Bitcoin and high price purchases

Despite its monumental price rise, Bitcoin has been experiencing some curious growing pains in recent months. As it continues to gain popularity, the community is seemingly falling into a civil war with one issue at the center of it all – scaling. Lambos we can buy, but if you want to pick up a coffee for yourself on the way to work, relatively slow transaction times and high fees make it a less-than-desirable coin to use. For now, at least, it seems high price purchases alongside being a censorship resistant store of value are some of bitcoin’s most important breakthroughs.

Bitcoin has clearly piqued the interest of the extremely wealthy. Multi-million-dollar mansions are popping up all over with bitcoin price tags. And if you’re looking for luxury cars, yachts, fine art, or a $300,000 wrist watch, you can find those too. Where the transfer of large sums of money internationally would typically cost an arm and a leg and take several days to process, bitcoin bypasses the banks, resulting in lower fees and a 30-minute waiting period.

The infiltration of bitcoin into the luxury marketplace began in 2013. The now defunct Bitpremier made waves in finance blogs as it launched the first ever bitcoin store for high priced purchases. After this, many big-ticket items began hitting the news.

Lambos

The same year, Lamborghini Newport Beach began accepting bitcoin… sort of. The first purchase to hit the news was a Tesla Model S which was initially touted as a bitcoin purchase, though it later was revealed that the company lacked the infrastructure to support a bitcoin payment, and required the customer to convert the coin into cash prior to making the purchase. Since then, however, there have been a number of legitimate Lambo buys with crypto.

Headlines like “A 4chan User Bought A $200,000 Lamborghini Using Bitcoin” may have stirred some giggles back then, but it has become a serious business with a number of retailers looking to jump on the bandwagon.

Fine Art

Eleesa Dadiani, owner of the prestigious Dadiani Fine Art in London began accepting bitcoin and six other leading cryptocurrencies for pieces in her gallery earlier this year. Dadiani believes in cryptocurrencies, not only for her business, but all businesses. “We are combining old world business ethics and practice with the new world of technology – the current system is becoming stale and needs to be disrupted. Cryptocurrencies will provide a bridge from the elitist, centralist fine art market to a decentralized, open source world where many more will be able to become a part of this exhilarating market,” she explained

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