

(Read more: How to make money from bitcoin?)

"We did not expect to hit this milestone so quickly," Chairman and CEO Patrick M. Byrne said in a statement.

Byrne also said he admires bitcoin because it doesn't have to report to a central authority and because of its constrained supply, which he compared to gold.

(Read more: Another bitcoin site bites the dust)

The currency is under scrutiny after the collapse of Mt.Gox, a major bitcoin exchange, and a hack attack that stole over $600,000 worth of bitcoins from Flexcoin, a bank.

By CNBC.com

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