recentrecent, Silicon Valley tycoons have used Bitcoin to buy luxury watches, diamonds and other luxury goods worth millions of dollars.
The physical store where this "anonymous rich man" conducts encrypted consumption is a high-end watch and jewelry boutique in Silicon Valley——Stephen Silver Fine Jewelry. The company reported a 20 percent increase in sales to its crypto exchanges through last year, cutting out expensive traditional sales expenses for the company.
Traditional wire transfer The waiting period for traditional wire transfer transfers is 2-3 days, and there are corresponding transaction fees. In contrast, encrypted payment is simpler and safer, and shortens the transaction completion time, enabling immediate payment. In addition, encrypted payments do not generate transfer fees, whichSave about 1.5% of single transaction cost for jewelry investors.
Currently, the company accepts payments in cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH) and Monero (XMR), and the payment channels are limited toBitpaywallet. Bitpay is a blockchain payment start-up company, known as PayPal on Bitcoin, with a payment fee of 0.99%. By the end of last year, the payments company had processed nearly $2 billion in total annual payments.
“Crypto payments have surpassed corporate retail credit card purchases in a short period of time."Stephen Silver Fine Jewelry CEO Stephen Silver said, "We have achieved considerable revenue. If the company does not accept cryptocurrency, it will not be able to enjoy these (convenience and profits).... In addition, we found thatIn terms of huge payments, cryptocurrencies have great advantages over traditional payments。”
Unlike credit cards, where bitcoin transactions are irreversible and the average jewelry transaction is close to seven figures, adopting encrypted payments will allow companies to place unlimited amounts on a single transaction and will accept every transaction. Jared Silver revealed that the company recently received a million-dollar payment in cryptocurrency.
Jewelers such as Stephen Silver Fine Jewelry have been exploring blockchain technology for payments in recent years. Jared Silver, president of Stephen Silver Fine Jewelry, spoke to the vertical media of the diamond industry "Rapaport Diamond Report"The analysis said, "Beginning in 2014, we feel that it (blockchain) has matured enough to bring the technology into our physical stores."
In addition, the company also cooperates with crypto payment for suppliers who accept crypto payment. But Jared Silver believes that the current realization of this mainly depends on the supply chain's support and acceptance of this new technology.
April
This yearApril, IBM cooperates with American jewelry retailers, jewelry processing companies, independent third-party verification companies, etc. to promote the establishment of a blockchain system based on Hyperledger Fabric to track the entire process of diamonds and precious metals from mines to markets.
Afterwards, the lineup of jewelry companies focused on exploring the application of blockchain technology continued to expand. The world's largest diamond jewelry retailer, Signet Jewelers, has joined the diamond supply chain platform Tracr, aiming to improve the transparency of the diamond jewelry industry and ensure authentic information. Chow Tai Fook also cooperated with the independent diamond appraisal organization Gemological Institute of America (GIA) last month to explore the digital certificate of diamond appraisal using blockchain technology.
In June, Italian jewelry companyDiamond MomenAnnounced the launch of a diamond trading model using blockchain technology, which will create a new digital pass that includes functions such as an identification system and a micropayment systemeternal chainI am Zhang Yi, a reporter from Odaily. I am exploring the real blockchain. For breaking news and communicating, please add WeChat ro20110723. Please note your name, unit, position and reason.
I am Zhang Yi, a reporter from Odaily. I am exploring the real blockchain. For breaking news and communicating, please add WeChat ro20110723. Please note your name, unit, position and reason.
