Digital Currencies In The Fashion World

Why digital currency options like Bitcoin become not just an e-money instituion but the latest cultural hit?

In 2018 the physical currencies – such as banknotes and coins – continue to decline and the electronic money grew rapidly in the last 20 years.

/photo Jeauk Choi

Digital money is not stranger for people. In 1990, David Chaum founded the first idea of digital cash called DigiCash – an electronic cash company in Amsterdam – and the same time the virtual race of money had started. In more than 20 years we have met several types of electronic currency (like Paypal, which helps people shopping online a lot). However, Bitcoin was introduced only in 2008, which date offically marked the start of digital currencies.

How does it influence the business of fashion? What about if the item you are wearing is the one doing the actual virtual money? And what if that data personally generated could be exchanged for value elsewhere? There are different kind of creative solutions how fashion brands try to connect with the world of digital currencies – just think about Baggy’s Bitcoin-themed streetwear products you can buy with (what else) Bitcoin – but StyleTracker operates within the intersection of fashion and technology with a special type of virtual wallet. You can earn and collect badges, with just using the application. For the users themselves, the benefit lies in earning special rewards online which they can use for physical products all around the world, by tracking what they wear every day and following friends. We offer an ecosystem where being an active member of a fashion community is literally rewarded.

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