Overstock Now Accepting Major Bitcoin Alternatives
Overstock.com, a Utah-based online retailer ranked by Forbes as one of the Top 100 Most Trustworthy Companies of 2014, has added cryptocurrency payments via ShapeShift to the list of payment options available to consumers in checkout.
Company CEO and founder Patrick M. Byrne stated in a recent press release that the adoption of new cryptocurrency payments stems from the company’s “pro-freedom” stance, giving consumers the option to use currencies that were not “created through the fiat of unaccountable government mandarins.”
Politics aside, while major retailers such as Overstock and Newegg have accepted Bitcoin payments since 2014, Overstock are the first to now accept multiple cryptocurrencies. Even though Bitcoin is by far the most used and well-known of the various digital currencies available, others such as Litecoin and Ethereum have gnawed away at Bitcoin’s market share, leaving it with just under 50 percent at present, down from 80 percent in 2016.
Overstock, which ranks 82nd on Dealerscope’s Top 101 CE retailers of 2017, was the first major retailer to accept Bitcoin payments in early 2014. Now the company seems intent to broaden their payment options in response to the ever-increasing number of solutions available.
Bitcoin, the first decentralized cryptocurrency, debuted in 2009, using cryptographic methods to validate transactions and to control its growth, creating a currency that was unaccountable to any central authority or bank.
Since then, the value of a single Bitcoin has soared from under 10 cents in 2010 to over $3000 in August 2017, reaching a total market capitalization of over $50 Billion as investors, consumers and retailers alike begin adopting this new form of payment. As other so-called “alt-coins” enter the market and are growing in importance, this move will allow Overstock to continue leading the way for cryptocurrency payments.