Overstock Now Accepts Cryptocurrencies for Payment

Overstock (NASDAQ:OSTK) has announced the integration of “ShapeShift“, an instant digital asset exchange, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online.  Overstock is an online discount retailer that sells over 6 million products on its site.

ShapeShift allows digital currencies to be converted between different digital coin types in a matter of seconds without any account setup or personal data required. The funds are sent to a specific address, with the blockchain record of the transaction acting as both the order and the receipt.

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. Refunds from a cryptocurrency purchase will also be made in bitcoin, however customers can easily exchange those to their preferred cryptocurrency through ShapeShift.

Overstock CEO and founder Patrick M. Byrne described his company as “pro-freedom” in a statement which included a not so subtle jab at the government;

“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 has been an early adaptor of Fintech leveraging Blockchain to issues shares in its company.

Bitcoin is still the largest cryptocurrency by market capitalization, however it now represents just under 50% of the market, down from nearly 80% a year ago. ShapeShift says it supports dozens of these growing digital assets. Additionally, in light of the recent Bitcoin Hard Fork, ShapeShift has added support of the forked asset, Bitcoin Cash, allowing Overstock customers to complete their purchases via BCH.

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