Overstock has become the first major retailer to accept multiple digital currencies, including Ethereum, Bitcoin Cash, Litecoin and others, following a decrease of bitcoin’s market share to around 47%, down from a steady 95% a year or two ago.
“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,” Patrick M. Byrne, Overstock’s CEO and founder, stated.
They have integrated with Shapeshift, an online method of converting many digital currencies in a way that doesn’t require signing up or an account with the provider.
After payment, the digital currencies are converted to bitcoin through the integration, with the refunds to be received in bitcoin too.
“Overstock’s long history with bitcoin and blockchain technology demonstrates their commitment to innovation,” Erik Voorhees, ShapeShift’s CEO, said.
They started accepting BTC all the way back in early 2014, becoming the first major retailer to back the currency, while also starting a trend as many others followed.
That includes Microsoft, Dell, Steem and far too many more to mention, with merchant acceptance becoming bitcoin’s main theme back then.
Overstock is an online retailer that sells many goods, including electronic products, like laptops, as well as furniture, jewelry, and much of everything.
Its CEO, Patrick Byrne, is a strong supporter of bitcoin, and now other digital currencies too, with his foresight steaming from his experience with Wall Street.
He accuses them of using a practice called naked shorting whereby they can sell stocks and shares that don’t exist, he says, artificially reducing the stock price of a company.
To prevent that, they have created a blockchain based platform to issue stocks that does not allow naked shorting, making him a strong proponent of this space.