Today we live in a world of digitization. Technology has evolved so much that even currencies and money have become digital. Not only are these cryptocurrencies being used to purchase goods and services, but are also being bought as an investment. There are several digital currencies available such as Bitcoin, Litecoin, Ethereum and Binance Coin.But what exactly are these cryptocurrencies, how do they work and how can we use it to buy jewellery? Read on to know more.
Similar to any currency, cryptocurrency is a form of payment that can be used for buying a commodity or availing certain services.
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The only difference is that this cryptocurrency is a digital currency which is based on an online ledger to ensure secure online transactions. Just how you have to pay to buy tokens at a casino, similarly you have to pay in real currency in order to purchase cryptocurrency and access the goods and services associated with it. The transactions involving cryptocurrencies is regulated by a technology called blockchain.A blockchain is basically a group of decentralized computers that record and manage transactions involving cryptocurrencies. So instead of the bank managing your transactions, these decentralized computers manage your cryptocurrency transaction. The highlight of the blockchain technology is security it offers.
Until recently, the jewellery industries were not accepting payments by cryptocurrency since they were relatively new with an uncertain future. However, since they are being increasingly accepted all over the world, the jewellery industry has also welcomed it with open arms. Since the blockchain technology used for cryptocurrency transactions makes it more secure than traditional payment methods, more people are opting for this method of payment especially when they are buying something expensive and valuable like diamond jewellery. So whether you are buying lab grown diamond rings or earrings made of natural diamond, making a secure online transaction using cryptocurrency would be a better idea than carrying that amount of cash in hand or making a bank transaction. Also, if you are planning to buy jewellery via an online website then a payment via a cryptocurrency transaction would be a more secure option than card payment or bank transfer where your critical information can be taken advantage of by fraudsters and hackers.Even the jewellery retailers have added a coinbase commerce option on the payment page of their online websites that accepts payment in cryptocurrencies such as Bitcoin, Dai and Ethereum.
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So yes, purchasing any kind of jewellery seems to be a great idea especially when it comes to the security of payments. Most jewellery stores across the world accept payments via cryptocurrency nowadays. Whether you want to purchase bespoke ornaments, gold or silver jewellery, loose diamonds, earrings, necklaces or engagement rings Hatton Garden, you can do so by using cryptocurrency.The jewellery industry is looking to capitalize on cryptocurrencies to develop a more fair market for diamond sellers and buyers which not only ensures security but also enhanced liquidity, fungibility and portability.
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This move will help increase the value of both cryptocurrency and diamonds.