Traders at the NY Hester Street Fair this year will start accepting bitcoin payments for its artisan goods.
Hester Street Fair is a community market situated in the center of the 21Lower East Side in New York City. The market, which was recently launched for its fifth season, comprises small, independent businesses that are trading vintage clothing, artisanal food, handmade arts, crafts and other goods.
The market will be opened next Sunday, June 15th.
Over 30 traders at the Hester Street Fair, including Melt Bakery and Delicate Raymond, will be selling their quality artisan goods and food for bitcoin every Sunday until October 26th at the NYC Bitcoin Fair. It will demonstrate special bitcoin opportunities and events And will include companies associated with bitcoin to know more about the virtual money.
The NYC Bitcoin Fair co-founder Suhyun Park said that the Hester Street Fair is a perfect place for bitcoin activity. He noted: “The fair is the perfect environment for the use of bitcoin. The small businesses that vend at Hester Street Fair are very entrepreneurial and flexible and willing to try new things out. They aren’t burdened by having to go up a chain of command for permissions to try things. They are also excited to be at the forefront of this new technology.”
Suhyun Park was introduced to bitcoin by Pat Che, an owner of Xcubicle, a tech and skill share hackerspace located across the Hester street. Being an early bitcoin adopter, Che has been incubating bitcoin community in the New York City since 2012.
Together with Che, Park decided to test the idea of NYC Bitcoin Fair at one of Hester Street Fair’s Christmas markets. The trial was not successful as only three sellers agreed to accept the digital currency. In addition, the number of transactions was low. Moreover, Park admitted that first bitcoin transactions were rather clunky.
He said: “We were new to it. It was really in its early stage for us. We didn’t have the support, the education, the workshops and that sort of thing.”
Still, they had big $450 transaction for selling a photograph.
Park and co-organisers of the fifth fair said they are more confident this time: “I think Bitcoin has come leaps and bounds since then, especially with the adoption by so many larger and more reputable companies.”
They also cooperated with BitPay company for processing bitcoin transactions. Executive chairman of BitPay, Tony Gallipi, commented on the partnership: “We are so pleased with our new partnership with Hester Street Fair. It is another milestone for bitcoin. We are seeing it used in more brick and mortar outlets which is amazing to witness.”
The hosts have also oragnised an after party to wrap up the fair’s opening weekend. The guests will be offered a 25% discount on drinks to those who pay in bitcoin.
Charlie Shrem will also attend the fair and will appear at the after party.
Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
