American online retail giant Overstock now accepts more than 60 cryptocurrencies including Bitcoin Cash as payments options for nearly four million products on its site through Integration with ShapeShift.
Thus, 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.
Earlier, Overstock's embraced Bitcoin as a payment method in 2014. Now, Overstock.com shoppers can use Ether, Litecoin, Dash, Monero and Bitcoin Cash at checkout.
According to the announcement, 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.
Patrick M. Byrne
Thus, Overstock is the first major retailer to accept multiple cryptocurrencies as payment. By that move, it proves being the one that keeps it in line with new developments in the blockchain market. However, whether the company believes this trend will continue remains unclear.