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Cryptocurrency launches at Serendipity Diamonds
This week, Serendipity Diamonds unveiled plans to launch Cryptocurrency. The new payment method embraces advances in payment technology for diamond jewellery. The new service launches in the New Year to complement existing payment methods for diamond engagement rings and jewellery purchases. Due to the rapid advances in digital currency, new payment methods will become available early in 2018.
“We’re very excited to be one of the first jewellers taking this step forwards. After much consideration, we predict digital currencies will play a significant role in the future purchase of luxury goods.”
What is Cryptocurrency?
Cryptocurrency is a broad name for an ever-growing list of digital currencies. You have probably heard of Bitcoin which regularly features in the news. This is just one of the many digital currencies using Blockchain technology. Other examples include Bitcoin Cash, Ethereum and Litecoin to name but a few. Cryptocurrencies form part of a revolutionary digital cash system, designed to be secure and anonymous. While it can be confusing, but there are many simple explanations online about how digital currency works.
Cryptocurrency is not physical money. Encrypted transactions go onto a shared ledger. Furthermore, transaction copies enter a de-centralised network of computers. Transactions cannot be duplicated or reversed and there is no need for a central bank to process transactions. In addition, digital cash is stored within a virtual wallet, securely encrypted for the owner. Owners of Bitcoin, Bitcoin Cash, Ethereum and Litecoin will be able to purchase diamonds and jewellery early in 2018.
Is there a risk in taking Cryptocurrency payments?
For anyone considering accepting digital currencies, there is a risk involved. Furthermore, values can fluctuate greatly, creating risk for anyone working with digital currencies. Converting digital payments directly to your chosen currency within a short space of time is perhaps the best way to reduce the risk for merchants. We then convert payments to our local currency, in the same way as regular payments. If you’re new to this payment method, you should start by learning the basics. Understand how cryptocurrencies work and learn the risks involved.
How to purchase jewellery using Cryptocurrency
Because so many digital currencies exist already, we’ve selected a small selection of the most popular currencies including Bitcoin. Firstly, clients interested in buying jewellery with Bitcoin, or other digital currencies, should contact us. Next, we provide a detailed quotation in your local currency with a conversion value in Bitcoin. Finally, a payment link will be provided to make your purchase in the digital currency.
In conclusion, it is exciting to join the ever-growing number of jewellers embracing new technology for our business. With increasing online sales, year-by-year, we continually adopt, adapt and improve. As a result, we continually broaden our scope of services for our global client base which stretches from the USA to Australia.