Using blockchain technology, cryptocurrency is a new payment method recognized across the globe. Original currencies are formatted through the use of cryptography and encryption measures. Would you feel confident enough to use cryptocurrency to pay for jewelry online? Here are some reasons it might be worth trying:
These cryptocurrency transactions take place online, and customers are not limited to set trading hours of a jewelry shop. Your jewelry shopping can occur at any time of the day or night. Online cryptocurrency transactions are processed very quickly. Other online payment methods have waiting periods and additional authorization measures that result in slow transaction procedures.
- Internationally Accepted
Cryptocurrency is internationally recognized and accepted in most countries. No additional conversion between currencies is needed. These global transactions can be costly as pay wire transfer fees and/or foreign exchange rates need to be included in the process.
Cryptocurrency transactions have cheaper processing fees for merchants when compared to other payment methods such as PayPal, credit cards, or debit cards. Cryptocurrency customers will pay lower premium rates when banks and other institutions are not included in the financial transaction process. Banking fees such as withdrawal fees, overdraft fees, minimum balance fees, overdraft facility fees are not required. Many online jewelry stores will offer additional discounts if customers use cryptocurrency as their payment method.
Cryptocurrencies can be taken anywhere by storing them in a digital wallet that can be managed from your phone, computer, or hardware wallet (similar to a USB stick). Alternatively, you can store your cryptocurrency on a credit card.
Cryptocurrencies such as Bitcoin, Litecoin, and Dogecoin make use of cryptography. This process enables the protection of electronic communications and helps ensure that the copying of coins does not occur.
- Digital Ownership
Unlike having a bank account where your money is entrusted to an intermediary, knowing your password/passphrase is all you need to manage and control your cryptocurrency. There are no third parties involved when using cryptocurrency. Unless you choose to delegate the management of your digital wallet to a third party, you are in control of the process as the only owner of your encryption keys. Unlike bank accounts, direct peer-to-peer transactions are allowed without needing to seek authorization.
- Mobile Access
The blockchain technology used for cryptocurrencies makes it possible for people to complete financial transactions via mobile devices and biometrics. Approximately one-quarter of the global population does not have access to a bank account or credit card. However, many people do have a mobile phone with internet access. This makes the cryptocurrency option more easily accessible to a more significant percentage of the population.
Paying with cryptocurrency can be done anonymously and does not require you to provide personal information. Therefore, the use of cryptocurrency is similar to paying with cash. Your online payments are not linked to your identity, making it difficult to connect an individual with the cryptocurrency purchases made online. The extent of privacy measures depends on the type of cryptocurrency. Cloakcoin, Dash, and Monero are known for their high levels of privacy.
Cryptocurrency uses blockchain technology. Verification of each transaction occurs by using nodes (a decentralized device network). The whole process ensures that any third party is unable to manipulate the transaction. The sender is also unable to reverse the payment once the transaction has been made.
Protecting yourself from identity theft is always essential. The use of cryptocurrency can help a consumer ensure this does not become a problem. When online purchases are made through banking institutions, your private information is associated with your purchase during the verification process, leaving your personal data vulnerable to hackers. Since cryptocurrency is a direct transaction between buyer and seller, personal information is not exposed during the procedure, keeping your data secure.
Making Cryptocurrency Payments
How do I pay with cryptocurrency? To pay for jewelry online, you will need a cryptocurrency wallet. Bitcoin wallets can be acquired for free on some websites. You can then choose the type of cryptocurrency you wish to use. There are many available options such as Bitcoin, Dogecoin, etc.
The chosen cryptocurrency can be obtained via websites such as Coinbase or by choosing to accept cryptocurrency for goods or services. Creating new cryptocurrencies, such as Bitcoin, using “mining” is another option.
This is a computerized mathematical procedure. You are then ready to buy diamonds or other jewelry items with cryptocurrency.
Once you have selected your purchases, simply choose cryptocurrency as your desired payment method. The listed jewelry prices in US dollars will be automatically converted to cryptocurrency at checkout. It is also possible to buy real loose diamonds or lab diamonds with cryptocurrency at selected online jewelry stores.
Most online stores will then give you three options; scan the QR code using a wallet app on your mobile phone, copy the cryptocurrency address into your wallet, or send your cryptocurrency via a Coinbase account. Cryptocurrency payments cannot be combined with alternate payment options.
Last Word on Using Crypto
Who would’veWith a plethora of available payment options online today, choosing the most effective method can often seem overwhelming. Although still in its infancy, the concept of cryptocurrency is beginning to make its mark in various avenues of online shopping.
Besides the obvious, perhaps the concepts of jewelry and blockchain were destined to have something important in common. Make the jump and buy your luxury diamonds with Bitcoin, Dogecoin, or another type of cryptocurrency, and be assured of the many benefits it provides. Cryptocurrencies are a convenient, secure, internationally accepted, and affordable option for all your online jewelry purchases.