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Topic: TigerDirect made $500,000 in Bitcoin (Read 2404 times)

CryptoCurrencyInc.com (OP)

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TigerDirect made $500,000 in Bitcoin

February 03, 2014, 03:45:32 AM

#1

Tiger Direct Processes $500,000 in Bitcoin Payments

On Thursday, January 23, 2014, Tiger Direct announced they would start accepting bitcoin as an alternative payment method. While Tiger Direct isnt the first major online retailer to start accepting bitcoins, they are the first major online electronics retailer to do so.

The Tiger Direct website offers over 200,000 products and is a popular shopping destination for PC users. According to Steven Leeds, the marketing chief at Tiger Direct, With individuals building their own high-powered PCs with parts offered on our site to mine Bitcoins, its a logical fit.

Tiger Direct has already started utilizing this acceptance as an opportunity to market their Bitcoin mining catalog. Tiger Direct has also partnered with AMD in order to offer a variety of mining-friendly graphic cards.

Since their Thursday announcement, Tiger Direct has processed more than $500,000 in Bitcoin payments. These total was spent on over 2500 separate orders. According to Tiger Direct, $250,000 of that was processed in the first 17 hours following their announcement. Overall, the company processes approximately $2 billion in purchases each year.

http://www.josic.com/tiger-direct-processes-500000-in949-bitcoin-payments

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BTCisthefuture

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 06:32:01 AM

#2

So lets say they are paying 2% on plastic charges.... 1% for bitpay. So a 1% saving on every transaction. That's $5,000 in added revenue/savings just by accepting bitcoin. That's pretty cool.

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retrend

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 07:17:25 AM

#3

I'd be surprised if a big retailer was paying 2%, more likely around 1.3%.

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 07:23:26 AM

#4

made $500,000?
more like made $500,000 sales Wink

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rat

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 07:37:25 AM

#5

once the miners spend their coins, i don't think you will see these numbers sustain themselves.

BTCisthefuture

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 08:28:37 AM

#6

Quote from: retrend on February 03, 2014, 07:17:25 AM

I'd be surprised if a big retailer was paying 2%, more likely around 1.3%.

I don't work in finance or billing etc etc so I have no knowledge of this stuff aside from what I've googled or read about. I've never seen anything below 2% mentioned. I remember the CEO of overstock.com saying in a interview that they pay 2% on transactions. Am I wrong to think 2% is the lowest ? Do you have any references showing otherwise ?

My earlier post was just a guess of course, obviously I don't know the financial working of tigerdirect

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 08:33:06 AM

#7

Quote from: BTCisthefuture on February 03, 2014, 08:28:37 AM

Quote from: retrend on February 03, 2014, 07:17:25 AM

I'd be surprised if a big retailer was paying 2%, more likely around 1.3%.

I don't work in finance or billing etc etc so I have no knowledge of this stuff aside from what I've googled or read about. I've never seen anything below 2% mentioned. I remember the CEO of overstock.com saying in a interview that they pay 2% on transactions. Am I wrong to think 2% is the lowest ? Do you have any references showing otherwise ?

My earlier post was just a guess of course, obviously I don't know the financial working of tigerdirect

Tigerdirect processes more orders than overstock.
If amazon starts accepting btc, I doubt that they would agree to 2%.

Back on track, this is cool. Two (2) big retailers started accepting btc, who is next?

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BTCisthefuture

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 08:38:04 AM

#8

Quote from: LaudaM on February 03, 2014, 08:33:06 AM

Quote from: BTCisthefuture on February 03, 2014, 08:28:37 AM

Quote from: retrend on February 03, 2014, 07:17:25 AM

I'd be surprised if a big retailer was paying 2%, more likely around 1.3%.

I don't work in finance or billing etc etc so I have no knowledge of this stuff aside from what I've googled or read about. I've never seen anything below 2% mentioned. I remember the CEO of overstock.com saying in a interview that they pay 2% on transactions. Am I wrong to think 2% is the lowest ? Do you have any references showing otherwise ?

My earlier post was just a guess of course, obviously I don't know the financial working of tigerdirect

Tigerdirect processes more orders than overstock.
If amazon starts accepting btc, I doubt that they would agree to 2%.

Back on track, this is cool. Two (2) big retailers started accepting btc, who is next?

The 2% reference was to credit card companies... not bitcoin..... ive never seen higher than 1% for bitcoin payment processors. Thats the industry standard. There's cheaper options where you can pay a monthly payment and get 0% transactions, but thats up for the company to decide if its worth it. Anyways 2% was in reference to credit card payment processors, not bitcoin payment processors where ive never seen more than 1% being charged to merchants.

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Zarathustra

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 09:31:27 AM

#9

Quote from: BTCisthefuture on February 03, 2014, 06:32:01 AM

So lets say they are paying 2% on plastic charges.... 1% for bitpay. So a 1% saving on every transaction. That's $5,000 in added revenue/savings just by accepting bitcoin. That's pretty cool.

Lets say 1%?? Why should we say such things?

https://bitpay.com/pricing

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 11:01:54 AM

#10

Quote from: Zarathustra on February 03, 2014, 09:31:27 AM

Quote from: BTCisthefuture on February 03, 2014, 06:32:01 AM

So lets say they are paying 2% on plastic charges.... 1% for bitpay. So a 1% saving on every transaction. That's $5,000 in added revenue/savings just by accepting bitcoin. That's pretty cool.

Lets say 1%?? Why should we say such things?

https://bitpay.com/pricing

This makes huge savings for a big company.

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bdt_michael

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 11:15:46 AM

#11

I wonder when a big retailer in Europe starts accepting Bitcoin.

BTCisthefuture

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 12:00:52 PM

#12

Quote from: Zarathustra on February 03, 2014, 09:31:27 AM

Quote from: BTCisthefuture on February 03, 2014, 06:32:01 AM

So lets say they are paying 2% on plastic charges.... 1% for bitpay. So a 1% saving on every transaction. That's $5,000 in added revenue/savings just by accepting bitcoin. That's pretty cool.

Lets say 1%?? Why should we say such things?

https://bitpay.com/pricing

I went with 1% because thats their basic price package. Its just a guess since we dont know what package they go with. It could certainly be less. Point was they are saving quite a bit of money simply by accepting bitcoin Wink

Wink

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 12:18:23 PM

#13

Quote from: rat on February 03, 2014, 07:37:25 AM

once the miners spend their coins, i don't think you will see these numbers sustain themselves.

There will be a big drop-off in Bitcoin sales after the initial hype dies down, but all we need is for the sales to steadily continue as all businesses benefit greatly from the free advertisement they get just by being associated with Bitcoin. Hopefully bigger businesses will soon take note.

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BTCisthefuture

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 12:33:47 PM

#14

Quote from: rat on February 03, 2014, 07:37:25 AM

once the miners spend their coins, i don't think you will see these numbers sustain themselves.

This is a valid point/argument about bitcoin in general. Most people spending bitcoins are people who are spending their profits. Very few people are going out converting fiat to bitcon (paying a fee on it) just to buy something with bitcoin (again paying another fee on that). There still needs to be some incentives for everyday consumers to use bitcoin , right now its a niche thing where people are either 1) spending profits 2) doing it because they think it's cool.

As new consumer services come to the market, and when bitcoin developers change the way minning fees work we could potentially see a situation where suddenly it makes sense and is practical for the average consumer to spend bitcoin. Imagine if you could use a bitcoin card the same way you use your debit card... its taken out of your bank, you aren't paying fees on that transaction. Thats one potential solution or option. Other solutions are things like merchants giving discounts to users who use bitcoin.

Anyways, it will be interesting to see how this unfolds. Because it is true right now that bitcoin isn't practical for day to day shopping, unless maybe it was for microtransactions.

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 12:47:54 PM

#15

Ordered from TD on 31/1/14, gave them a call this morning (3/2/14) to see why order was stuck "In Process". To my surprise they asked me what the wallet id & transaction id are, Shocked RUFKM? Did they NOT hire a BTC pro to set them up? There are api's that handle all that, might want to add that info into the order database ya think.. Anyway IMHO there is not a snowballs chance in hell that they took in 250K or what ever they claim, fingers crossed I get the AX1200's...

mtnminer

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 01:39:57 PM

#16

I believe they took in over 150k, as I spent $1200 alone in bitcoin myself at Tigerdirect. I am sure many other have done the same. I need additional hardware to support my mining and I like Tigerdirect speed and service. I will be spending even more bitcoin there in the future.

Mtnminer

Quote from: whonesta on February 03, 2014, 12:47:54 PM

Ordered from TD on 31/1/14, gave them a call this morning (3/2/14) to see why order was stuck "In Process". To my surprise they asked me what the wallet id & transaction id are, Shocked RUFKM? Did they NOT hire a BTC pro to set them up? There are api's that handle all that, might want to add that info into the order database ya think.. Anyway IMHO there is not a snowballs chance in hell that they took in 250K or what ever they claim, fingers crossed I get the AX1200's...

BTCisthefuture

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 02:00:58 PM

#17

Quote from: whonesta on February 03, 2014, 12:47:54 PM

Ordered from TD on 31/1/14, gave them a call this morning (3/2/14) to see why order was stuck "In Process". To my surprise they asked me what the wallet id & transaction id are, Shocked RUFKM? Did they NOT hire a BTC pro to set them up? There are api's that handle all that, might want to add that info into the order database ya think.. Anyway IMHO there is not a snowballs chance in hell that they took in 250K or what ever they claim, fingers crossed I get the AX1200's...

Asking a customer for their details is normal. I dont understand what the problem was. Places have my card info but they still usually ask me for it when I have a dispute. More likely than not they want to verify you are the person who made the transaction.

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 02:01:34 PM

#18

Quote from: bdt_michael on February 03, 2014, 11:15:46 AM

I wonder when a big retailer in Europe starts accepting Bitcoin.

lieferservice.de (also available in belgium, austria and the netherlands)
parfuemerie.de (portal for cosmetics and parfums, don't know if they accept customers outside germany)

I'd love more to come ... but it's a start

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 02:05:04 PM

#19

saw a statement on reddit az-europe will accept bitcoins in the next days

http://az-europe.eu/de

never heard of this shop, its from the slowakei, it has ... everything!

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Re: TigerDirect made $500,000 in Bitcoin

February 03, 2014, 02:09:15 PM

#20

Quote from: C. Bergmann on February 03, 2014, 02:05:04 PM

saw a statement on reddit az-europe will accept bitcoins in the next days

http://az-europe.eu/de

never heard of this shop, its from the slowakei, it has ... everything!

Same, though I'd never heard of Overstock or Tigerdirect either.

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