Luxury watchmaker Breitling starts accepting Bitcoin for purchases

[SunTrader]

Follow JackMorgans advice.

That would be like following Jack Daniels advice, if he were still alive.

 

[newwurldmn]

All merchants get fiat currencies ($, EUR, etc) from Bitpay

Bitpay is a payment processor, I believe it's the biggest. Coinpayment is another payment processor

There's only a few merchants that accept Bitcoin and hodl. Overstock does (or did) and Tesla did

Bitcoin network tx fees have been very cheap for over a year. They used to cost as much as $50 in 2017, but improvements in the software protocol have driven them down

You can buy a $10M house and pay less than $1 in Bitcoin TX network fee


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so person A gives bitcoin to bitpay
bitpay gives USD to breitling

and then what does bitpay do with the bitcoin? hold it? sell it to someone else?

 

[johnarb]

I can buy a 10m house and pay NO fee with a check

FDIC insurance is limited so you probably wouldn't want to hold $10M in your checking account

How much would it cost you in fees to wire $10M from your many accounts to your checking account?

 

[johnarb]

so person A gives bitcoin to bitpay
bitpay gives USD to breitling

and then what does bitpay do with the bitcoin? hold it? sell it to someone else?

I think Bitpay publishes their operating numbers. I'm sure it's somewhere in there that they sell a portion to exchanges or hedge with BTC futures

https://en.wikipedia.org/wiki/BitPay

 

[JackMorgan]

FDIC insurance is limited so you probably wouldn't want to hold $10M in your checking account

How much would it cost you in fees to wire $10M from your many accounts to your checking account?

if i owned 10m in bitcoin, I would never sleep.

 

[M.W.]

I think you don't understand the real rational behind it. It's not because they like cryptos as our usual shills want to make us believe. It's because Russia and a few others can't otherwise access foreign currencies at current. Despite the volatility watchmakers rather keep the honey flowing despite larger volatility.

Fools,
Only a dumb country or company would accept Bitcoin crypto for payments. That stuff is extremely volatile.

Imagine accepting Bitcoin at its all-time high of $67,000 for something, but now it's only worth $19,000.
What happens now....all those companies and transactions become insolvent, bankrupt?

Breitling and its watches...are only worn by dumbfuck type of guys anyways.

 

[M.W.]

You want that watch where they can't even get the Roman number 4 right? Lol.

Just kidding, just find it funny how watchmakers want to come across as traditional or antique by using IIII instead of IV, which is the widely accepted way to represent 4. It's all about marketing and image. Nothing else.

What did you make in the market today, SunTrader?
Enough to buy a Big Mac, Whole Alaskan King Salmon, Mortgage payment, House,

Speaking of watches. I'm a watch guy, myself. I want this beauty,

Blancpain Carrousel Villeret Moonphase, 6622L-3631-55b
I just need $95,000 to magically appear somewhere,

 

[newwurldmn]

I think Bitpay publishes their operating numbers. I'm sure it's somewhere in there that they sell a portion to exchanges or hedge with BTC futures

https://en.wikipedia.org/wiki/BitPay

they take on principal risk and don’t even charge for that?

 

[johnarb]

if i owned 10m in bitcoin, I would never sleep.

Depends on how you balance your net worth and what percentage is Bitcoin

If you're not rich and have a steady job, you could have over 80% of your net worth in Bitcoin

If you're filthy rich, even better, put 5-10% of your net worth and fuggedaboutit

Look at Winklevoss twins, they bought 210K btc's starting at $!2/ea

Rode it to over $200M, rode it down to $30M, rode it up to $4B, rode it down to $600M rode it up to $14B now back to $4B

They never sold a single Bitcoin. I bet they slept well in the past 10 years

 

[Baron]

It's crazy how I used to be a watch fanatic in past years but now I look at luxury mechanical watches as being so outdated and overpriced. These days I just wear a fitbit to collect my activity data.