News • 17.08.2017

Overstock.com announces adoption of all the major cryptocurrency payments

First major retailer to accept bitcoin continues to lead the way in adoption of cryptocurrency payments

Photo: Cryptocurrency Bitcoin with smartphone; copyright: panthermedia.net /...
Source: panthermedia.net / 3DSculptor

Overstock.com announces an integration with ShapeShift, the world’s leading 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 from Overstock’s selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more.

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

Easy exchange between cryptocurrencies

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 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,” said company CEO and founder Patrick M. Byrne. “ShapeShift has provided an elegant way for users of any digital currency to transact seamlessly and privately across chains, and we’re excited to harness that ability to the benefit of our customers.”

Large variety of cryptocurrencies

This year has seen the emergence of several popular non-bitcoin cryptocurrencies, helping the number of transactable digital currencies grow to over 1000, according to Coinmarketcap.com. Bitcoin is still the largest cryptocurrency by market capitalization, however it now represents just under 50 percent of the market, down from nearly 80 percent a year ago. ShapeShift supports dozens of these additional 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.

Overstock is the first major retailer to accept multiple cryptocurrencies as payment. This announcement is the latest in a line of major firsts for Overstock in the blockchain world; the e-commerce pioneer became the first major retailer to accept bitcoin in early 2014 and issued the world’s first blockchain stock with its Series A Preferred offering in late 2016 on the t0 platform.

Advertisement
Overstock.com, Inc.

related articles:

popular articles:

Thumbnail: Photo: Four questions for an IT manager

Company News • 11.10.2017

Four questions for an IT manager

Interview with IT manager Kaspar Hioväin from Coop in Estonia

Thumbnail: Photo: Giving costumers transparency and the right prices at the shelf edge...

Electronic Shelf Labels • 05.09.2017

Giving costumers transparency and the right prices at the shelf edge

Link between online and physical stores

Thumbnail: Photo: Visa enables payments on Fitbit’s first smartwatch...

News • 01.09.2017

Visa enables payments on Fitbit’s first smartwatch

“How We Will Pay” study shows consumers who own wearables buy more

Thumbnail: Photo: Mobile payment can fail due to lack of knowledge and enthusiasm of...

Interview • 15.10.2017

"Mobile payment can fail due to lack of knowledge and enthusiasm of checkout personnel"

Interview with Professor Ludwig Hierl of the DHBW Heilbronn

Thumbnail: Photo: Shopping with voice command

Voice assistants • 26.09.2017

Shopping with voice command

Voice commerce more than just another customer touchpoint for retailers

Thumbnail: Photo: Toshiba lifts customer experience & sales for Brookstone...

Company News • 04.07.2017

Toshiba lifts customer experience & sales for Brookstone

Dynamic content related to the products creates new shopping experience

Thumbnail: Photo: Sleek and small cash drawer solutions attract large cosmetic chains...

Company News • 08.09.2017

Sleek and small cash drawer solutions attract large cosmetic chains

New expectations shaping cosmetic PoS technology

Thumbnail: Photo: Instant payment solutions offer great potential...

Specialist article • 16.06.2017

Instant payment solutions offer great potential

For customers, making payments is becoming as easy as sending an email

Thumbnail: Photo: Digital signage in pharmacies: better consulting with new technologies...

Report • 04.08.2017

Digital signage in pharmacies: better consulting with new technologies

Pharmacies need a shopping experience too

Thumbnail: Photo: Robots and automated processes are the future of warehouse logistics...

Report • 01.07.2017

Robots and automated processes are the future of warehouse logistics

Staff shortages and the e-commerce boom call for all resources

Supplier

DataVan International Corporation
DataVan International Corporation
10F., No.186 Jian 1st Rd.
Jhonghe Dist., New Taipei City 235
StrongPoint
StrongPoint
Schießstrasse 35
40549 Düsseldorf
Xovis AG
Xovis AG
Industriestrasse 1
3052 Zollikofen

Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
APG Cash Drawer
APG Cash Drawer
5250 Industrial Blvd NE
55421 Minneapolis
CCV Deutschland GmbH
CCV Deutschland GmbH
Gewerbering 1
84072 Au i.d.Hallertau
Permaplay Media Solutions GmbH
Permaplay Media Solutions GmbH
Aschmattstr. 8
76532 Baden-Baden
POSIFLEX GmbH
POSIFLEX GmbH
Kaiserswerther Straße 85
40878 Ratingen
SES-imagotag Deutschland GmbH
SES-imagotag Deutschland GmbH
Bundesstraße 16
77955 Ettenheim