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NEW YORK (InsideBitcoins) — If you’re planning to get down on one knee and propose to the man or woman of your dreams, you’re likely on the hunt for the perfect engagement ring. Why not opt for a piece of jewelry that has bitcoin value?
TheBTCring.com is in the process of making a bitcoin engagement ring widely available. Those who are into the idea of Bitcoin and have a partner with a passion for the cryptocurrency are expected to go wild for the ring, which has stored bitcoin value.
TheBTCring is also participating in the MIT BitComp, a summer-long competition to develop innovative bitcoin-related apps. If the ring wins, its creators will take home $5,000.
In a video posted on TheBTCring.com, all of the details of the ring are explained. Buyers can add value to the ring in bitcoin, which can be checked at any time with the QR code on the piece. The website also boasts that more cryptocurrency can be added to upgrade the ring in the future – since when could you increase the value of a diamond on a whim?
The bitcoin ring differentiates itself in other unique ways. For instance, not all is lost if the ring goes missing. The real value of the jewelry is stored in the blockchain, which is the bitcoin transaction database. If the piece of jewelry falls down the drain or disappears on vacation, your spouse won’t have to worry – you can still get your bitcoin back with the blockchain.
Additionally, the ring can be updated with the latest styles. All the owner has to do is visit a 3-D printer to redesign the ring to accommodate his or her taste.
“Presently, BTC Ring attracts a niche market since Bitcoin hasn’t gone mainstream yet,” Sebastian Neumayer, founder of TheBTCring told Inside Bitcoins. “However, looking to the future, if Bitcoin becomes a more common store of value as adoption becomes more widespread, the ‘bling factor’ of this type of jewelry may drastically change, and bitcoins may have their place in jewelry alongside gold and diamonds.”
TheBTCring.com includes a section where consumers can design their own bitcoin ring, but it is still under construction. For the prototype, the creators designed a bitcoin ring that has a gold-colored band and a diamond-shaped QR code as its gem.
Although the idea is a novel concept, it may take some time to see if TheBTCring.com is destined to make a splash in the jewelry industry. The diamond ring still reigns supreme in terms of tradition when it comes to engagements.
Brides magazine reports that the average engagement ring costs $5,229, and 56% of brides said that shape was the most important aspect of the ring. That being said, The BTC Ring can come in any size and any amount can be stored in the item – is it too far-fetched to envision women wearing bitcoin rings in the future?
Written by Krystle Vermes