Shop, shop, shop -- with Bitcoin in Switzerland

Date: 
March 20, 2019
Read time: 
2 minutes

Those Swiss are lucky guys. Not only do they have swiss cheese, swiss chocolate, and swiss crypto valley -- they now have their first online retail store accepting not only bitcoin but also Ethereum, Bitcoin Cash, Litecoin, and a handful more.

Those Swiss are lucky guys. Not only do they have swiss cheese, swiss chocolate, and swiss crypto valley -- they now have their first online retail store accepting not only bitcoin but also Ethereum, Bitcoin Cash, Litecoin, and a handful more.

More than anything, however, this cryptocurrency payment integration by Digitec shows one clear silver lining: the old money is giving way to crypto.

Playing It Safe

The retail store is run by the Digitec Galaxus Group. They announced that both of their web platforms will accept payments in cryptocurrencies if the customers cart exceeds 200 francs. Digitec is playing it safe by using a third-party service called Coinify. Coinify will convert crypto payments to fiat in real-time. Digitec chose this option to protect itself from cryptocurrencies’ often wild price volatility.

Oliver Herren, the CIO (chief innovation officer) explained that they made this move into cryptocurrency acceptance to test crypto-integration more than anything else.

“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method... None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”

Humility before Hubris

Oliver’s last statement is particularly encouraging. It shows humility in the face of the unknown. All too often we hear titans of business bashing cryptocurrencies -- without even understanding them. Like Warren Buffet calling Bitcoin ‘rat poison’ and a ‘delusion’ without even understanding it. That is hubris. That is pride. And “pride cometh before the fall.” On the other hand, Oliver understands that he may not have invested enough time and might therefore not understand certain things like scalability and store-of-value and others that are, for example, covered in our Ultimate Beginners Guide.

The Old Guard Slowly Giving in to Bitcoin

More than anything, however, this cryptocurrency payment integration by Digitec shows one clear silver lining: the old money is giving way to crypto. After all, we are still -- by many technical measures -- in the middle of a bear cycle. Yet here we have an e-retailer integrating and testing payments through cryptocurrencies. This shows the constant growth of blockchain.

The future of crypto is ever brighter. Those who keep humble and test, experiment, and learn more about bitcoin and blockchain will be rewarded. Mark my words.

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

Comments

Add new comment

CLAP

Share

text
Find Great Tools