Bitlit Accepts USDC
A Step in the Right Direction
I’m proud to announce that Bitlit has made the decision to accept CENTRE’s US Dollar Coin (USDC) for all purchases. This is an awesome milestone not only for us as a company but also for the field of technology. As one of the first merchants to accept this asset, we pride ourselves on helping pioneer the adoption of cryptocurrency in E-Commerce.
It’s very difficult to use cryptocurrencies for online commerce in their current state. The frequency of large, rapid swings in the prices of cryptocurrencies means that the assets are not ideal for purchasing other items. This is because the price of an asset can shift drastically before, during, or after a transaction, which results in one of the two transacting parties being at a monetary disadvantage. This is incredibly risky for participants in a transaction and is a large factor in the slow adoption of cryptocurrencies today.
Stablecoins eliminate this risk by maintaining a constant price with another asset, like the US Dollar in our case. When our customers check out using USDC, it’s a nearly identical experience to checking out using US Dollars from a credit card, as 1 USDC always equals 1 USD. This way, customers can have the full ownership of their money provided by a cryptocurrency while still having the constant value of a US Dollar in their wallet.
What This Means for the Future
Our adoption of USDC means that underbanked and unbanked individuals can purchase our items without relying on traditional banking infrastructure to mediate the transactions. And, USDC is the first ERC20 token that we’ve chosen to accept yet surely not the last. This marks the beginning of our exploration into accepting more ERC20 tokens in the future.
We’re very excited to make this announcement, and we hope to see more adoption of USDC as more of our customers begin to use cryptocurrency. If you’d like to exchange your US Dollars for USDC, Coinbase and Circle are excellent services for doing so. To start purchasing Bitlit items using USDC, simply go to our checkout page with an Ethereum wallet with a USDC balance and select USDC as your payment method!