Is it worth making cryptocurrency as an innovative source for extravagance brand

[alfonso_jon]

Anyone can mark immense wages from spending much in cryptocurrency in 2020. But financing at the accurate phase involves windfall.
While comparatively innovative practice of payment, cryptocurrency has received diverse responses from managements, organizations, and authorities. The luxury industry as a whole has been at the leading phase, addressing the digital gold as the succeeding paramount gadget.
Buying luxury item is now becoming new digital approach leading the worth of cryptocurrencies. Commencing ordering luxury cars to paying for utilities and everyday products, acceptance of cryptocurrencies as an authentic payment choice and has merged the backend technology to be able to run, track and screen the currency.
What should be suggested as per future perspective, is this innovation is worth making payments digital as an option?

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[rijaljun]

What should be suggested as per future perspective, is this innovation is worth making payments digital as an option?

I have doubts of using crypto as payment still. Not only for luxury stuffs but almost every stuffs in this world. With the high price volatility, it leads someone to speculate on the currency they are holding, they won't easily spend their coin for something. In the other hand, we need to increase the use of cryptocurrency in daily basis cause the more spending, will result the more demands on the market which could also increase the price.

In this case, probably, stablecoin could be a good option to do this thing but most of them like not really decentralized IMO so nothing's really perfect as payment option at the moment.

[jostorres]

I am not sure if it will help out the luxury part of the question because spending a lot of bitcoin on stuff that are super expensive could still take some time to get common, it probably already has happened few times but I doubt it has happened too many times so far.

It means the regular stuff (like going to a cafe and paying there with bitcoin) will be simpler to adopt for now, I know it is not fast enough and quick enough just yet but overtime it will get to an instant level in the future with technology getting faster as well, I even think that lightning network will make sure of that in 2020 so adoption at the cheap stuff will get more famous. However stuff like luxury cars will still take a long way before it happens (except maybe tesla because elon is a weird dude).

[alfonso_jon]

I am not sure if it will help out the luxury part of the question because spending a lot of bitcoin on stuff that are super expensive could still take some time to get common, it probably already has happened few times but I doubt it has happened too many times so far.

It means the regular stuff (like going to a cafe and paying there with bitcoin) will be simpler to adopt for now, I know it is not fast enough and quick enough just yet but overtime it will get to an instant level in the future with technology getting faster as well, I even think that lightning network will make sure of that in 2020 so adoption at the cheap stuff will get more famous. However stuff like luxury cars will still take a long way before it happens (except maybe tesla because elon is a weird dude).

absolutely correct idea.. if to adopt cryptocurrency this way then its better to take a start from the bottom .. as with the flow of stream, cryptocurrency will sooner fly high touching the price sky, then to move towards expensive stuff buying policy ...

[joniboini]

how can i move this post there? simply copy paste there?

Use the move topic option on the bottom left of your thread.

Regarding your topic, the luxury market is too specific. There is already a project that aims to tackle that area but I dunno how they're doing right now after the token price got dumped due to low demand. It is called Aidus IIRC.

[Wexnident]

Digital payments are being integrated around the globe for improved quality of life of users, but having crypto as the mode of payment may prove to be a bit more difficult. Most of the used coins out there ( the ones integrated to digital payments) are volatile coins so it is kind of difficult to implement as a type of payment. Even if we take into account luxury items, the same integral problem would still stay the same, so implementing it after a solution has been made is a lot better imo.

If there was a coin that could be accepted by the masses, and everyone could easily have access to it (globally), then accepting crypto as a mode of digital payment could be quite nice.

[panganib999]

If BTC isn't accepted as of yet as a mode of payment towards consumer goods and the like, I doubt it could be possible to be immediately used for digital payments of luxury brands. The issue with it is because of how volatile the coin is, marking for a constant problem with regards to management. Some had decided to use BTC for payment, but most of those would be big brands and companies that have the space to manage it. Not only that, there's also the issue of BTC being accepted by all. I mean, not everyone knows of it and not everyone has it, so it being a mode of payment could be pretty useless at times, since only a few would even choose to use it as payment.

[alfonso_jon]

What should be suggested as per future perspective, is this innovation is worth making payments digital as an option?

I have doubts of using crypto as payment still. Not only for luxury stuffs but almost every stuffs in this world. With the high price volatility, it leads someone to speculate on the currency they are holding, they won't easily spend their coin for something. In the other hand, we need to increase the use of cryptocurrency in daily basis cause the more spending, will result the more demands on the market which could also increase the price.

In this case, probably, stablecoin could be a good option to do this thing but most of them like not really decentralized IMO so nothing's really perfect as payment option at the moment.

In this new era of technology, we now own assets in the form of cryptocurrency so our next step should be to make it more worthy for ingenuity payment progression. We are the ones to take initiative.

[Dart18]

To be honest it is a good thing if you could pay something which doesn't involve cash at all.
I don't want bringing all that money into some event or whatever the occasion maybe just to buy something else.

Bank wiring might still be the one taking care of all those but I don't trust banks at all. Yeah, ever since I discovered everything into how banks are making money and us getting just .01 percent annually. I stopped keeping my money there.

So, yeah! why not! Let us pay with crypto from now on. 

[rijaljun]

In this new era of technology, we now own assets in the form of cryptocurrency so our next step should be to make it more worthy for ingenuity payment progression. We are the ones to take initiative.

To achieve that goals, you will have much work including to change people's view from cryptocurrency as store of value to cryptocurrency as payment option. Because, even you create a project focusing on payment solution, there are people who think your project's token as very valuable investment so they'll just hold them and won't spend your token to buy things.

[huige007]

how can i move this post there? simply copy paste there?

Use the move topic option on the bottom left of your thread.

Regarding your topic, the luxury market is too specific. There is already a project that aims to tackle that area but I dunno how they're doing right now after the token price got dumped due to low demand. It is called Aidus IIRC.

I don’t think so it is worth using cryptocurrency as a source for luxury items as many people are not familiar with it up till now. No doubt, its value is increasing day by day but it still need more time to be known by the common people. I hope we will have more users by the end of 2020.

[leowonderful]

Seems way too niche and as others have said, too specific to really be successful to me. Crypto payments on non-luxury sites for physical goods don't seem to be very popular at the moment and most sites don't support crypto payments as a result, and the luxury goods market is smaller which doesn't help at all, and people also like the buyer protection and greater ease of payment offered with payments through credit cards at the moment too.

[Twinkledoe]

I am not sure if it will help out the luxury part of the question because spending a lot of bitcoin on stuff that are super expensive could still take some time to get common, it probably already has happened few times but I doubt it has happened too many times so far.

It means the regular stuff (like going to a cafe and paying there with bitcoin) will be simpler to adopt for now, I know it is not fast enough and quick enough just yet but overtime it will get to an instant level in the future with technology getting faster as well, I even think that lightning network will make sure of that in 2020 so adoption at the cheap stuff will get more famous. However stuff like luxury cars will still take a long way before it happens (except maybe tesla because elon is a weird dude).

I have seen several projects here aiming to cater the luxury lifestyle of people but seems that they haven't flourished. Spending a lot of bitcoins by somebody is very rare. But yes, spending in a cafe or paying bills is more common. But for the luxury goods or brands or anything of that sort, I think it is not a common up until now.

[CryptoBry]

Buying luxury item is now becoming new digital approach leading the worth of cryptocurrencies. Commencing ordering luxury cars to paying for utilities and everyday products, acceptance of cryptocurrencies as an authentic payment choice and has merged the backend technology to be able to run, track and screen the currency.
What should be suggested as per future perspective, is this innovation is worth making payments digital as an option?

The luxury items industry (including cars, expensive jewelries, arts, real estate and similar ones) is well suited with Bitcoin. I think there is a strong compatibility between the two and that this industry can be growing by leaps by bounds in the coming years. People who have the money would not mind buying BTC at its current price, so they can easily any luxury good they wanted. I hope that soon many luxury goods makers and marketers will be joining the club.

[blckhawk]

Cryptocurrencies are just considered as 'digital gold' because of its relatively higher price, especially Bitcoin. Aside from that, it isn't really supposed to be considered a luxury asset, but rather still a mode of payment that may be applied on a wide scale of purchases. It's just that Bitcoin couldn't scale, and with it being deflationary (which makes it increase in price over time), makes it a good contender in handling macrotransactions, and that includes luxurious products. If Bitcoin could scale, then it wouldn't be seen only as digital gold since more people could actually use it, whether it is priced low or high.

[alfonso_jon]

Cryptocurrencies are just considered as 'digital gold' because of its relatively higher price, especially Bitcoin. Aside from that, it isn't really supposed to be considered a luxury asset, but rather still a mode of payment that may be applied on a wide scale of purchases. It's just that Bitcoin couldn't scale, and with it being deflationary (which makes it increase in price over time), makes it a good contender in handling macrotransactions, and that includes luxurious products. If Bitcoin could scale, then it wouldn't be seen only as digital gold since more people could actually use it, whether it is priced low or high.

yes people are using their cryptocurrencies as digital gold as for future perspective asset.  but once awareness regarding payments introduce globally, it will work according to my predictions. and its nice to hear that you think the same way like i believed in.

[alfonso_jon]

As long as these extravagant brand were dealing online transactions then crypto payment, may it be through bitcoin or other altcoins is possible. As long as that brand is legit and really do accept crypto as payment then they can do transactions. It will be better if these brands also support crypto to really appreciate the transactions they will be doing.

after getting positive comments, my predictions regarding cryptocurrencies grasping some sense .. if we together take some steps concerning crypto will definitely reach heights of inventions ...