Bitcoin (BTC) Payments Are Not Dead, They’re Normal Now

So many business owners today could never have imagined that digital currencies would be an integral part of their business. Frank McKeever is one of such business owners.

About a year ago, during the period of rising crypto pricing and publicity, Lynx Art Collection started to offer crypto themed artwork with an option to pay with monero, Litecoin, bitcoin and ether. Even when the market prices bottomed, the sales continued to climb.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,987.42
-1.12%

McKeever said, “The bear market didn’t really affect our sales throughout the majority of 2018.” The Lynx Art Collection received up to five hundred crypto payments for artworks and various prints by December 2018. This makes it 75 percent of the sales per annum.

He went on to say that the crypto category has exploded for the business adding that he enjoys grassroots marketing style of communicating with cryptocurrency fans on social media. The company sold more than a thousand pieces of crypto artwork last year.

Bitcoin is a viable option for niche businesses

This gallery is one example of merchants adoption of BTC payments can be viable for niches businesses. BitPay, the bitcoin processor, reports that the average value of crypto payments process last year was $678.77 – almost double its $338.53 retail payment value in the previous year.

The data shows that crypto users aren’t shopping as much as they used to, but they are spending more.

Purse and BitPay CEO, Andrew Lee declined to specify the total volume facilitated last year. However, internal data revealed that Purse traction surpassed previous records since mid-2017. It also remained stable all through last year, regardless of the price fluctuations.

Lee believes that there should be an incentive to inspire people to spend BTC rather than fiat currencies such as dollars. The incentive can be in the form of discounts or a direct relationship with creators and sellers.

This is the case with the Scottish painter, Trevor Jones. This painter sells prints for BTC through the Lynx Art Collection. Jones told CoinDesk that the crypto themed portraits transformed his career by helping him to find an audience that appreciates his paintings with augmented reality features.

After a whole decade of being a professional artist, Jones sells paintings worth close to $13,000 to the crypto fans he meets on Twitter.

He said,

My previous sales were mainly through commercial galleries. Being able to sell quite expensive artwork to someone I’ve never met before is spectacular.”

A creative way to save

Lee, as a veteran digital currency entrepreneur, noticed that many niche newcomers have not discovered. He said, “If you’re paid in bitcoin you are more likely to save a lot of it.”

Also, McKeever says his retailer pays artists for the crypto themed prints in cryptocurrency and holds a quarter of the profits from the gallery from the sales in ether or bitcoin.

We are feeling the bear market along with everyone else right now,” says McKeever. He also added that despite the outlook, it is still worthwhile since crypto payment option increased sales by forty percent in categories like science and space theme prints.

Crypto fans make loyal customers

So far, cryptocurrency fans proved to be loyal users even when the market fluctuates. Last year, many buyers contacted Jones directly and paid for crypto themed paintings with ether, bitcoin and monero. Jones saved them in bitcoin to serve as a long-term investment.

Crypto users can store their digital loot with called keys, passwords, generated with free websites such as BitAddress.org. Besides the ingenuity of adding products based on the interest of the audience, managing their bitcoin wallets offers McKeevers an easy way to pay artists from Europe like Jones.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.