Silicon Valley Jewelers Buy Millions Of Diamonds With Bitcoin

So far, 2018 has been a challenging year for cryptocurrency venture capitalist, but in contrast, long-term holders have been reaping wealth benefit.

The most recent news comes from Silicon Valley, where consumers are using bitcoin to purchase costly watches, diamonds, and other luxury things.

Stephen Silver Fine Jewelry, a Silicon Valley-based, renowned with exceptional ability to amass, design and craft the world’s finest jewelry, implemented cryptocurrency payments back in 2014, where crypto usage increased to 20% of sales last year, aiding the company close extravagant profits.

The firm welcome payments, only from authorized Bitpay wallets, in cryptos such from as XMR, BCH, and BTC which started as soon as easier and more secure choices were available in providing much faster transfer times than the traditional systems.

CEO Stephen Silver even mentioned the cryptos has exceeded the amount of retail credit-card transactions in an astonishingly short amount of time and produced a profit that the business would not enjoy if it were not for the huge sum coming from cryptocurrency.

The advancement, spearheaded by the president of the company, Jared Silver, started as a simpler, safer and faster alternative to send transfers instead of the conventional way of waiting two to three days to post, and as a result, capitalists squirrel-away up to 1.5% since buying with Bitcoin doesn’t have any conversion fees.

For years, the jeweler has been eyeing blockchain tech as a payment option when consumers wanted a way to pay using digital currency.

Jared Silver shared to Rapoport News that he has been watching the blockchain technology since 2008 and only in 2014 he felt that it had ripened to the point that it is necessary to incorporate the technology into their business.

The method of payment has become the key to increase in revenue, leading close to seven figures, that Jared Silver sees it as an indispensable tool.

Silver mentioned he had recently collected a million-dollar cryptocurrency payment.

The crypto opportunity never ceases to capture the wildest imagination of any innovator.

Who knows, tomorrowland may only have one room for one form of payment.