Next time you’re in Canada and looking to buy that special lady in your life some sparkly diamonds just remember, you can now use your cryptos. That’s right, Birks Group – one of Canada’s leading jewelry store chains – has signed up to BitPay and now accepts a range of cryptos at selected outlets across the country. The move makes the group the first luxury retailer to accept cryptos in the county. The move comes on the back of a torrid few weeks for crypto markets.
Despite cryptos performing badly, people are still looking for ways to spend their digital cash, and what better way to stop that special lady nagging you about your crypto losses than with a shopping trip.
Bitcoin – a Man’s Best Friend
Sorry dogs, Bitcoin has taken your spot as man’s best friend. A few years ago, there were very few ways to spend your Bitcoin, making is purely an investment vehicle. However, as firms like Birks Group have started to accept Bitcoin, it can finally be used for its intended purpose. Bitcoin will give you access to some of the most exclusive events around town and some of the most luxurious items that cash simply can’t buy.
Even if you have the ultra-rare American Express Black card, you still can’t get your hands on this new watch from Hublot. The $25,000 watch can only be bought with Bitcoin and it’s a limited release, meaning you better hope your transaction gets confirmed quickly.
Mark’s Jewelers Also Accepting Crypto
Just south of the border, Mark’s Jewelers is now accepting cryptos too. There appears to be a growing trend for high net worth individuals to splash their crypto cash on luxury goods – such as diamond rings and Rolex watches – and jewelry stores are cashing in on this new shopping trend. One of the main reasons for this electric level of adoption is transaction times. Under the current banking system, it can take potentially weeks for high value purchases to be processed by the banks, whereas with crypto it’s all done in seconds. That means you can walk out the store with your new purchases on the same day – no need to wait.
BitPay Scaring Customers
Last week, BitPay announced that it found a bug in its code that could steal your private keys. This isn’t good news for stores like Birks Group who might not have the technical skills needed to implement the fix. A third-party NodeJS package has been modified to steal private keys and the only cure is to upgrade your app and create a new wallet. Once you have a new wallet, you need to transfer your funds over. This might scare a number of firms away and could harm BitPay in the long run, but the news of Birks Group still going through with the partnership is very promising.
Next time you’re in Canada, don’t forget to head on down to Birks Group and treat yourself to a nice treat – after all, holding in these market conditions is stressful. As more firms begin to accept cryptos, volatility should begin to smooth out, meaning the more cryptos you spend, the smoother Bitcoin will become in the long run.