Payments with cryptocurrencies like Bitcoin at our store in Miami are becoming more and more popular. On the video above, we collaborated with Austin Doyle of Crypto Playhouse (one of the top crypto influencers on Instagram) to explain how we use BitPay to accept crypto. If you ever want to use a major cryptocurrency to buy a watch or piece of jewelry from us, please let us know and we’ll send you the proper invoice.
The Crypto Market is Doomed!
Umm, no it isn’t, but something really funny happened on on November 14th, 2018, the day we released the video above…
Bitcoin and the entire cryptocurrency market tanked! Our timing was perfect. LOL
Even though the video simply covers the use of crypto as a viable payment source, we received numerous comments and emails from irate viewers because of it. Some were downright insulting! “How could you guys ruin your reputation promoting crypto?” “You guys must have lost so much money now that you got paid in Bitcoin!” “Crypto is dead. You guys should stick to watches!” And the list goes on an on!
People, for the love of God, understand this: the video was meant to show how we can now accept crypto as payment for watches. That doesn’t mean we’re recommending Bitcoin, Ethereum, or any of the major cryptos as an investment. This is not investment advice. Far from it! Furthermore, given that the mark-ups on our watches are so low, we cannot afford to hold crypto once a client uses it pay. That is the reason why our payment provider (BitPay) initiates an auto conversion to Fiat (a bad word for crypto purists) immediately after each payment is made. Consequently, we did not lose money on the actual transaction shown on the video (where Austin bought a black dial Submariner with Bitcoin). The funds were automatically converted to USD, then sent by BitPay within 24 hours to our bank account!
Now that we got that explanation out of the way, let’s move on. Shall we?!
Is Paying with Crypto Safe?
Near the beginning of our Bitcoin video, Eric asks Austin the question above (as many clients do). Austin responds:
Bitcoin, if anything, is even safer [than traditional payments] because not only are you transacting on the blockchain, which is secure, but when you’re going back and forth…you know who that person is and it’s confirm-able on the blockchain not just for you, but anyone else that wants to confirm that, they can go, they can take that transaction ID, check it out, bamm! Right there!
Because of the security and immutability of the blockchain, as Austin explains, crypto payments are actually safe and verifiable, something that’s not possible with cash, which is typically what is used for “sketchy” purposes.
What Coins can I buy your watches with?
As explained on the video, right now we can accept Bitcoin (BTC) and Bitcoin Cash (BCH) because those are the two crypto currencies that BitPay offers through a variety of compatible wallets. If you want to buy watches with another crypto, you’ll have to first convert it to either BTC or BCH in order to pay through BitPay.
I don’t understand crypto. What do I do?
Many people either don’t know about crypto or think that it’s some kind of taboo, but it’s far from it. Paying with crypto is fast, low cost, and secure. As a merchant, we like it a lot more than credit card payments which have higher fees. If you would like to learn more about Bitcoin or cryptocurrencies in general, please visit the Crypto Playhouse YouTube channel.
Click here to contact us if you would like to purchase your next luxury watch with crypto!