Would it not be great if there could be a digital currency system whereby jewelry merchants from anywhere in the world could conduct business with a global clientele, without having to go through costly global wire transfers and volatile money conversions? Such a system would be fraud-free because there would not be any scope for using credit cards. The system would also be more secure as trust would be established between the retailer and maker, and between the retailer and its customers. So, there is not going to be any middleman jewelry distributor. Finally, all transactions would proceed seamlessly and quickly because there would not be any clearing delays.
With the Bitcoin making its presence felt in 2008 the value has skyrocketed to unprecedented heights in recent times, regardless of its volatile nature. With a greater interest amongst people and keenness on part of financial institutions to give it a chance instead of writing it off completely, Bitcoins and many altcoins are now offering people an alternative to fiat currencies. Nevertheless, in spite of the Bitcoin’s steady progress into our lives, mainstream adoption is still not a reality because many questions continue to surface regarding its viability for trading.
The average retailer is still unsure whether Bitcoins should be accepted in exchange of their goods and services, whether they can exchange their Bitcoins securely for government supported currencies in future, etc. They lack information about financial regulations governing crypto coins and cannot be certain whether their volatility will ever change. Answers to such questions will eventually determine if the Bitcoin and its cousins can emerge as universally-accepted forms of payment.
Compared to other industries the jewelry industry faces much higher risks of frauds and thefts. When a new system of payment is being introduced as the cryptocurrency system, the risks are likely to be heightened. So, all jewelry retailers must be aware of risks of volatility, liquidity, frauds, etc when they decide to accept crypto coins as payments. The biggest threat is of course volatility of the crypto assets because the prices of Bitcoins can change drastically within only a few hours. But those who are not scared of taking risks can start accepting transactions in crypto assets as this is just the same as accepting company shares. The concerns about frauds are usually related to the corrupt exchanges that vanish overnight taking the users’ money with them.
The obsession with cryptocurrency has reached such heights today that jewelry manufacturers are incorporating crypto coin designs and shapes into their pieces, and these are now emerging as bestsellers. You can buy now buy Bitcoin earrings, necklaces, Bitcoin rings, Bitcoin shaped pendants and lapel pins, brooches and cuff links from reputed jewelry marketplaces. Likewise, you can buy cufflinks with an Ethereum logo, Satoshi necklaces, NEO necklace, round Ethereum gold key chains, Crypviser pendant necklace, etc.
Crypto has always been big news and many industries like jewelry and fashion are keen to exploit its full potential. Amanda Razani of Coin Clarity is of the opinion that the fashion industry has always adopted what is most popular and then transformed it into a trend. It is quite possible that crypto-themed clothes can be seen in future markets since many of these digital coin symbols are quite attractive.