As of last week, we accept Bitcoin payments on Betabrand.com. We launched amidst a Bitcoin exchange service shutting down, a storm of controversy (sic) around Bitcoin and its future, and the IRS deciding it will treat Bitcoin as a property – not a currency.
We started thinking about Bitcoin some time ago. To be more accurate, I got an IM from our VP of Marketing: “Hey, what do you think about accepting Bitcoin payments?”
The rest is history. Well, sort of.
The challenge that comes with the flood of ideas in a startup is that most of them sound really exciting, but if you don’t spend some time to discover whether there’s an actual need for them, not so great things can happen. Or, you end up with a product that customers are less than excited about.
And so the discovery began. As we do with every idea we get (and there are plenty from everyone working at Betabrand), we first did some analysis around short and long-term revenue potential and talked to our customers. We published a poll to get feedback from our customers and followers on social networks as to whether or not they would use Bitcoin to purchase from Betabrand — it received a nearly 60% positive response. From our previous launch of Paypal payments, we also learned that our customers love seamlessly integrated experiences and wanted to enrich that experience with an additional payment method that our tech-savvy users could use across devices.
Customers are now able to choose Bitcoin as their payment method when they purchase products (aside from those in crowdfunding) on Betabrand.com, across desktop, tablet and mobile. We always strive to bring the best experience to our customers and are really excited to introduce this new feature.
As the saying goes “there’s no time like the present” — here are a few ideas of products you can spend your Bitcoin with:
Pre-Betabrand, Colin worked as a co-founder of the online storage company i-drive, as well as at the mobile app company Voxer, and Microsoft. He's a graduate of University of Puget Sound.
Latest posts by Colin Stuart (see all)
- The Heartbleed Bug - April 10, 2014
- We Now Accept Bitcoin (We still do not accept gold dust, pelts, or Quatloos) - April 3, 2014