4 Designer Fashion Brands That Accept Crypto as Payment
Crypto has finally arrived on the fashion scene, with e-commerce platforms accepting cryptocurrency as an alternative payment option. While there are over 400 different crypto coins, Bitcoin and Ethereum have been gaining traction and are often accepted for products that were previously purchased only with fiat currency.
Cryptocurrencies may be a new thing, but that doesn’t mean they’re not a big deal. They represent the future of commerce; finalizing transactions will become easier and safer.
1. Gucci now accepts crypto payments
Using the cryptocurrency payment processor BitPay, Gucci has announced that they will also be accepting ApeCoin and Euro Coin. These are in addition to Bitcoin, Ethereum, Dogecoin, and many more.
Gucci predicts that 100% of their US stores will accept crypto payments in August 2022.
Balenciaga, the French luxury retailer, has announced that it will accept Bitcoin and Ethereum. When asked about the volatility in cryptocurrency valuations, Balenciaga stated:
“Balenciaga is thinking long term about crypto, and fluctuations in currency value are nothing new.”
It is possible to monitor the value of coins and tokens on Cryptocurrency live price charts.
3. TAG Heuer
TAG Heuer, a luxury watch brand, is allowing US customers to pay up to $10,000 in cryptocurrency.
Farfetch, the luxury retail platform, has announced that it will join other major retailers in accepting cryptocurrency payments. Their goal is to allow all US, UK, and European customers to pay by crypto by the end of 2022.
How to use crypto for payments
Since their appearance on the market more than a decade ago, Bitcoin and its variants have gained more and more popularity in the world of cryptocurrency. What was initially a choice for people who did not want to use banks or were looking for an alternative to government-issued currencies has now become a credible payment option.
All consumers need to do at the checkout is to choose the crypto they want to use. You can either pay by using your crypto wallet or use a specific app developed by a store.
Advantages of using crypto for payments
Security – crypto is much more secure than using a credit card, for example. Everything that is sent over has to be encrypted and made impenetrable.
Identity theft – paying with a credit or debit card carries risk. There is no way to completely protect yourself from identity theft, even if you are very careful. Crypto works differently, as you are the one who controls who sees your information and who doesn’t.
Disadvantages of using crypto for payments
First, you need to have a good knowledge of the relevant terminology, jargon, and technical details.
Second, since there is no control over the coins you used to buy clothes or accessories, you can end up losing your coins by accident. No one will help you return your coins to an exchange.
From a commercial point of view, accepting crypto is not an easy decision for any company.
Accepting Crypto as a Payment Option
If you are an altcoin enthusiast, you should consider the benefits of accepting this method of payment. Even if there is no guarantee that you will get more business, it is worth a try.
Moreover, ever since the world started to see crypto as a serious payment option, it has been attracting more and more traders and sellers. You can expect a growing number of customers to use this method of payment.
While some companies in the world today accept digital currency, others have not shown themselves to be too open to the idea, and many more are still assessing it. This is why you need to consider a few important factors before deciding if you want to accept digital currency as a payment method or not. Some businesses that have yet to accept crypto might surprise you by next year.