The Contenders
The battle for cryptocurrency adoption has a new front-runner. On August 8, 2017, Overstock.com — the online retail giant that sells everything from furniture to bedding — announced it will begin accepting Ethereum, Litecoin, Dash, Bitcoin Cash, and dozens of other digital currencies as payment. This move makes Overstock the first major retailer in the world to embrace the full spectrum of altcoins, not just Bitcoin.
The significance cannot be overstated. While a handful of companies from Virgin Atlantic to small coffee shops have accepted Bitcoin for years, no well-known retailer has opened its doors to the broader altcoin ecosystem. Overstock CEO Patrick Byrne, a trained economist and longtime Bitcoin advocate, expects the platform to accept between 40 and 45 digital currencies at any given time. For context, approximately 30,000 vendors and retailers worldwide currently accept Bitcoin — but virtually none accept the altcoins that now collectively represent half of the total crypto market.
The timing is deliberate. Bitcoin share of the overall cryptocurrency market has dropped from over 80% to approximately 50% in 2017, as investors pour capital into Ethereum, Litecoin, Ripple, and hundreds of smaller tokens. The total crypto market cap recently surpassed $100 billion for the first time. Overstock is betting that these altcoins will not remain speculative instruments forever — that their holders will eventually want to spend them.
Tech Stack Showdown
The technical backbone of this announcement is Switzerland-based ShapeShift, a cryptocurrency exchange platform that allows users to instantly convert one type of digital currency to another without creating an account or holding customer funds. ShapeShift has built a payment API specifically designed for merchants, and it is this API that enables Overstock to accept payment in any major digital currency while receiving Bitcoin on the backend.
The architecture works like this: when a customer selects a non-Bitcoin cryptocurrency at checkout, ShapeShift instantly converts the payment into Bitcoin at the current market rate. Overstock receives Bitcoin, the customer spends their preferred altcoin, and ShapeShift handles the exchange in seconds. No merchant needs to manage multiple cryptocurrency wallets or worry about price volatility in assets they do not want to hold.
According to ShapeShift CEO Erik Voorhees, other large companies can install the same payment API with relative ease, meaning Overstock may not remain the only major retailer accepting altcoins for long. The infrastructure is now in place for any e-commerce platform to follow suit, potentially unlocking a massive new wave of cryptocurrency-based consumer spending.
The integration also supports Bitcoin Cash, the cryptocurrency that split from Bitcoin on August 1 via the SegWit activation. Bitcoin Cash has had a turbulent first week — its price peaked at $756.93 the day after the split before crashing to $319.69 by August 7. Nevertheless, Overstock willingness to accept it signals confidence that the Bitcoin fork ecosystem will persist.
Community and Ecosystem
The reaction from the cryptocurrency community has been overwhelmingly positive. For years, critics have argued that digital currencies are useless as money because nobody accepts them for real goods and services. Overstock move directly challenges that narrative by creating a bridge between the altcoin ecosystem and mainstream commerce.
Byrne views the decision through a philosophical lens as much as a business one. 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, he said in a statement accompanying the announcement. For that reason, we have been an early proponent and adopter of cryptocurrencies.
The ecosystem impact extends beyond Overstock itself. Bithumb, South Korea largest cryptocurrency exchange, recently began allowing Bitcoin Cash trading, and the platform now accounts for significant global volume in both Ethereum and Bitcoin. Approximately 20 percent of global Ethereum trading takes place in Korea, according to CoinMarketCap. As more retailers accept altcoins, exchanges like Bithumb are likely to see increased activity from users who need to acquire cryptocurrencies for spending rather than just investment.
Adoption Metrics
The numbers tell an interesting story about where crypto payments stand today. Byrne disclosed that Overstock customers currently spend approximately $50,000 per week in Bitcoin. That figure has remained fairly constant for some time, suggesting a small but dedicated core of people who use Bitcoin as everyday money, while the vast majority hold it as a speculative investment.
The question is whether accepting altcoins will move the needle. With Bitcoin at $3,456 and Ethereum at $261 as of August 8, many altcoin holders are sitting on significant paper gains and may be more inclined to spend a portion of their holdings. Litecoin at $45, Dash at $189, and the dozens of smaller tokens now accepted at Overstock represent a broader range of spending power than Bitcoin alone ever offered.
The global reach is also noteworthy. Overstock ships to 129 countries, and Byrne emphasized that customers in any of those countries can now pay in any supported cryptocurrency. This is a red letter day in the crypto revolution, he said. The cross-border nature of cryptocurrency payments eliminates the friction of currency conversion and international transaction fees that traditionally plague global e-commerce.
The Final Verdict
Overstock decision to accept all major altcoins is a watershed moment for cryptocurrency adoption. It transforms digital currencies from speculative assets into functional money — at least at one major retailer. The ShapeShift integration provides a scalable blueprint that other merchants can follow, and the timing aligns perfectly with a market that is rapidly diversifying beyond Bitcoin.
The real test will be whether other major retailers follow suit. If ShapeShift API proves reliable and consumer demand materializes, the domino effect could be significant. Amazon, Walmart, and other e-commerce giants are watching closely, and the infrastructure now exists for them to make similar moves with minimal technical barriers.
For now, August 8, 2017 marks the day that altcoins graduated from speculative tokens to spendable money. Whether this becomes a turning point or a footnote depends entirely on what happens next — but the door to mainstream altcoin commerce has been opened, and it will be very difficult to close.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Prices and market data referenced are from August 8, 2017. Always conduct your own research before making investment decisions.
Byrne accepting 40-45 altcoins in 2017 while other CEOs were still calling crypto a scam. absolute legend
BTC dominance going from 80 to 50 percent in 2017 and Byrne saw the alt wave coming before any other CEO. shame what happened to him later
ShapeShift integration was the real MVP here. seamless conversion without Overstock needing to hold 45 different coins on their books
imagine buying a couch with Dash in 2017. that transaction probably cost more in gas than the couch was worth lol
ngmi_jimmy gas on dash was basically zero in 2017. like fractions of a cent. the joke is everyone remembers high fees but dash was built for cheap tx
altcoin acceptance at overstock with shapeshift integration, dominance slide from 80 percent shows alts gaining ground
overstock taking 40 to 45 altcoins through shapeshift under patrick byrne, btc dominance dropping from 80 to 50 percent marks a shift
ShapeShift taking on the conversion risk so Overstock did not have to hold 45 different coins was clever. Erik Voorhees understood the UX problem before most
Mikkel V. Voorhees understood the UX problem before basically anyone in crypto. ShapeShift absorbing conversion risk so Overstock never held altcoins was genuinely clever infrastructure thinking
ShapeShift doing the conversion meant Overstock never touched crypto directly. smart model that nobody else copied for years
shapeshift integration was the real mvp for handling conversions
ShapeShift handling the conversion was the only reason Overstock could do 45 coins. no retailer wants to manage that many wallets
30000 vendors accepting BTC worldwide but basically zero accepting alts. Overstock filled a real gap
BTC dominance dropping from 80% to 50% and Overstock saw the writing on the wall. most retailers still have not caught up
BTC dominance going from 80 to 50 in 2017 was the altcoin awakening. Overstock caught the wave perfectly
Tamara O. Patrick Byrne was early on BTC in 2014 and then added 40+ altcoins in 2017. guy was wrong about a lot of things but right about crypto payments
overstock_og_ byrne was right about crypto and wrong about everything else. the stock still trades at like $3 now. being early on one thing doesnt make you a genius
Filipa C. Byrne was right about crypto payments and then torched the company with Q anon stuff. Overstock at 3 dollars a share in 2026 tells you being early means nothing if you lose the plot
Filipa C. Byrne was right about one thing in 2017 and then destroyed the company with conspiracy nonsense. Overstock at $3 a share in 2026 confirms being early on crypto doesnt save you from yourself
byrne was right about crypto payments but then went full conspiracy theory and tanked the company anyway. wild arc
retail_cope_ honestly the shapeshift integration was the smartest part. overstock never had to touch a single altcoin directly, just fiat on the backend
45 altcoins accepted and most of them are dead now. Dash, Bitcoin Cash, Digibyte, what survived from that list? maybe 5 coins
Rin H. 45 altcoins accepted and maybe 5 survived. Dash, BCH, Digibyte all dead money. being early on crypto payments didnt mean being right about which coins mattered
45 altcoins in 2017 is wild. most of those tokens dont even exist anymore. ShapeShift absorbed the conversion risk and Overstock got the PR win
30000 vendors accepting btc already so overstock adding alts is smart
ShapeShift absorbing conversion risk so Overstock never held 45 altcoins was the genius move. Erik Voorhees solved the UX problem before anyone in crypto even defined it