The fashion industry recently adapted to innovative payment schemes when an online fashion store, BitFash, started to accept Bitcoins as their transactional currency. Founded in January 2013 and launched in April of the same year, BitFash has become the first fashion retailer to make its reachability to the Bitcoin users.
The store offers the products of the most renowned fashion brands such as Zara and Forever 21. It is also scheduled to release more brands to its inventory, all of which could be purchased using Bitcoins. “BitFash provides product ordering services to users to assist them to purchase merchandise from selected online retailers using Bitcoins to pay for these goods”, elaborates a spokesperson, “When you buy through our site, we facilitate a connection between you and these retailers, for which we charge a small commission as quoted at checkout.”
Fashion has become the new home to bitcoins after the BitFash’s announcement of accepting the former. The reason behind this announcement is speculated to be the rising popularity of the virtual currency and the promises it has shown by recovering steadily after the recent downfall in April.
The startup draws another signal that the Bitcoin’s acceptance has been increasing from each passing minute – merchants are actually looking at this currency as the future of online transactions. However, many government authorities have shown concern for its intractability and misuse in drug and ammunitions trafficking.
Created in 2009, Bitcoins has caught every financial sector’s eye with its unique features that led to many buying this crypto-currency. With the rising popularity, many industrial sectors have agreed to accept Bitcoin, like any other currency. Till now, it has covered Information Technology, Media & Entertainment, Gaming and various other business sectors. With the largely accesses Fashion industry taking new steps toward Bitcoin, it has become sure that the currency will see a larger exchange rate in the future.
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