Bitcoin really seems to be picking up steam, doesn’t it? The cryptocurrency has already been adopted by major companies like Microsoft and even Subway, who accept payments for their software and their sandwiches, respectively, in Bitcoin.
But in one of the latest stories about the digital currency making the rounds, it appears you can now buy something else with Bitcoin. Something far more expensive many can’t afford with US dollars, much less a currency that exists in 0’s and 1’s: luxury art.
Eleesa Dadiani, the owner of London’s Dadiana Gallery, wasn’t always well-versed in the world of Bitcoin. She’d heard of it, sure, but she wasn’t interested in it. She didn’t quite grasp how it worked, and she didn’t really see the point. It’s an understandable point of view. Why concern yourself with confusing Internet coins when most buyers will happily hand over a credit card or cold, hard cash?
But as she discovered ways she could work Bitcoin into the way her business operates, and how she could accept funds from someone across the globe instantly, she changed her tune. The Dadiana Gallery now accepts Bitcoin and a number of other offshoot currencies, including Etherium, Live Coin, Ripple, and more.
One of the major benefits of accepting Bitcoin as a form of payment is its fee structure. Credit card transactions, for the most part, dock a seller a certain fixed fee (usually somewhere around $0.30) along with a percentage of the cost per transaction. For art dealers like Dadiani, the $0.30 may not be a big deal, but even a small percentage of say, a $5,000 sale, can add up to a pretty substantial amount.
Bitcoin operates differently. Fees are fairly low and fixed regardless of how much Bitcoin you’re looking to convert to US dollars. So while it might not make sense to try and sell off $5 worth of Bitcoin, selling $5,000 worth of Bitcoin will net you a whole lot more of that sum than you’d get receiving the payment via credit card.
When you do the math, Bitcoin makes a lot of sense for sellers of expensive items.
Now the important question: are you interested in buying some luxury items via Bitcoin yourself? You could, of course, do so from Dadiani, the art dealer, and Bitcoin skeptic turned convert. But there are also other dedicated websites built specifically for those who prefer to spend via Bitcoin.
A quick browse through Bitpremier.com, for instance, lists homes, domain names — even a 2016 Tesla Model X — available for those who have a whole lot of digital currency burning a hole in their virtual wallets.
It appears they’ve done the math, too.