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Why should you consider buy Your Diamond Jewelry using Cryptocurrency?

Over the years, people prefer gold as their good investment option. But diamond jewelry is elegantly elite. Without any doubt, we can say both stones are precious. Unlike gold, diamond stones are available in different cuts, sizes, colors, and grades. Buying diamond ornaments like bangles or necklaces would be a good investment option and also gives an elegant look to the wearers.

It doesn’t matter whether you are about to purchase diamond jewelry to diversify your investment portfolio or to gift your loved one with the world’s best jewels made up of diamonds, prefer cryptocurrency mode of exchange to buy diamond jewelry

Cryptocurrency is the perfect alternative for those who love to do trading other than cash or card transactions. Right now! Cryptocurrency is storming the digital world all over the world. Cryptocurrency works on basis of blockchain technology which possess several benefits to the user’s wallet.

Many top companies around the world already approve Cryptocurrency mode of transactions, this shows the promising sign of Cryptocurrency trading growth in the future. This article is about illustrating why you should prefer buying your precious diamond jewelry using Cryptocurrency.

Understanding Cryptocurrency

Cryptocurrency is virtual money that acts as a medium for exchanging goods/items/services. It does similar actions of real-world currency. However, with the power of cryptography, this virtual money doesn’t have any physical embodiment.

Here come the most important things that you need to know about cryptocurrency. Unlike real-work currency, this virtual money operated independently and decentralized in the digital world. Also, there’s no bank or authority to control this virtual money. However, users can able to add new units of cryptocurrency after meeting certain conditions.

Advantages of Buying Diamond Jewelry Using Cryptocurrency 

In recent years, there has been a significant rise in the number of people across the world buying diamond jewelry as an investment tool. When compared with gold, diamond jewelry is considered a good investment option.  

Jewelry made up of precious gemstone diamond possesses a lot of pros to take. 

  • Size: Unlike gold jewelry, diamond jewels don’t consume a lot of space. Also, it cost doubles or triples when compared with the same size of gold jewel. 
  • Storability: Since diamond jewels come in small size it is easy to store and safeguard.  
  • Durability: Diamond stones are considered one of the hardest things on earth. This ensures the long durability of the precious stone. 

Unlike real-world currency, cryptocurrency has no limits on doing transactions or trading all over the world. This eliminates all the existing problems in today’s modern banking platform. In addition to that, here are the few key benefits buyers/users can enjoy while trading using cryptocurrency.

1. Confidential Transactions

Unlike the traditional mode of transaction, cryptocurrency transaction doesn’t store any records or identity of both seller and buyers anywhere. Every transaction you do use cryptocurrency is unique and it doesn’t inter-related. This allows you to negotiate for every deal that you are going to make.

In cryptocurrency trading, you have the option for sharing the information that you want to share with the seller or buyer, this keeps your privacy safe for the entire transaction.  

2. Lower Transaction Fees

Well, if you are in the trading industry or have done any transactions before then surely you would aware of those transaction fees charged by banking authorities or credit card Companies. But when it comes to cryptocurrency trading, there is no transaction fee. Because there is no authority to regular cryptocurrency trading, however, there may be some amount of transaction fee if trading involves any third-party management.

 Even though there is some transaction fee charged by the third party, still it significantly lower when compared with the fee charged for the traditional mode of transaction.

3. Decentralization

Trading done by the cryptocurrencies is backed by the block-chain technology which eventually brings the decentralization concept in every transaction. With this decentralization concept, only buyer or seller parties are involved in a transaction. This eliminates the presence of a third party in a transaction and reduces the risk of the transaction being monitored by a third person.

4. Easy To Do International Trading

Right now! Cryptocurrencies are not legally recognized by many nations around the world. But that doesn’t mean that performing international trading becomes harder on using cryptocurrency. Many nations want to regulate cryptocurrency trading mainly because of its nature like no exchange rates, interest rates, transaction charges, and so.

However, the peer-to-peer mechanism offered by block-chain technology eases international transactions problems like currency exchange fluctuations, and so.  

5. Improves Liquidity

In general, liquidity is the term used to measure the easiness of converting assets into cash. But the virtual money cryptocurrency is often considered illiquid since it has a wide area and involves multiple exchanges. This makes the cryptocurrency market volatile.

However, you can find so many platforms that offer more venues where you can do trading through cryptocurrency. This eventually improves liquidity and executes transactions more quickly with a lesser transaction fee for the users who do cryptocurrency trading.

6. Easy & Quick To Open Accounts

The virtual money cryptocurrency can be brought only through an exchange which requires an exchange account for managing cryptocurrencies. However, setting up and managing such an exchange account with a third party isn’t so restrictive and time-consuming.

One can easily open an exchange account in less than 5 minutes and do instant online verification and starts buying cryptocurrencies.

Buying Diamond Jewelry Using Cryptocurrency

Top businesses around the world now starting accepting cryptocurrency payment mode, diamond jewelry businesses are not an exception. Several diamond sellers accept Coinbase Commerce to ease the carting process of their buyers.  

Currently, more than 2000 cryptocurrencies are circulating in the virtual world. Here are the lists of options buyers can have on selecting these virtual money (cryptocurrency) payments.

  • Bitcoin
  • Bitcoin
  • Litecoin
  • Ethereum
  • Zcash
  • USDcoin

The above listed are a few of the top-rated cryptocurrencies that exist in today’s digital world. Among those, bitcoin is the most preferred and highly used cryptocurrency for trading in the digital world. If you are interested in buying diamond jewelry then prefer any of those cryptocurrencies.  

FAQs on Cryptocurrency Trading

Here are the FAQs you need to read before buying diamond jewelry using cryptocurrency.

1. Is it risky to do cryptocurrency trading?

Yes! Due to the presence of high volatility trading with cryptocurrency is risky. It is highly recommended to follow a risk management strategy before exchanging cryptocurrency in the digital world.

2. Does Cryptocurrency trading benefit the global economy?

Cryptocurrencies lower the transaction fees and reduce the risk of identity theft while trading. Apart from that, people from developing or developing nations where they do not have the proper infrastructure to do international trading can make it easily through this cryptocurrency.

3. Will Cryptocurrency trading be regulated by all nations in future?

So far there have been no regulations, however, discussion going on to regulate the trading. Many nations start to accept cryptocurrency trading with a warning sign to the consumers. Hope in nearby future all nations will accept the cryptocurrency market.    

Bottom Line 

The main emphasis when it comes to cryptocurrency trading is users/buyer’s identity kept anonymous throughout trading. Governments around the world are keen on regulating the working process of the cryptocurrency market.

It doesn’t matter whether it will be regulated or stays anonymous, users who prefer cryptocurrency trading especially buying diamond jewelry can enjoy lower transaction fees and stays anonymous that reduce the risk of identity theft.