Friday, June 22, 2018

It took four years but one retailer has proven Bitcoin can work as a medium of exchange

Back in 2014 when Bitcoin and cryptocurrencies were little more than a fringe asset class, one retailer decided to invest the time and effort to integrate the digital money into his sales platform.  And although it took four years to finally see some traction, the jeweler from Silicon Valley now has more sales in Bitcoin than he does in traditional credit cards.

Stephen Silver, the CEO at Stephen Silver Fine Jewelry, has revealed that after four years of integrating Bitcoin in 2014, cryptocurrency transactions have surpassed credit card sales at the retail shop and 20 percent of the company’s sales are now attributable to cryptocurrency. 
Silver, who had previously led Stephen Silver Fine Jewelry to become the first jewelry retailer in the world to accept cryptocurrency back in 2014, said: 
“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.” – BTC News
While the use of cryptocurrencies as a full medium of exchange has not caught on with most retail and service establishments, it does appear to work well in high end retail and with real estate transactions.  And since enough exchanges have arisen since 2014 to make the acceptance of Bitcoin and other cryptocurrencies possible, the only two things potentially standing in the way of it one day reaching a critical mass would be that of price stability, and improving the speed to transactions as the blockchain and technology progress. 


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