Clothing provider Pacsun has agreed to accept digital currency payments for goods and services. The company is just the latest in a string of firms to say “yes” to cryptocurrency payments and thus is pushing bitcoin and its digital counterparts closer towards their initial goals.
Pacsun Says “Ok” to Crypto Payments
While bitcoin and its crypto cousins have long served as speculative assets that traders can potentially get rich from, these currencies were initially created to push checks, fiat currencies, and credit cards aside. These other products are often issued by banks and standard financial firms, which seek to have more say in people’s financial futures.
Crypto, by comparison, doesn’t care about your history or what decisions you’ve made. All it cares about is if you have a connection to the internet. If you do, you can create a new wallet and begin trading digital currency from there.
Sadly, the initial goal of cryptocurrencies to serve as payment methods has been slow to form in many ways given that they are often quite volatile and prone to price swings. This has made them objects of gloom and doom for many companies, who thus refuse to accept crypto payments out of fear of losing profit, and we can’t really blame them for being worried.
Say someone walks into a store and pays for $50 worth of merchandise with bitcoin. The store doesn’t transfer it to fiat right away, and within 24 hours, the price of BTC goes down. That $50 turns into $30, but while the store loses profit, the customer still gets to walk away with everything they bought. It’s not entirely fair according to some retailers.
Pacsun is doing what it can to make the initial crypto agenda a reality. Brie Olson – president of the clothing firm – said in a statement:
With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers. It’s incredible to pave the way for the fashion and retail industry, being the first to offer cryptocurrency payments through Bit Pay, and we anticipate many other companies following suit considering the ease it brings to the checkout process.
Trying to Reach a Broader Audience
Co-CEO Michael Relich also put his two cents into the mixing, adding:
The Gen Z audience, our primary consumer, is very tech oriented, and we dedicate a lot of our efforts towards social media and ecommerce to align with their lifestyles and resonate with them on a more personal level. Seeing their increased desire for cryptocurrency made it clear that we needed to adjust and offer Bit Pay as another payment option, to further instill their confidence in us as one of their go-to retailers that truly listen.
Pacsun will be accepting several different types of assets including bitcoin, bitcoin cash, Ethereum, Litecoin, and Dogecoin.