First, there was Black Friday. Then there was Cyber Monday. On Sunday, November 26, 2017, the world will experience its inaugural Crypto Sunday, thanks to the efforts of a small outdoor store in western New York.
One of the indices of a medium of exchange is that it can be used to purchase goods or services. While many would accept the assertion that bitcoin is a store of value (similar to gold), the next test of crypto currency is whether or not it can be used to purchase goods or services. Crypto Sunday is yet another step in the march to provide mass acceptance in the world of crypto currencies.
On Sunday, November 26, Adventure Bound, an outdoor store in Ellicottville, NY, will offer a discount to customers who choose to conduct their purchases in bitcoin, litecoin or ethereum. Adventure Bound carries globally recognized brands such as Patagonia, North Face and Orvis. Most of all, they are known as the regional supplier for SUP onthefly inflatable standup paddle boards, which will also be at a 20% discount when purchased with crypto currencies on Crypto Sunday.
Located just one hour south of Buffalo’s border with Canada, Adventure Bound’s small cosmopolitain resort community boasts a high number of visitors and second home owners from Toronto and other parts of Canada,
When asked why he supports the use of bitcoin and other crypto currencies in his store, Adventure Bound owner, John Rounds, replies “Almost every week, and sometimes several times in one day, I have Canadian credit cards that are incompatible with our payment processing system,” says Rounds. “It creates stress at the register and is potentially damaging to relationships with our customers. Bitcoin offers a solution to seamlessly transact business in a peer-to-peer environment. It’s not “your” currency or “my” currency anymore. It’s “our” currency.”
While some retailers are wary of bitcoin’s fluctuating value, Rounds views it as a positive. “As a small independent retailer, our systems are nimble enough to capitalize on Bitcoin’s volatility.” Rounds says that he can immediately convert bitcoin transactions back to USD. Or he can choose to hold them in his bitcoin wallet in hopes of re-couping the discount he offers to crypto currency holders.”
When asked if accepting bitcoin transactions is risky, Rounds replies, “Yes but in reality it’s a very acceptable risk now. No more risk that owning a retail store!”