Uhrinstinkt Magazine
Pay for the new watch with Bitcoins and Ethereum
Crypto transactions are no longer a rarity in the watch industry and when buying watches. Exclusive brands are catering to customers’ desire to pay with cryptocurrency just like renowned stores. The service is not the only link between Ethereum, Bitcoins and luxury watches. Digital currency and physical masterpieces are linked many times – traditionally and recently.
Expected and welcome – crypto payments for watches
The noble timepiece comes into view, pleases at first sight and is bought within minutes. No sooner do experienced watch fans read that sentence than they shake their heads. Normally, careful research and consideration are made before adding a new masterpiece to the collection. As important as the timelessly fascinating design and the technically brilliant inner workings is the value stability of luxury watches. After all, we’re talking about investments where you don’t want to lose money under any circumstances and, at best, book a handsome profit if the sale comes up at some point.
Those who choose collectibles wisely are generally smart with their reserves. In view of the lack of yield opportunities, this speaks against leaving large sums in the checking account. In addition to classic investment options, it has become established to invest savings in cryptocurrency and use them to realize personal wishes later on.
Can you pay for watches with Bitcoins?
Yes, many manufacturers and retailers of high-quality timepieces accept this modern means of payment. The purchase amount is either transferred directly to the seller or settled via a suitable online platform. The immediate purchase of watches with cryptocurrency is similar to the usual money transfer and payment transactions in advance. The basic prerequisite for this is that both parties have a wallet for bitcoins, for example – the equivalent of a wallet or bank account.
There are numerous digital currencies besides Ethereum and Bitcoins that modern savers invest in. Those with more specific preferences still want to fulfill their watch dreams without any problems. Contemporary specialty stores cater to this and process crypto payments for watches via popular platforms, for example BitPay. The services of such providers include payment apps that can be used to buy everyday items such as pizza service or special items such as a watch from an exquisite manufacture.
What do cryptocurrency and luxury watches have in common?
Masterpieces of modern watchmaking are based on complex technology. The same is essentially true for cryptocurrency, with the difference that it is not physically tangible due to its virtual nature. Ethereum, Tether or Cardano? Investors are savvy in weighing what they invest in. Anyone who secured a Bitcoin (BTC) for US$0.07 at the official debut in 2009 could not even afford a pizza for it on May 22, 2010. That’s because they were charging 5,000 bitcoins for it at the time. In April 2021, the exchange rate for 1 BTC was more than 50,000 euros, but this had more than halved by the summer of 2022.
The examples illustrate what cryptocurrency and horology have in common: Anyone who invests their money in it needs not only expertise but also a modicum of courage for speculation and plenty of perseverance. Similar to digital currency, watches as investment objects are affected by fluctuations in value and often only turn out to be lucky finds after long lean periods.
The enormous appreciation of the cryptocurrency boosted investment in watches with Bitcoins, because luxurious masterpieces became affordable for a new target group. However, many a proud owner had to part with his noble timepiece again quickly because he was surprised by the crypto crisis. Watch collectors were therefore pleased with an unusually large selection and comparatively moderate prices in the second half of 2022. Currently, some investors are flirting with spending some of their Bitcoins on watches. They are not only considered a proven investment strategy, but also score points with an attractive added value: You hold something in your hands that can be marveled at and worn at will.
Bitcoins, luxury watch or both – statements with an individual touch
For the most part, the hand-picked collection rests in the watch cabinet, so that signs of wear do not relativize the value of the investment watches. However, a selected portfolio regularly completes the outfit for business appointments, leisure activities or festivities. Luxurious wristwatches inspire with their extraordinary look and sophisticated functions, which are warmly welcomed in everyday life. At the same time, they are an unmissable statement that testifies to a creative and smart approach to finances. Those who juggle a cryptocurrency like Ethereum are also positioning themselves beyond the mainstream. The desire to make an obvious statement is understandable, and watch manufacturers are increasingly fulfilling this desire with unusual collections.
Hublot launched the Big Bang Special Edition “Meca-10 P2P” to mark the 10th anniversary of the cryptocurrency. The Swiss brand limited the number of pieces of the Bitcoin watch to 210 pieces, cleverly picking up on the fact that, according to the limit, there may be a maximum of 21 million Bitcoins. The special collection was not only a tribute, but also an opportunity to express one’s personal passion for cryptos. The engraved transaction number makes each piece unique. It also reminds us that only digital currency was accepted for the special edition.
Cryptocurrency as a means of payment for watches with blockchain gadgets
Jacob & Co goes one step further in the fusion of digital and analog status symbols. The Astronomia Metaverso luxury watches are a cryptocurrency statement of the highest order, with which the financially strong owner can adorn himself twice: in the virtual world with the acquired NFT work of art and – in the case of part of the opulently designed collection – also in real life with the real existing counterpart. Frank Muller takes a somewhat more pragmatic approach to the concept of a Bitcoin watch: The Vanguard Encrypto collection of the noble Geneva brand integrates the wallet for cryptocurrency into the timepiece with tradition-conscious manufacture quality.
Sounds exciting, but more tangible would be better? Coming right up: The key element of Ethereum, Bitcoins and every other cryptocurrency is the blockchain. It scores high on security when it comes to storing and transferring information. This is practical, for example, if you want to attest to the authenticity of a valuable object or define the rightful owner. Breitling has recognized this opportunity for itself. Since 2020, the certificate of the renowned manufacture has been based on a blockchain, which makes the luxury watches significantly more forgery-proof. It also makes it possible to clearly define ownership rights and archive important details for watch history.
