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We are entering times where future payment technologies like Bitcoin is gradually being adopted to be accessed by a broader audience. In terms of merchant adoption, the industry undoubtedly has seen major market players like Microsoft and Rakuten jumping on the digital currency bandwagon. So when a relatively small and new online retail startup announces to be a ‘cryptocurrency-only’ business, things seem obvious.
Here we are discussing about CryptoPet which, upon its launch, has gained quite a public exposure due to its no-fiat-only-cryptocurrency policy. The pet apparel and accessory store is currently offering over 3,000 products, payable with different digital currencies like Bitcoin, Litecoin, Darkcoin and without a surprise, Dogecoin as well.
In their introductory webpage, the four owners of CryptoPet describe themselves as active members of the cryptocurrency community, with each having an extensive experience in the e-commerce industry. Apart from the aforementioned cryptocurrencies, they have therefore promised to add more altcoins in their checkout system to attract more communities to the website.
“We are using CoinPayments.net as a payment platform since it allows us to accept a wide range of altcoins in single service, says one of the excepts. “It is a very fast, simple and effective payment method, without any additional fees.”
On Bitcoin Volatility
Unlike other online retail businesses that rely on third party payment processors to instantly convert the Bitcoin payments into fiat, CryptoPet has visibly shied from using such services. The organization’s manager Adrian Nasic further illustrated their motto in a statement that said:
“We are not accepting fiat since our main goal with CryptoPet is to spread the awareness of cryptocurrencies and offer best possible deals/prices to our customers. Pet supply and accessories niche in crypto world was missing a professional and safe place to buy stuff for pets.”
“Our experience in e-commerce and b2b gave us an opportunity to work out a good deal with our suppliers,” he added. “Unfortunately, at the moment, all of our suppliers are accepting fiat only – we hope that with enough volume, we can change that and show our suppliers that accepting crypto would be a much better option for both sides.”
CryptoPet, on the other hand, is treating Bitcoin as its hedge against all the altcoins. “After receiving customer payment, funds are automatically sent to the exchange – altcoins are sold for BTC to minimize volatility issues,” Nasic told NewsBTC. “All of our profits are kept in BTC, and our whole team is paid in Bitcoins or altcoins since all of us are crypto enthusiasts and investors.”
This perfectly illustrates that CryptoPet is not even worried about Bitcoin’s volatility at this time. It has however listed all the products in USD and will be charging a Bitcoin equivalent of the bills anyways.
