Ensuring Bitcoin and other cryptocurrencies are widely used is very difficult. This is especially true when it comes to buying items and services with cryptocurrency. A jewelry store in Menlo Park, San Francisco, is now one of the first jewelry stores to accept cryptocurrency. A positive development which helps legitimize Bitcoin as a currency. Store president Jared Silver is also a big fan of BTC, it seems.
Bitcoin for a Jewelry Store
Given the current value of Bitcoin, one would expect holders to spend it like a regular currency. That is far from how things are evolving in reality, unfortunately. Completing a Bitcoin transaction requires network confirmations. These confirmations can take anywhere from 10 to 30 minutes to fully complete. As such, it creates a very troublesome situation for the world’s leading cryptocurrency.
Even so, one particular high-end jewelry store sees merit in the cryptocurrency. The Stephen Silver location in Menlo Park (San Francisco) decided to introduce cryptocurrency payments to it customers. It is one way of ensuring the jeweler stands out from the competition in this regard. Jared Silver, the president of the store, is convinced it is a good idea to embark on this venture.
So far, it seems the decision is paying off for the jewelry store. Nearly one in five transactions are paid through cryptocurrencies, with Bitcoin being the more favorable payment option. It is still well behind wire transfers and credit card payments. However, the costs associated with those two options are still quite steep, so BTC positions itself as a much cheaper alternative.
Jared Silver Appreciates the Bitcoin Option
The most recent Bitcoin price increase – and subsequent decline – hasn’t hurt the business by any means. Jared Silver claims his store has processed an eight-figure sales volume in BTC, which is very impressive. All of this shows that those with BTC to spare are more than willing to spend it. Especially with the relatively high value per BTC right now, buying luxury items becomes a lot more straightforward. Jared Silver further comments:
Being that we’re here in Silicon Valley really in the cradle of innovation it provides us an opportunity to see how these technologies mature and what we’ve found was that we have a lot of customers who are reputable investors, entrepreneurs and they wanted to pay in cryptocurrencies.
It is evident this brings a lot more attention to the cryptocurrency industry. While not everyone will buy jewelry with Bitcoin, having more options at one’s disposal is a good thing. It is also good to see more stores embrace Bitcoin as a payment method. Even though Bitcoin isn’t a perfect solution, it does provide competition to exorbitant fees. That in itself is more than worth the trouble, it seems.
Do you think more high-end retailers will begin accepting cryptocurrency? Let us know in the comments below.
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