Wine Cellar News

First Bitcoin Custom Wine Room In The World

Client uses bitcoin to purchase custom wine room

Buy a Custom Wine Room with Bitcoin

Fancy a custom wine room? Or maybe you have a custom wine cellar design hidden away that you want to turn into a real-life project? Vinomagna is keeping up with the times and technology by accepting Bitcoin as a method of payment. Vinomagna has seen astronomical growth in the business over the past few years. Many of our clients select us over our competitors for our modern, fresh approach to Bespoke wine displays and cellars. Our team of young designers and engineers have been paramount to the bold modern signature style that has now become synonymous with the Vinomagna brand. This fresh style now translates to the way we process transactions. Vinomagna has welcomed its first BTC Custom Wine Room Installation which sets a benchmark between the company and Cryptocurrency.

This particular customer came to us and asked about the possibility of paying via Bitcoin. As this was a first for the company naturally there were areas of concern. However, after looking into the King of Cryptocurrencies it seemed a very viable option. The result? A new design added to the collection, emulating the signature Vinomagna look of modern clean lines, with a modern payment system.

So, What is Cryptocurrency? 

Apart from being one of the most searched for terms in the last 3 years, Cryptocurrency is a worldwide sensation that is known by most people.  Whilst in films Cryptocurrency is the bread and butter of the geeky introvert, in real life; TNC’s, banks and also governments bodies are conscious of its gravity. From the year 2015, all major banking establishments, accountancies and Fin-tech companies took a particular shine in Crypto’s and started something called a blockchain. To put it into Lehman’s terms, blockchain is a digital record in which transactions made in cryptocurrencies are documented chronologically and publicly.

What if? 

Cryptocurrencies almost didn’t exist! The inventor of Bitcoin created his cryptocurrency unintentionally, as his original goals were to create a peer to peer Electronic Cash scheme. But who invented Bitcoin you may be asking. An anonymous individual who goes by the alias Satoshi Nakamoto created the first cryptocurrency in 2008. How proud he would be to know his precious brainchild has been used to buy a Custom Wine Room.

Get it? 

Strip away all the confusing points and conspiracies about Cryptocurrencies, and what you’re left with is an unchangeable database which can ONLY be changed by meeting certain conditions. Although it may sound rather basic, this is how a currency is described.

The Crypto Family

Anyone can start their own cryptocurrency as long as they have the right setup. However, there are 5 established cryptocurrencies which are leagues above the rest.

Bitcoin

Bitcoin is the king, the Bugatti of the motoring world, the Lionel Messi of football. BTC is the market standard, the crypto that sets most if not all the standards. De-throneable if that were a real word!

Ethereum

In basic terms, Ethereum is an open source software program loosely based on blockchain tech. This cryptocurrency allows developers to process contracts and negotiations, which separates it from the rest and makes itself unique.

Ripple

Ripple has come to be known as the least desired of the main 5 cryptos, as instead of a direct trade, it is more of an I owe you. XRP – (ripples native currency) isn’t exactly a currency by definition but is seen as more of a method of protection contra spam.

Litecoin

LTC is seen in the crypto world as the littler, not so athletic brother of the powerhouse which is Bitcoin. Litecoin is desired as it is quicker and has a less complex algorithm as opposed to Bitcoin. As Bitcoin is the golden-child, most people stockpile Litecoin just in case Bitcoin folds.

Monero

When Monero was introduced it was originally a clone program to another crypto called Bytecoin. Bytecoin was massively researched before it had even released so the crypto community dropped it like a hot coal. Monero then stepped into the spotlight and shone, due to the fact a privacy aspect was added which the golden child – Bitcoin – was missing.

Whats the price? 

So, we’ve met the Crypto family. But what are they worth. Let’s take a look at the king of crypto – Bitcoin.

On March 17th of 2010, Bitcoin started operating and was worth $0.003 (£0.0022). Then came the first-ever legitimate, real-world transaction. On the 22nd of May 2010, an American gentleman by the name of Laszlo Hanyecz bought two pizzas for approximately 10,000BTC (Bitcoin). Fun fact: if Laszlo had saved that 10k BTC for another 8 years he would have $70m worth of Bitcoin… that’s an awful lot of money for 2 pizzas! From that moment, Bitcoin was on the rise. As of the 15th of December 2017, Bitcoin hit its peak – $17,900 (£12,884). This peak was short-lived as a mere 7 days later the price had dropped by $4000 (£2878). Since the Christmas Crash of 2017 BTC has remained around the $9726 (£7000) mark and is being treated very cautiously until the market stabilises again.

Who uses Bitcoin? 

Apart from the obvious individuals who mine and buy Bitcoin in their spare time, some fairly large companies accept Bitcoin.. let’s see if you recognise them.

Expedia.com

The online travel booking giant Expedia now accept Bitcoin to fund your sun-soaked idyllic getaways.

Virgin

Owned by Sir Richard Branson, Virgin Galactic, Virgin Airlines and Virgin mobile all accept Bitcoin as methods of payment. You can now visit space for 98 Bitcoins!

Microsoft 

The behemoth MTNC tech company that we’ve all known and loved, now lets its users obtain online content via Bitcoin payment. Keep up apple!

Steam

The worlds most beloved online gaming platform introduced the acceptance of Bitcoin as of 2017, for their 125million customers.

Tesla

Do-no-wrong battery-powered car manufacturer Tesla accepted their first order via Bitcoin in 2017 and now looks to introduce Bitcoin as a standard method of payment moving forwards.

The Vinomagna Custom Wine Room-Crypto Realisation

So why did Vinomagna decide to allow accept the King of Crypto? There are 5 pivotal reasons as to why BTC will be accepted to build your custom wine room:

  1. The new currency stamps out the possibility of chargeback fraud. What does that mean? When a transaction is completed via credit card, the charges can be reversed, however, with Bitcoin the payment is sacrosanct meaning once it’s done it’s done.
  2. Another reason is that with large sums of money sometimes the banks hold it for anything up to 10 days to ensure against fraud. With BTC there is no third-party, so upon successful payment, the money is with you instantaneously.
  3. When using your credit card, a 2-4% fee usually incurs which costs you – the buyer – money. Can you see where we’re going with this? BTC has a low flat fee rather than a percentage, saving you money. Happy days!
  4. One more reason as to why BTC is now being accepted is due to the fact of its ever-increasing popularity. More and more people are using Bitcoin every day which opens a whole new audience of people.
  5. Lastly, inevitability plays a huge part as to why we’re accepting BTC. Despite its fluctuations in price,  since 2008 has been on the incline and shows no sign of desisting. As the main Cryptocurrency, where it goes all other cryptos will surely follow. In conclusion, the Bitcoin revelation is an all-in-all positive one, and can now be used to purchase your very own Custom Wine Wall.
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