2 min read | 8 months ago

Jewelry Stores and Real Estate Use Cryptocurrency in Their Business


Stephen Sliver who is the CEO of Stephen Silver Fine Jewelry has claimed that their cryptocurrency transactions have exceeded credit card sales in 2018. The jewelry company is the first one to start using cryptocurrency since 2014, and 20% of retail sales are from cryptocurrency in the firm now.


Sliver says that “Cryptocurrency has surpassed the volume of retail credit-card purchases in the company in a very short time period. We’ve created revenue that the company would not even enjoy without being able to accept cryptocurrency. Large sums of money are where we are finding cryptocurrency to be a huge advantage.”


Hileman declared that “If you’re only paying a $2 transaction fee on a piece of art that’s worth tens of thousands, the fee is basically zero. But if you’re paying 2 or 3% on a piece of art of that value, then the numbers can go up quite a bit.” 


Bitcoin and other cryptocurrency transactions will be more convenient and efficient. Normal payments and bank transfers will require higher transaction fees and take more time to process. 


The buyer of the jewelry will also save 1.5% in fees when they purchase products.


Cryptocurrency also works in the real estate field.


Last year, Michelle Mone who was successful in selling lingerie, cooperated with a billionaire business investor Doug Barrowman in real estate. They announced that they would use bitcoin as a payment to sell a property in Dubai worth $327 million. Customers who want to buy the apartment have to convert their money into cryptocurrency.


“We allocated 50 out of 1,300 developments. We’ve sold all out. Some bought ones and twos, and one individual bought ten,” said Mone.


Sliver emphasized that he will continue paying attention to the cryptocurrency market in the future. 


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