From 2019 to 2020, our Miami store saw an increase of 87.5% in crypto transactions…and we’re not alone! Payments with cryptocurrencies like Bitcoin are becoming more and more mainstream. On the 2018 video above, we collaborated with Austin Doyle of Crypto Playhouse (one of the top crypto influencers on Instagram at the time) to explain how we as a merchant 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 to get started.
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 don’t lose money on actual transactions like the one shown on the video (where Austin bought a black dial Submariner with Bitcoin). The funds are automatically converted to USD, then sent by BitPay within 24 hours to our bank account!
Crypto in 2021
Fast-forward to 2021, the price of Bitcoin has surged past $30,000 a coin, a quantum leap from the close on 11/14/2018 of $5,648.03 (reported by CoinMarketCap). Not sure what the naysayers from 2 years ago are saying now, but one thing is for sure, something definitely worked! Consequently, we continue seeing more and more demand from customers wanting to buy luxury watches and jewelry from us. Sometimes they pay with BTC, sometimes ETH, but regardless of their choice of crypto, the speed, efficiency, and low cost associated it with the transactions means that we’ll continue to accept cryptocurrency payments for many years to come.
Is Paying with Crypto Safe?
Near the beginning of our Bitcoin video above, the host asks Austin this same question. 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?
Back when we released our video, we were able to accept Bitcoin (BTC) and Bitcoin Cash (BCH) because those were the two coins that BitPay offered. Now, through a variety of compatible wallets, you’re able to buy watches with a lot more major cryptos, like Ethereum (ETH) and Ripple (XRP), and USD-pegged stablecoins, like GUSD, USDC, PAX and BUSD.
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 and fraudulent transactions. 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!