How Good is Bitcoin for Payments?
According to Bellatorra Skin Care, pretty good.
The luxury brand has reported a great demand for cryptocurrencies from their customers. Since inception, the company has been one to innovate quite frequently. Hence accepting Bitcoin as a means of payment doesn’t really come as a surprise.
Bellatorra Skin Care has recently expanded itself internationally into markets quite different from the ones they are used to serving. China and India are two such markets they’ve entered recently.
While Bitcoin has seen a lot of years of declining interest, it is still quite a sought-after method for B2B payments. And it isn’t just B2B payments which cryptocurrencies have a foothold in, cryptocurrencies are just as famous for retail payments now.
One of the earliest use cases which highlighted Bitcoin’s innovation had been cross-border payments. Such type of payments had a lot of bottlenecks and the transaction was high.
The company had run into many of these problems when it had come to the Asian markets, and hence the wholesale customers of theirs started demanding to be paid in Bitcoin. And in July 2017, the company joined hands with BitPay, the Bitcoin merchant services provider, to serve their wholesale customers better.
Bellatorra’s experience in finding ways to overcome the problems with the traditional payment systems with the help of cryptocurrencies isn’t uncommon, according to Stephen Pair, the CEO of BitPay. Cosmetic companies have found out that people are more likely to spend higher amounts of money per purchase if they use cryptocurrencies.
The company would soon be exploring other cryptocurrencies and in future, they would be making cryptocurrencies a bigger part of their business. For better or worse, the blockchain technology is here to stay.