Overstock.com became the first major retailer to accept Bitcoin for online payments in 2014.
The American internet retailer began accepting Bitcoin in January 2014. It partnered with Coinbase to process the cryptocurrency payments, allowing customers to use Bitcoin while Overstock received settlement in traditional currency. The move attracted attention because it connected a nationally known online retailer with an emerging digital payment system.
Bitcoin was created in 2009 and operates without a conventional central bank controlling its network. Its use in commerce has always involved questions about price volatility, transaction processing, regulation, and consumer protection. Overstock’s decision was therefore both a payment experiment and a public statement about alternative digital commerce.
The company later expanded its involvement in blockchain-related projects. Overstock should not be confused with Newegg, which also became known for accepting cryptocurrency, but did so after Overstock’s widely reported 2014 launch.