Crypto Jewelry: Bitcoin Jewelry
It is a currency such as the dollar or the euro, which is used to make virtual transactions in order to acquire goods or services. However, unlike other currencies, it is purely electronic. Its origin was presented as a novel development, which highlights its ease of exchange, safety and efficiency in its use. It is a decentralized currency so it does not have a controlling entity. The Bitcoins do not have a central issuer like the dollar, the cryptocurrency is developed and produced by people and companies.
Bitcoin Jewelry: History of Bitcoin
Let’s take a brief tour of the most relevant events that have left an imprint in the history of Bitcoin. An origin full of difficulties, however, has managed to adapt and consolidate. Currently we can have a clearer vision of the pros and cons of this electronic currency.
2008 financial crisis
One of the first topics of the Bitcoin arises thanks to the crisis initiated by the collapse of the subprime mortgages in the USA. The Central Banks have the initiative to implement a monetary policy to inject liquidity into the system. The situation was worrisome, sovereign debt and the global recession was not an encouraging picture. The strength of the currencies supported by governments begin to lose their validity and are therefore questioned. Clearly the financial crisis seems to be the perfect context to give rise to an unconventional currency: Bitcoin.
Although, throughout digital history there have been several attempts to develop an electronic currency. There was some uncertainty in its use, since digital money is information, that is: the same tolken could be duplicated and spent twice, which meant a failure in the process. In order to find a solution, the only answer seemed to be: Determine a reliable source to verify if a token has been used or not. To implement this function, it is necessary to create a centralized authority. It should be noted that the system is very weak to attacks, since there is only one point of rupture.
The era of Bitcoin
Thanks to the development of block chains, something similar to a public accounting ledger, Bitcoin solved the problem outlined in digital currencies, since transactions are now registered, and are verified by a decentralized large computer network.
After being registered the first domain as Bitcoin.org, in August 2008, in October of the same year the first document that tries to explain the origin and design of Bitcoin was published.
At present its identity is not known, however, Satoshi Nakamoto is the renown or distinctive alias of the creator or creators of the Bitcoin protocol.
In 2010 Satohi made public his latest contribution to the improvement of Bitcoin and put Garvin Andresen as a visible face of it.
The Origin in 2009
The Bitcoin makes its official launch in January 2009, with the publication of the first open source Bitcoin user.
Satoshi Nakamoto, gives the first packet of Bitcoins and for it he obtains a sum of 50 Bitcoins, also known in his colloquial language as block genesis.
The first Bitcoin shipment is made to Hal Finney and was known as the first transaction of the digital currency.
October 2009- In the New Liberty Standard broker the first exchange of Bitcoins for dollars was made, the price was 1.3009,03 BTC for each one $ 1.
The year of the pizza
- 2010- Everything was taking shape and for the first time in the whole world it was possible to acquire Bitcoins for dollars. With a quote of 1 BTC for $ 0.003 the first types of changes are made.
- May 2010, a person buys two pizzas for 10 thousand Bitcoins. To this date dates the genesis of what would be the first purchase in Bitcoins.
- In 2013 at the current price of $ 1,000, the two pizzas had a value of about $ 10,000,000.
- Mt Gox, began his services as a Bitcoin broker in July 2010, and quickly became the broker with the highest purchase and sale volume of BTC.
- The first big hit to the Bitcoin protocol arrived in August 2010. Until then, transactions were not verified before they were circumscribed in the block chain. This allowed customers to overcome the limitations of Bitcoin and implement an indefinite number of Bitcoins.
After discovering the vulnerability gap, 184 billion Bitcoins are formulated in a transaction. It took minutes for the transaction to be detected, eliminated and resolved. Until now, this has been the only vulnerable breach discovered in the Bitcoin protocol.
Payment through Bitcoins
The Bitcoin virtual payment is based on bits and bytes and is generated through a fixed algorithm. These transfers are based on a peer network;therefore, they are not subject to a financial organization.
This digital currency is intended to give users in European countries the ability to buy fine items and expensive jewelry with Bitcoins, since this is not accepted in many e-commerce in Germany.
For Bitcoin users it is too cumbersome to buy products online, having to make the change to euros or dollars makes the situation more complex. For this Uhrzeit.org offers its customers the alternative of buying jewelry with Bitcoins. To carry out the process, just select “Pay with Bitcoins” as the purchase method. To confirm the purchase, the client is directed step by step to the partner bitpay.com, where the Bitcoins can be easily transferred to Uhrzeit.org to specify their payment.
For those who are already established Bitcoin users, the procedure is as follows: Select the piece of the e-commerce, add it to the shopping cart, click on go to checkout and finally select as Bitcoin payment method. Transfer the Bitcoin number by Bitpay. The conversion is always done at the current Euro / Bitcoin exchange rate. The transaction costs are attached to Uhrzeit.org.
Advantages of Bitcoins
We can list a number of advantages of the implementation of Bitcoins, however, we will mention the most relevant:
Trust and security:
- Users who make frequent transactions with Bitcoins, feel absolutely confident when making their payments with this method. Since unlike other payment platforms, it is the users themselves who control their transactions.
- Bitcoin transactions can be complemented with secure methods such as encryption and backup. They are implementations considered ultra-safe by the users themselves. On the other hand, the reservation of identity and the personal safeguard to the data of the clients, make that the use of Bitcoins is considered a safe process.
- Bitcoins do not have their own company, that is, they are not payment processors. This digital currency is considered a global system, its users can manage it by acquiring and trading their Bitcoins as best suits them. Each client knows the rules of the system and its functioning, there are no political, geographical, or social limits that prevent transactions with Bitcoins.
A currency that tends to rise in price:
- Currently there is a limited number of Bitcoins, that number is hovering around 21 million dollars to be precise. A value on which the majority of transactions in the world are made. Specialists estimate that Bitcoins is an innovative currency that tends to rise in price. That is why many investors and business man tend to keep their investments in this type of currency.
Very low fees:
- Most payment processors such as Pay Pal commission approximately 5.4% for each transaction. This process leaves lost when trying to convert virtual money into cash. Unlike with Bitcoins the costs would not be so high.
- Currently making a purchase / sale transaction for Bitcoins, it is a very economical option and in some cases, it can even be free. Therefore, if comfort and low prices are involved, converting your Bitcoin capital into cash and having it almost immediately in your bank account is possible thanks to Bitcoins.
Minimize the risk of fraud:
- Since the beginning of Internet business, scams to merchants have been increasing. Even a large part got used to asking for high-value products, having them and then undergoing the protection of the seller, subsequently requesting their reimbursement. For this reason, most e-commerce stores were left bankrupt. This encourages a wave of distrust and many merchants do not dare to market their products through the web today.
- When Bitcoins land, making business online is increasingly safe and reliable. Large multinational companies such as travel agencies, choose to receive their payments by virtual purses instead of using other processors. When carrying out transparent and high-speed transactions, it converts them into secure and irreversible processes.
- With virtual currencies there are no limits, no restrictions for the number of daily transactions, without banks or hours of service, that is something like 24/7. You as a customer have absolute control over your money. Without wanting to pay tribute to Bitcoin, I consider it pertinent to take a look at the other side of the coin.
Not so good aspects of Bitcoins
An unknown in the panorama:
- Although, the use of Bitcoins is increasingly frequent. In the ecosystem of the markets that carry out transactions on the web, the percentage that makes use of the virtual currency is minimal.
A game of chance, which may be more expensive to buy later:
- Since there is a limited amount the price difference of the current Bitcoin to a future one is speculative. As we mentioned above, it is a currency that tends to increase its value over time. Today its price is 317 USD, it is likely that this value will increase.
- Can be cataloged as a pro and a contra at a time. It is true that many people associate Bitcoin transactions to illicit payments or related to tax evasion. A premise to reason about its use, is one that falls by its own weight, because if we consider the action of making our capital effective it is necessary to have a financial entity.
Bitcoin jewelry: The market makes a nod to Bitcoin
The market seems to make a nod to Bitcoin in the world of jewelry. Reeds chain of the United States, took a step towards innovation and began to accept it in their payment methods. This is how customers of the franchise can buy diamonds and other jewelry safely with the virtual currency. According to Coindesk, the Bitcoin Coinbase purchase and sale platform will be in charge of processing the BTC transactions of the jewelry.
Why Reeds decided to accept Bitcoin?
There are many users with Bitcoins who want to turn them into things and acquire products, we want to be able to offer a novel alternative as a service, said Reeds.
However, Reeds believes that: those who invest in Bitcoin may choose to multiply their investment portfolio in jewelry.
The question that arises is what is then simpler for a thief, stealing Bitcoins or jewelry? As concluded, the jewels would be easier to access.
On the Gold side in this area
In the long-term Bitcoin is a more profitable investment than gold, it is difficult to determine it, since the increase of the virtual currency is not a guarantee of its future profitability. Since it is dependent on a number of external factors. However, the Bitcoin route is short enough to draw conclusions and predict its tendency and stability.
Although in fact the Bitcoins, they have an advantage over gold. In the first instance, it is possible to use it as a method of payment. While gold is useless before this type of online transaction. As a second instance, economists predict that the offer of Bitcoin will have a limit of 21 million, unlike that, the offer of Gold is expected to increase just when it increases its price.
The Bitcoin does not pay interest, that is: It is possible to store it for long periods of time. However, ownership belongs to property, therefore the confiscation of regulatory bodies does not represent a risk. To conclude, there is also no real risk of theft, as if it is present in precious metals.