Stephen Silver, at one time head of Stephen Silver Fine Jewelry, showed that once four years of Bitcoin (BTC) integration in 2014, crypto transactions surpassed credit card sales in a retail store, and 20% of the company’s sales now refer to cryptocurrency.
Silver, who became the first jewelry retailer in the world, having adopted cryptocurrencies as early as 2014, said:
“Cryptocurrency surpassed the volume of retail purchases on credit cards in the company in a very short period of time. We created an income that the company would not even receive, without the ability to take a cryptocurrency. Large amounts of money – this is where we find cryptocurrency a huge advantage.”
Why it works in real estate and jewelry industry?
Just last year, millionaire investors in real estate development in Dubai were at a loss for the project managers to accept payments in BTC for selling their apartments and retail spaces.
At the same time, the Belgian tycoon Michelle Mone and her business partner billionaire Doug Barrowman said that the sale of real estate in Dubai worth 327 million dollars will mainly be handled in Bitcoin. Within a few weeks, 50 luxury apartments in Dubai were sold in BTC, for customers who had to convert fiat to the dominant cryptocurrency for the purchase of 50 apartments.
For retailers and business homeowners within the field of real estate and jewellery, taking payments in BTC and other major cryptos can be much cheaper and more efficient than bank transfers because of the high fees required by financial institutions and processing transactions from three to five bank business days.
Garrick Hileman, an economist-historian from Cambridge University and the London School of Economics, in an interview with CNN said that economically accepting payments in Bitcoin makes sense for expensive products and services. Transaction fees for goods, the value of which ranges from 10.000 dollars to 1 million dollars, can easily exceed the mark from 1000 to 50.000 dollars.
Buyers of jewelry save their money
In addition to bank fees, buyers of jewelry can save up to 1.5% of their purchase, because transactions made in BTC don’t require banks and other third-party service providers to convert reserve currencies.
As Stephen Silver emphasized, that his company is a supporter of the cryptocurrency sector, he follows the rapid growth rates of the crypto market and is satisfied with the maturity of the industry.
“Founded in Silicon Valley, Stephen Silver Fine Jewelry monitors the development of blockchain technology since 2008. In 2014, we felt that it was ripe to the point that we could bring this technology to our store.”