What Is Cryptomat Series BTC Hodlers Inspired Watch?
Cryptomat, which stands for crypto-diplomat, is one of the latest Hodler collection watches from Cryptomatic. This first collection is a limited edition handcrafted luxury watch that was designed to honor the Bitcoin cryptocurrency. The design of the watch was inspired by the Bitcoin “holders” patience that paid off after the skyrocketing of the Bitcoin value in recent years.
The watch was developed in 2014 when Bitcoin embassies were starting to be established in the world. The inspiration behind the watch was the spirit of individuals who believed in the crypto movement and who were able to deal with naysayers and skeptics in an efficient way. After the launch of the watch, the cryptocurrency market entered into a long bearish cycle that lasted until 2016. After the long bearish season, the price of Bitcoin skyrocketed and this led to the holders reaping great profits as the cryptocurrency industry boomed.
The Cryptomat or Cryptomatic watch is designed on an old-world watch technology. It is mechanical and it does not use digital dials, electronics, or batteries. The watch is made of ruby metal gears, jewel bearings, and springs. The back of the watch is made of glass reflecting the transparency of the cryptocurrency in terms of its public ledger and proof of work functionalities. The watch also has a binary hour market reflecting the virtual currency.
The watch that is hand assembled has a lifetime warranty. Buyers can register for this warranty by scanning the QR code that is found in the watch’s customer card. You get to choose the type of strap you want as it comes in either a steel or genuine leather strap.
Cryptocurrencies As A Means Of Payment
Cryptomatic the company behind the design is based in Japan, which is the home of Bitcoin’s creator Satoshi Nakamoto. The firm only accepts payment in Bitcoin for any of its watches. The holder watch is currently priced at 0.09 BTC. 98% of the customers who have bought the watches from the company pay in Bitcoin but 2% have asked the firm to accept other forms of cryptocurrencies which the firm did not have a problem with.
The use of Bitcoin and other cryptocurrencies as a payment option comes with its benefits. It solves the problem of fraud in the market as once you make your payment the transaction is confirmed and final. No one can reverse the payment and keep your watch. Further, the seller cannot claim that they did not get the payment.
This just shows that the use of cryptocurrency as a medium of exchange is becoming popular in the world. Owners of Bitcoin and other digital coins can now use the virtual currencies to buy goods and services in addition to holding them for profits.
Cryptomat Watch By Cryptomatic Conclusion
The firm also has other watches on sale. The most popular has been the silver and black HODLER. The firm might add smart features in its watches in the future but the watches will remain mechanical. The firm only deals in making Bitcoin inspired watches, since it is the origin of all cryptos. It is yet to be seen if the firm will integrate other digital coins in its watch designs.