If you are already a Bitcoin hodler and have a crypto wallet it is just a few steps to make a purchase with Bitcoin on Overstock.com. Overstock was the first major online retailer to embrace bitcoin, accepting payments in the digital currency in the U.S. and Internationally.
Overstock partnered with Coinbase to enable Bitcoin as a form of payment on Overstock.com. Overstock uses CoinPayments.net for U.S. orders and Bongo International when placing an International order.
Steps to Paying with Bitcoin on Overstock.com
Note: These steps assume you already have a crypto wallet with Bitcoin on it and have sufficient funds to purchase and pay gas fees.
- Visit Overstock.com add items to your shopping cart.
2. Click on the “Checkout” Button in the top right corner.
3. Sign in into your account or continue as guest.
4. Enter shipping and contact details.
5. Select the Bitcoin payment option towards the bottom of the page.
6. Click “Submit Order.”
7. A popup screen will appear with the directions to pay from your crypto wallet.
8. Open and log in to your crypto wallet and scan the QR code or enter the Overstock Payment Address on the popup screen.
9. Complete your wallets process to approve funds to purchase and approve gas fees.
10. Check the “I have submitted my payment” box and click “Complete.”
11. Once you click the “Complete”, the process is finished and Overstock will be notified of your payment.
12. An order confirmation email from Overstock will be sent shortly thereafter.
Overstock International Crypto Payment Options
Here is how to Pay with Bitcoin option for Overstock international customers. Bongo International partnered with Coinbase to enable Bitcoin as a form of payment when placing an International order.
Gas Fees on Purchases
Gas fees are required in order to send Bitcoin payments in addition to the cost of the products. Gas prices aren’t fixed and can vary widely (from less than USD 0.0001 to over USD 100). The amount of gas required for each transaction depends on the demand and supply on the blockchain and how complex the exchange is. Sending transactions is considered a simple transaction and gas fees are typically lower than other transactions. However, the gas fees may not be worth the additional cost to purchase lower cost items on Overstock.com.
Refunds for Returns and Cancelled Orders
Returned and cancelled orders qualify for a refund in Bitcoin. The refund will be issued for the full USD value of the order and processed at the Bitcoin exchange rate when the refund is completed. Your refund will be issued through Coinbase using the email address listed on your Overstock.com account. If you do not have a Coinbase account, you will receive an email outlining how to create an account and claim your refund. If you fail to retrieve your funds within 30 days, the funds will be returned to Overstock.com as unclaimed and will remain in your account as an in-store credit.
When the refund is sent to an email address that has an existing Coinbase account, the funds are available instantly and there is no risk the funds will be returned to Overstock.com as unclaimed.
Joe Wallace has covered real estate and financial topics, including crypto and NFTs since 1995. His work has appeared on Veteran.com, The Pentagon Channel, ABC and many print and online publications. Joe is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News.