When a gold exchange dumps credit cards in favour of cryptocurrency to avoid fraud, you have to ask yourself if you’ve put your skepticism in the right baskets. It’s true, credit card fraud is rife and Bitcoin fraud is not, quite simply. But governments oppose Bitcoin and not credit cards because they cannot easily track Bitcoin, and besides, credit card fraud only hits consumers and banks. Not governments.
The world of gold bullion sales is often peopled by the odd and interesting. Joseph Castillo is one of the latter. The owner of Agora Commodities, his company now only accepts Bitcoin for online sales, a move that has reduced fraud and improved his service.
Castillo talked to Coindesk about his decision, saying that “What we had to do to protect ourselves against card fraud, we no longer have to do with bitcoin – and that saves us on costs.”
The company has done $10 million in revenue through bitcoin since he moved to cryptocurrencies in the beginning of 2014. Customers understood the move and have been working with him to transfer assets via the blockchain rather than the Visa card. Castillo is also planning on building a BTC exchange for his customers. The goal is to create a one-stop-shop for all your goldbug tendencies, including fiat to BTC…
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