Buying Jewelry With Cryptocurrency February 24, 2022 – Posted in: Jewelry Blog
With the increasing popularity of crypto trading, it was only a matter of time before businesses started accepting crypto payments. If you’re wondering whether you could buy jewelry with crypto, the short answer is – yes.
This guide will explain everything you need to know about buying jewelry with crypto.
Is It a Good Idea to Buy Jewelry With Cryptocurrency?
Buying jewelry with crypto is an excellent idea, but only if you shop from a trusted jeweler. Moreover, even people who own crypto are often hesitant to use it for large purchases. To dispel your doubts, we’ll discuss crypto payment security, ease, and fees.
Crypto and Security
The main benefit of crypto payments is enhanced security. Cryptocurrency is based on blockchain technology, so only the wallet’s owner has access to the assets. Thieves can’t seize digital assets if they don’t own a key. One may argue that hacking a digital wallet is even easier than stealing a physical wallet. However, hacking a blockchain is nearly impossible. As of now, there are no known cases of Bitcoin or Ethereum theft.
In other words, crypto payments between two users are more secure than any card or cash payment. Only the sender and the receiver have access to the funds. This leads to the next benefit of crypto payments – users have full control over the transaction. Transactions don’t require approval from a middleman such as a bank. Therefore, users can easily exchange payments around the world without any hassle.
Because banks don’t have access to crypto payments, they can’t reverse transactions. People also can’t file chargebacks for crypto payments as they can with bank transfers. Therefore, crypto payments are more reliable both for the sender and receiver.
Pseudonymity and Buying Jewelry with Crypto
Crypto payments are pseudonymous. In the case of regular card payments, users must enter their data to prevent fraud. However, this means that a third party gains control over the payment and can refuse it. A third party can also track how users spend their money, which raises privacy issues. With crypto payments, it’s not a problem.
Although crypto payments aren’t entirely anonymous, a user’s address is hard to identify. Third parties must get an official permit to track a user’s crypto wallet. And since a user can have multiple addresses, they can remain practically anonymous when shopping.
Ease of Use
Crypto payments are not only secure but also highly convenient. Users can instantly send funds to any country without bank approval. All you need for crypto payments is internet access and a digital wallet. That’s especially handy for people residing in areas without easy access to banking systems.
Typically, users conduct international payments via bank transfer. Not every banking app facilitates the sending of funds to another country in just a few clicks. Often, users have to provide a ton of data and wait for the approval. With crypto, the world becomes smaller. No matter how far away you live, you can quickly buy what you wish from any country. You don’t even need a bank account to make crypto payments.
Fees for Buying Jewelry with Crypto
Crypto payments don’t involve banks and other third parties. Therefore, users don’t have to pay high processing fees as is the case with regular card payments. Although crypto exchanges may charge gas, deposit, or withdrawal fees, they are nowhere near as high as those of fiat currency exchanges. Users can also avoid overdraft, minimum balance, and returned deposit fees.
Please be advised that often, jewelry stores will charge the buyers for the crypto gas fees. Unless you’re using a particular crypto that has an expressive gas fee, it usually doesn’t add up to more than a few dollars per transaction.
How to Buy Jewelry With Crypto?
Now that you know the benefits of crypto payments, you may wonder how to buy jewelry with crypto. The process isn’t much different from card payments. Users can either use crypto checkout or send funds directly to the jeweler. Let’s take a closer look at both options.
Crypto payments require a different checkout than card payments. Thus, users can’t yet pay for jewelry using crypto in any store. Estate Diamond Jewelry strives to keep up with the times and is one of the first jewelry boutiques to accept crypto payments. We accept all major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. As of May 2021, we added Dogecoin, and as of February 2022, we accept all major cryptocurrencies on the market.
For user convenience, we have a dedicated crypto checkout. Users can shop as usual and choose this option. The payment will then be redirected to a processing app where the user must enter their unique wallet key to complete the purchase. In other words, the process is no more complex than a card payment.
We use the NowPayments system that enables quick, simple, and secure crypto transfers. It’s one of the first crypto checkout software that offers full anonymity for the sender and receiver. No third-party approval is needed and payments are instant. NowPayments doesn’t take custody of user funds, so you’re in full control over your money.
Although we have a handy crypto checkout system in place, users can also pay for jewelry via direct crypto transfer. If the checkout doesn’t work for you, contact us over the phone or email to arrange a transfer from your wallet to ours. No middleman is involved.
Top Tips for Buying Jewelry With Crypto
Buying jewelry with crypto has many benefits, but you should also be aware of the risks. Jewelry isn’t a small purchase, so users should follow certain safety tips when shopping with crypto online.
We’ve gathered our top tips for secure and easy online jewelry shopping with crypto.
Double Check the Wallet Address
The best tip you could ever get about paying with crypto online is double-checking the receiver’s wallet address. You should make sure it’s correct. As you now know, crypto payments are irreversible. Users can’t file a chargeback if they’ve sent money to the wrong wallet. The only way to reverse a crypto payment is to ask the wallet owner directly to send the funds back. However, not everyone is equally honest and would return funds they accidentally received.
Another point to note is that each crypto type has its own address. If a business accepts payments in different currencies, it will have different addresses for each type. Sending funds to the right address is vital. Always ensure you send Bitcoin to a Bitcoin address and Ethereum to Ethereum address, not the other way around.
Typically, you will get an error message indicating that you’re trying to send funds to the wrong wallet. However, not every checkout displays such a message. If you send your funds to the wrong wallet, they will get lost and be impossible to recover. Double or triple-checking the address helps to prevent this.
Finding a trusted jeweler is important not only to ensure the high quality of the product. As the crypto market is still largely a grey area and no one regulates payments, shopping from a legit company is vital to avoid fraud. The best way to make sure you’re shopping from a trusted retailer is by checking reviews online.
Be aware of scams. Some new stores that offer crypto payments receive funds but never send the product. Sending crypto to a fraudulent business is a quick way to lose a ton of money. The worst thing is that such mistakes are irreversible. In most cases, users are unable to get the funds back due to the complexity of tracking the receiver’s address.
Estate Diamond Jewelry is one of the industry’s leading jewelry retailers with hundreds of happy customers worldwide. You can be sure your funds will arrive securely and that you will get the desired ring. Our company is fully transparent and has a physical store you can visit in New York. Feel free to contact us directly if you still need answers to your security questions.
Keep Track of Blockchain Data
As a bank ledger, blockchain contains data about every crypto transaction that ever took place, including the sender’s and receiver’s address, timestamp, and amount. However, unlike bank ledger data, blockchain data is open to everyone. Anyone in the world can view the data if they have internet access.
You should track each crypto payment you send to ensure it arrives securely at the recipient’s address. The easiest way to do so is to record the transaction ID. Then, you can check the payment status via a dedicated database. Each crypto has its own payment tracking website where you need to enter the payment ID to see its data.
If you don’t know the payment ID, you can search for it by the recipient’s address. In this case, you will see all recipient’s transactions with a specific crypto type. You can identify your payment by the date and amount. Sometimes, the recipient may ask you for the transaction ID to track the funds on their end.
Check Return and Fee Policies
Most businesses allow returns. For instance, if you buy a T-shirt and get the size wrong, you can return it to the store and get your money back. But due to their nature, returns of crypto payments may have different terms and conditions. Thus, you should always check the returns policy prior to buying jewelry with crypto online.
Estate Diamond Jewelry’s return policy is really simple. Because we are an online retailer, our clients have 14 days to return a product. If you’re unhappy with the purchase, notify us within the stated timeframe. We will then send you an insured shipping label – you don’t have to pay for anything.
Once we receive the piece back at our store, we will send a refund to your crypto wallet. Note that we may need the initial transaction ID for the refund. It’s one of the reasons you should record your crypto payment data.
Apart from the returns policy, you should check who covers the fees. Although crypto exchanges charge lower fees than banks, they may still be significant if you buy an expensive piece. In the case of NowPayments checkout, the sender doesn’t pay anything extra, as the receiver covers all the fees. However, this may differ in the case of direct transfer. The fees may vary depending on your crypto wallet policies.
Buying Gold With Bitcoin and Ethereum
People can buy an array of things with crypto, from cars and real estate to food. Gold is no exception – more and more gold retailers now accept crypto payments. Estate Diamond Jewelry has a wide selection of gold rings, such as this stunning Buccellati piece. Nowadays, you can buy it with Bitcoin, Ethereum, or any other major cryptocurrency.
Gold and crypto are both popular investments. But while crypto is volatile, gold holds its value for long periods and is arguably a better long-term asset. This also applies to gold rings. Therefore, buying gold rings with crypto is a good idea if you want to protect your investment.
To buy gold or gold jewelry with Bitcoin or Ethereum, you should first find a reputable retailer. Estate Diamond Jewelry only offers gold rings, but some retailers trade pure gold for crypto. The process of buying gold with crypto is pretty straightforward.
First, you browse the catalog and add the desired product to your cart. At the payment stage, you choose NowPayments crypto checkout and enter your wallet key to complete the purchase. That’s it – you’ve acquired gold for crypto. If your crypto wallet is not supported by NowPaymments, you can contact us and arrange a direct transfer.
Tips for Buying Gold With Crypto
No matter what you buy with crypto, you should always check the receiver’s wallet address. If you pay with Bitcoin, make sure you send the payment to a Bitcoin wallet. And if you pay with Ethereum, send the funds to the Ethereum wallet.
Record your transaction ID to easily track your funds. Although you can later find the payment by date or recipient’s address, recording the ID is much easier. Note that the seller may request your payment ID if you need to get a refund, or the funds don’t arrive as expected.
Buying Engagement Rings With Bitcoin and Cryptocurrency
The world is rapidly changing, and we at Estate Diamond Jewelry strive to stay ahead of the times. For this reason, we decided to start accepting crypto payments for all our engagement rings. Whether you are looking for a classic diamond ring or an unusual emerald piece, you can pay with crypto via NowPayments or direct transfer. We accept Bitcoin, Ethereum, Litecoin, and other major currencies.
There’s no limit to how much you can pay with crypto for your ring. All you need to do is add the desired ring to your cart and head to the checkout. The website will then automatically calculate the price in crypto based on the current exchange rate.
If you’re unhappy with your ring, we will gladly accept it back within 14 days of the purchase and issue a refund. The refund will arrive at the same crypto wallet you’ve used to pay for the ring.
Benefits of Buying an Engagement Ring With Crypto
Since engagement rings are usually pricey, paying with crypto is a smart way to avoid hefty banking fees. You don’t have to wait for bank approval or provide lots of personal details. Crypto payments are safe, quick, simple, and cost-effective due to the lack of extra fees.
Saving money isn’t the only benefit of buying jewelry with crypto. Another indirect pro is that sellers accepting crypto are usually more open to innovation, collaboration, and creative solutions. If you have a custom design in mind or want to recreate a vintage ring, let us know. Estate Diamond Jewelry is happy to make a custom ring by your design for crypto.
Can I Pay Using Different Crypto?
Paying the entire ring sum with a single method is easier for both the client and us. However, we can make exceptions. Say you don’t have the entire sum in one crypto but own both Bitcoin and Ethereum, we can arrange a transfer to two crypto wallets. Get in touch to discuss your payment options for your desired ring.
Can I Pay With Crypto on a Layaway?
Engagement rings aren’t cheap, so many people buy them on layaway, repaying the sum in installments. While setting up layaway with crypto isn’t as simple as a regular bank transfer, we always strive to help our clients. Contact us to find out more about installment payment options with crypto.
Talk to a Jewelry Cryptocurrency Expert
If you’re still unsure about paying for jewelry with crypto, don’t hesitate to contact our experts. We are happy to assist you in choosing the best ring and arranging a payment method that suits your needs. Estate Diamond Jewelry crypto checkout is secure and simple. You won’t notice a difference from regular card checkout – apart from lower transaction fees, of course.