Happy Sunday, and welcome back to another Bitcoin News in Review, where we feature some of the top stories of the week here on CryptoCoins News. This week (17 August - 24 August), Amagi Metals decided to ditch the US dollar for Bitcoin, Australians paid over…
Amagi Metals is an online dealer of precious metals and coins. And in a surprise announcement, the company decided that by 2017, they would stop accepting US dollars and trade “exclusively in cryptocurrencies like Bitcoin”. Never has any other business (other than the various dark markets online) entirely rejected fiat for cryptocurrency until now. Amagi’s confidence in Bitcoin is unparalleled.
“We want to be a leader in the sound money movement. With the adoption of cryptocurrencies increasing every day, their viability is virtually assured. History shows that paper currency, backed by nothing of value, will ultimately fail. It’s only a matter of time until no one will be accepting the dollar. By trading exclusively in cryptocurrencies, we’ll still be in business when that time comes.”
-Stephen Macaskill, Amagi Metals’ CEO
Companies like Overstock have seen great success by accepting both Bitcoin and fiat. Time will tell how accepting just Bitcoin works out for Amagi.
Living Room of Satoshi is an Australian company that lets Aussies pay their bills with bitcoins. The site offers an easy-to-use service with no fees. And judging from the site’s recent reportings, Living Room of Satoshi is a huge success. Australians have paid $150,000 worth of bills using bitcoins via Living Room of Satoshi. “Paying bills is something we all do, and many are now using bitcoin to do it,” said Daniel Alexiuc, co-founder of the service.
On a more negative note, it’s possible that services like these may be harming Bitcoin in the long run. The billers don’t accept Bitcoin payments, so Living Room of Satoshi has to sell the coins for fiat. Furthermore, merchants who do accept Bitcoin, like Dell and Expedia, also instantly convert bitcoins to fiat. What effect this will have in the long-term Bitcoin price is hotly debated.
The Mt. Gox saga has left a bitter taste in the mouths of many bitcoiners. Thankfully, many exchanges like OkCoin and Huobi are moving to prevent another Gox-style catastrophe. OkCoin recently passed a Proof of Solvency audit, and Huobi plans to implement a Proof of Reserves program by the end of August. Bitfinex, Kraken, and Bitstamp were also recently audited, easing the minds of exchange users. It’s still possible that these exchanges could see a Gox-style meltdown, but these types of audits certainly help.
Storj is an interesting and innovative altcoin that offers decentralised cloud storage (as opposed to centralised services like Dropbox). Users earn coins by giving up space on their hard drives to store other people’s files (though only the file owners have access). CCN recently interviewed Derek Urban – the PR and finance specialist for Storj. You can check out the full interview here.
That’s all we’ve got for this week. Be sure to follow CCN on Facebook and Twitter for the latest cryptocurrency news.
Bills, currency exchange, and cloud storage images from Shutterstock. Other images have been credited in their respective articles.
Last modified: February 12, 2020 2:01 PM UTC