I love me some watches, that’s for sure, but I’m not sure what I think about these Cryptomatic watches made by a private label manufacturer in Hong Kong. The watches aren’t techie at all – they’re basically Hong Kong-made mechanical timepieces with a big Bitcoin symbol on the front – but the real value is the retail model.
First, understand that I wouldn’t recommend buying these things. At about $900 they’re not quite worth the money nor are they particularly elegant. Don’t let me stop you if you like them, but you can get nice mechanicals out there. However, as a business the idea is pretty cool.
First, you can only pay for the watches in Bitcoin. This means the company stays out of the fiat currency market entirely. This would be an incredible boon to watch companies and resellers. Their market is full of potential fraudsters and bitcoin payments could solve that. Because all transactions are confirmed and final, you can make sure you get and keep your payment as soon as the watch is shipped, ensuring folks can’t reverse the charges and fraudulently keep your expensive watch.
It also shows that Bitcoin is now becoming a badge of honor as opposed to a signifier of nerdom. While I’m not happy with the design, the fact that these are high priced and intended for the fashionable BTC freak creates a bit of frisson around the entire cryptocurrency thing. As Gandhi said, “First they ignore you, then they laugh at you, then they fight you, then you make a branded timepiece, then you win.”