BTC (Bitcoin) may be seen as a stock of worth by many, but there may be clients who do not share the same opinion. Many buy Cardano and other cryptos that are lower in value but stand stable in the market. Buying these cryptos isn’t rocket science if you know the right place to purchase them.
New statistics reveal that as many as 46 million individuals are considering making purchases using Bitcoin, which might change how these digital currencies are used in everyday transactions. Earlier this year, in July, Visa (a payment processing corporation) said that its crypto-enabled cards (provided by the company) were used for more than $1 billion in the first half of 2018.
For instance, the multibillion-dollar cosmetics market has just begun to show interest in Bitcoin. Through a new relationship with Bitcoin payment service BitPay, magnetic eyelash beauty startup Glamnetic is now accepting Bitcoin, Ethereum, and Dogecoin, according to CEO and founder Ann McFerran, who spoke with Cointelegraph. Glamentic, one of the first female-founded beauty firms, reportedly accepts cryptocurrency purchases.
McFerran said that she became a cryptocurrency investor in 2017 but that she quickly realized the industry was controlled by men. In support of McFerran’s claim, a 2019 study by BDC Consulting indicated that only 8% of crypto users were female. McFerran launched Glamentic in July 2019, intending to encourage women to utilize cryptocurrencies by accepting cryptocurrency payments.
“Because I am a firm believer in cryptocurrencies and because I am passionate about getting more women involved in the industry, I wanted Glamnetic to be one of the first firms to accept cryptocurrency payments.”
McFerran also expressed that many stigmas still surround the current crypto usage. She noted, “It was not a secure payment mechanism, to begin with.” McFerran said, “Even to this day, women are not fully educated when it comes to crypto. ” Events like Silk Road and Mt. Gox, he added, have also contributed to women’s lack of interest in cryptocurrency. I feel responsible for informing others about the dangers and opportunities they may be passing up.”
Though buying cosmetics using Bitcoin or another cryptocurrency has the potential to pique women’s interest in crypto, this is only a tiny piece of the puzzle. Utrust CEO Sanja Kon told Cointelegraph that a company’s capacity to reach its user base with the appropriate instructional tools is crucial to teaching women about crypto.
Simply having more cosmetics companies accept cryptocurrency as payment may raise awareness, but this won’t necessarily lead to an increase in adoption. It’s crucial that ladies feel safe when utilizing cryptocurrencies. This can be achieved if marketers provide resources and information to encourage widespread use.
Trust, says Kon, is helping this process by funding merchants’ participation in training programs. Given the belief that younger consumers are more likely to hold crypto, McFerran also mentioned that Glamnetic has begun producing TikTok movies to educate consumers on the subject. According to PYMNTS.com, 27% of all millennials currently own or have owned bitcoin in the past.
Genetic, according to McFerran, will soon release a line of magnetic eyelashes that take their inspiration from Dogecoin to boost the cryptocurrency’s popularity. “If you can make crypto into a full-fledged beauty product, I think more people will be interested in it.”
Although Glamnetic may be the first cosmetics company formed by women to accept cryptocurrency payments, many major cosmetic manufacturers have begun embracing cryptocurrency in different ways to encourage female customers.
Sharp bets on Bitcoin
Gucci is the first high-end Italian brand to accept payments using cryptocurrency. About 70% of its fully stocked, company-operated businesses now accept the currency. The remaining ones are not likely to be left out for very long. In May of 2022, a select number of Gucci stores in the United States began accepting cryptocurrency payments.
Previously, Gucci had been the first luxury brand to embrace cryptocurrency; this week, it became the first to accept ApeCoin. Gucci now accepts Bitcoin in addition to ApeCoin, making a dozen digital currencies available to customers.
Will Bitcoin sustain in beauty industry?
It’s still too soon to determine if women’s increased use of cryptocurrency is due to the ease of paying for cosmetics with crypto, but a tiny influence has already been seen. According to McFerran, Glamnetic has already handled several cryptocurrency transactions from female customers. Jewelry retailer Noémie just added cryptocurrency payments, and its CEO, Yuvi Alpert, told Cointelegraph that only female consumers had made purchases using cryptocurrency.
Despite this, research shows that the top categories ladies are most likely to spend using cryptocurrencies include vacations, homes, and home furnishings. The beauty sector may be slow to adopt bitcoin payments, but those that do so will undoubtedly see an increase in sales and customer loyalty.
From what Kon has seen, more and more companies are beginning to see the value in taking cryptocurrency payments.”
“Since blockchain technology eliminates the need for conventional middlemen like banks, payment processors, and credit card schemes, they will be able to lower their payment processing fees significantly. These businesses will also be able to reduce losses due to chargebacks and fraud while expanding their customer base and generating more income,” says Alpert