Overstock Now Accepts Various Altcoins for Payment – Including Bitcoin Cash

Overstock just became the first major retailer to accept bitcoin cash and altcoins at the point of sale for payment. They announced a partnership with Shapeshift.io to streamline the process. Now Overstock customers can transact via Shapeshift’s native API easily using Bitcoin Cash, Monero, Litecoin, Ethereum, and more. 

Also read: Fork Wars: Segwit Lock-In and Communication Breakdown

Overstock’s press release provides instructions on how to use the service. The post read, “During checkout, customers will select their preferred cryptocurrency and submit the order before being prompted to transfer the coins, just as they would with any other digital wallet transaction. Overstock will then utilize ShapeShift to convert the cryptocurrencies to bitcoin.”

Overstock Now Accepts Various Altcoins for Payment
Altcoin Payment Screen @overstock.com

Overstock, Freedom, and Decentralized Technology

This move to integrate Shapeshift is not a surprising pivot by Overstock. The company has had a bunch of “firsts” in regards to cryptocurrency adoption and usage. For instance, they were the first major retailer to integrate bitcoin payments back in 2014. They also issued the first blockchain stock with a Series A Preferred offering in late 2016 on the t0 platform.

Overstock CEO Patrick Byrne is also known for his rejection of government, as well as his pro-freedom mindset. It is this urgency for liberty that has driven Byrne and his company to dive headlong into decentralized assets. Byrne elaborated:

Overstock is pro-freedom, including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins. For that reason, we have been an early proponent and adopter of cryptocurrencies.

Overstock Now Accepts Bitcoin Cash and Various Altcoins for Payment

Cryptocurrency Altcoin Markets Continue to Boom

Overstock has made their transition into the altcoin market as these assets gain more popularity. According to coinmarketcap.org, there are now over 1,000 altcoin currencies. It is true that some of these tokens may not be legitimate “cryptocurrencies,” but their appeal is growing rapidly within the community.

The press release does also mention that bitcoin is still the largest cryptocurrency by market capitalization, but it represents less than 50% of the market today. It is down from 80% over a year ago, and Shapeshift supports dozens of these alternative assets. It is especially interesting that this move by Overstock represents Bitcoin Cash’s first appearance for acceptance on the market.

Do you think more stores will begin accepting Bitcoin Cash and other altcoins? Let us know in the comments section below.

Images courtesy of Shutterstock and Overstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

  • Dimitur Dimitrov

    In 3-5 years the market may be completely different. Crypto FTW 😀

  • Blabamouth

    I don’t think much of them will work as well as Bitcoin or Litecoin.

    • Dash and Bitcoin Cash will work fine.

      • Blabamouth

        They’ll be okay, even PIVX and Monero. All of them are monetary coins. The coin that has the most liquidity and the most stability will be the one that all goods and services are priced in. My bet solidly on Bitcoin. The others will revolve around it.

        • Bitcoin is not prepared to be a robust payment system. IMO, Dash and a few others will outperform it there, as the Core devs show disinterest in that.

          • Blabamouth

            The dotcom bubble, myspace and blackberry events have all taught us that the first to market doesn’t necessarily mean it’ll be “the one.”

            But I’m betting solidly against that headwind. I don’t think what happened in those cases will necessarily apply to Bitcoin.

          • History shows that again and again. I don’t know how much software you’ve written for how long, but I’ve been at it since the early 1980’s and I can tell you that code gets brittle, and the inherent designs show their age.

            Projects are not infinitely flexible. The funding and energy required to redesign from scratch are rarely allocated, and when they are, mission creep kills the stillborn offspring. Without fail, it is another project, implemented by someone else, that overtakes the leader.

            Tech is moving faster and faster, and thus projects age more quickly. I can tell you it is a simple certainty that Bitcoin will not always be the dominant cryptocurrency if cryptocurrency is going mainstream. It’s just the way tech works, and it’s the way software works.

            This is not something I want to be true, as I hold Bitcoin, and have no idea when this will take place. I certainly don’t want to find myself on the downside of that curve. With any luck, it will age gracefully and be successful long after I’m gone.

  • Olu

    The logo we are seeing on the vehicle is for bitcoin and not bitcoin cash! Is the writer correct with what he’s saying?