He projected that the choices would result in a positive response from “a sizable amount of cryptocurrency patrons from international markets, wherever accepting credit cards is not continuously practical”. In the press release, Bitpay Chief business Officer lad Sonny Singh aforesaid that cryptocurrency is “an ideal payment methodology for e-commerce and precious metals”. All thanks to risk of fraud and identity theft associated with the employment of credit cards. Chargebacks, he noted, cost merchants nearly $19 billion last year.
Cryptocurrency is touted by some as a solution to these types of issues since each transaction is recorded and stored on the blockchain with a lack of sensitive information. In March 2016, JM Bullion aforesaid customers might use Bitcoin to get gold and silver through Bitpay. OneGold maintains the ability to take fiat or cryptocurrency, or any combination of the two, as payment.
The company is additionally protected against Bitcoin value swings through Bitpay. All digital precious metals available through OneGold are allocated to physical precious metals held inside of the Royal Canadian Mint. Digital currencies are gradually making their entry into the mainstream economy.
While the cryptocurrency-accepting community was very small only a year ago, today some of the big businesses are announcing their acceptance of the new-age coin because of its growing demand. On December eighth, US-based online gold dealer APMEX announced that it will accept payment in bitcoins on its platform. As bitcoin becomes a lot common and widely- accepted as payment, we are thrilled to welcome the use of this cryptocurrency for buying gold, silver, and other precious metals by integrating BitPay into our website.”
APMEX has been integrated to process all cryptocurrency transactions. It is additionally giving a reduction of four percent on all purchases when you pay using your Bitcoin. Though the discount offer is only accepted for a limited time, it will surely encourage more and more customers to pay using their Bitcoin.
It is also citing the preferences of customers for anonymity as one of the reasons why they introduce the support of the digital coin as payment. However, APMEX is not the first bullion dealer to accept payment in Bitcoin. Many valuable metal dealers all around the world are currently taking payment in cryptocurrency, together with the UK-based Sharps Pixley that proclaimed its interest in Bitcoin payments in September of this year.
In spite of all the attention, Bitcoin transactions have their own difficulties. This is due to network scalability issues; large transactions are not appreciated.