Posted By: Admin
On: August 13th 2017
Category: Entrepreneurship, Bitcoin, Finance
OVERSTOCK NOW ACCEPTS VARIOUS ALTCOINS FOR PAYMENT
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.
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, 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.
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.