Various merchants and retailers all over the world have started to accept Bitcoin payments as an alternative way of attracting customers on a global scale. Diadem Jewellery in the United Kingdom has done the same, but they have also removed all other altcoin payment methods from their website. There just does not seem to be enough demand for altcoin payment options, as Bitcoin reigns supreme.
Diadem Jewellery Goes All-In On Bitcoin
While it is very commendable for any merchant or retailer to accept both Bitcoin and altcoin payments, tough decisions have to be made now and then. In the case of Diadem Jewellery, that decision came in the form of removing all supported altcoins as a form of payment, simply because there was not enough demand.
Or to be more precise, there was zero demand for altcoin payments on the Diadem Jewellery website, which comes as quite a surprise. Plenty of altcoin communities are looking for ways to get merchants on board so the alternative digital currency gains a real life use case, but that does not seem to be the case any longer.
Diadem Jewellery has told us how they see a growing demand for Bitcoin payment options, though, as 15% of their online sales is paid for in Bitcoin. By removing all of the altcoins that were previously supported, the company positions itself as firm believers in what Bitcoin can bring to the table, both as a cheaper payment option and regarding global customer appeal.
All of the Bitcoin payments made on the Diadem Jewellery website are processed through BitPay, which means orders will be confirmed as soon as the transaction is visible on the blockchain, regardless of network confirmations. However, most orders might take a while to ship, as the company wants to ensure they receive the funds before getting the goods out the door.
It is quite beneficial for any [online] business to venture into the world of Bitcoin payments, as it is a great way to reach potential customers all over the world. Keeping in mind how the customer will pay for all transaction fees, and how companies such as BitPay can convert the funds to fiat currency on the fly, there is no valid reason not to accept Bitcoin payments right now.
Some digital currency payment processors – such as GoCoin – will offer support for altcoin payments as well. But as Diadem Jewellery has proven, there seems to be very little demand for doing so right now. It has to make sense to the company to support these altcoin payments, and if there are no sales paid with anything but Bitcoin or traditional finance, the decision is easy to make.
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