One of the most renowned pioneers in luxury watchmaking arena, Franck Muller, has partnered up with a crypto investment company Regal Assets in order to launch the world’s first functional bitcoin watch that goes by the name of “Encrypto”. The watch is a limited-edition series watch with a maximum of 500 units of each version available online, according to press release.
Encrypto watch targets the volatile and emotional world of bitcoin. The watch reportedly acts as a cold storage wallet for bitcoin. The public address of the “Deep Cold Storage” that comes with the watch is etched on its dial while the private key is given to the customer in a USB. There is also a QR code on the watch’s dial that can be used by the customers to check their balance or to deposit BTCs as they please.
The bitcoin world is thought of as a world where supporters of the digital asset and blockchain overall are strongly driven by their passion and trust in the technology. This watch aims to tap this intense emotional attachment that bitcoin supporters have with the asset. As the regional director of Franck Muller, Erol Baliyan, stated in the press release:
We always aim to impact the customer at an emotional level and create a bond between the customer and the timepiece. As a brand, we are a trend maker with a solid track record and are not shy when it comes to adopting innovation. Bitcoin is the millennial gold is the perfect marriage between innovation and personal choice.
In order to understand the importance of this watch, one also needs to understand what cold storage is. There are two kinds of wallets that are floating around in the crypto world known as cold wallets and hot wallets. Hot wallets technically refer to those crypto wallets that are connected to the internet. These are usually easier to set up and are easily accessible to users. But as they are connected to the internet, the possibility of cyberhacking looms around and the wallets are prone to certain technical difficulties.
Cold wallets, on the other hand, are those cryptocurrency storage elements that are not directly connected to the internet. This provides a higher level of security for the crypto users as the possibilities of hacks, unauthorized access etc. are taken out of the picture. The wallet presented forward by Franck Muller in the watch is a cold storage one thus providing secure storage of bitcoin. The only thing that remains is to ensure not to lose it, obviously.
Although the launch of the watch might not seem a very significant step towards improving bitcoin adoption in the general public, it will at least put bitcoin in the eyes of some for the first time. Bitcoin’s access on the ground in real life, just like fiat, is the key to increasing its users worldwide.
One of the major reasons why bitcoin has not gained mainstream adoption in the public is due to its difficult access methods. There are no short and crisp methods for spending bitcoin in the real world. Besides, much of the vendors and retail stores on the ground also do not accept bitcoin as a source of making payments. There has not been much official acceptance around the asset on the governmental level as well.
All in all, Franck Muller bitcoin watch will come off as exciting news for the permabulls of bitcoin and will also provide an easy storage method. But in order to expand the adoption of bitcoin on a bigger scale, the aura around this digital asset needs to be more positive. Adoption will increase as a result of more regulatory clarity around the asset which will also draw big financial institutions towards bitcoin.
The problems of fraudulent activities, illegal usage, money laundering and scams are also expected to be mitigated through the increased regulatory action. This “cold-storage-wallet watch” might not increase adoption, but it sure is expected to fill an emotional gap for bitcoin enthusiasts and is expected to put the bitcoin idea in front of a few for the first time. For this nascent space, a few, for now, is also enough.