Want To Invest In Real And Virtual Gold? US Commodities Dealer Accepts Bitcoins As Payment
by
Andrew Saks McLeod
US commodities dealer Agora Commodities this week took a bold step in offering the purchase of precious metal commodities in exchange for payment by Bitcoin. Virtual currencies, it seems, are now a powerful tool.
North American commodities dealer Agora Commodities has this week made a bold step by offering traders and investors the option of buying a series of precious metals including gold, silver, platinum and palladium in exchange for Bitcoin.
Virtual Currency Buys The Real Thing
Agora Commodities is the first company to offer a physical commodity which can be paid for with virtual currency, the transaction value of which is likely to be subject to extreme variations as gold has known parameters, being an established, physical resource, whereas Bitcoin does not, as it is a virtual media with only a short history and often extreme fluctuations in value.
The Price Of Privacy
Yesterday, Joseph Castillo, President of Agora Commodities stated on behalf of his firm that he believes that privacy is no longer the precious commodity that it once was, and that in allowing commodity transactions to take place using Bitcoins displays to its customers that it intends to preserve anonymity and display respect for the privacy of its clients and their investments.
Mr. Castillo’s statement reads as follows: “In today’s world, privacy is quickly turning into one of the people’s most precious commodities. I was inspired by an ISP provider in Utah that refused to give his customers data over to authorities when it was not properly requested with a warrant. Agora Commodities first and foremost respects its customers’ privacy. This was the best way to show that respect”.
A point of interest here is that whilst this method of payment offers clients a means of investing in precious metals anonymously, thus circumventing government surveillance or capital controls such as exist in Argentina as reported by Forex Magnates last week, performing anti-money-laundering (AML) and know-your-client (KYC) procedures in order to satisfy regulatory requirements could prove to be an arduous process.
Last month, Forex Magnates reported that Bitcoin network BTC Global was in the process of implementing a crowdsourced regulatory structure which goes some way toward resolving the actual compliance issues associated with virtual currency itself, however if an individual or organization wishes to purchase commodities anonymously, and the payment arrives with the commodities dealer with no ownership or originator details, this is likely to attract the attention of the regulator.
Bearing in mind that since 2008, the previously water-tight trust in the banking system is beginning to wane, assisted by various financial crises in the Eurozone and North America, IMF bailouts, nationalization of banks and this year, the first bail-in which took place in Cyprus, relieving depositors of up to 60% of their own funds to help pay the unserviceable debts of two of the nations banks, and setting a pan-European precedent.
In other nations such as Argentina and China, the government exercises strict control on capital transfer, restricting citizens' funds to domestic banking systems and markets, a practice often unpopular with those subject to such procedures.
These factors have contributed to a switch toward investment in other mediums, as money in the bank does not provide the safe haven that it used to. By offering gold and Bitcoin, Agora Commodities could well be embracing the two currencies of the future.
North American commodities dealer Agora Commodities has this week made a bold step by offering traders and investors the option of buying a series of precious metals including gold, silver, platinum and palladium in exchange for Bitcoin.
Virtual Currency Buys The Real Thing
Agora Commodities is the first company to offer a physical commodity which can be paid for with virtual currency, the transaction value of which is likely to be subject to extreme variations as gold has known parameters, being an established, physical resource, whereas Bitcoin does not, as it is a virtual media with only a short history and often extreme fluctuations in value.
The Price Of Privacy
Yesterday, Joseph Castillo, President of Agora Commodities stated on behalf of his firm that he believes that privacy is no longer the precious commodity that it once was, and that in allowing commodity transactions to take place using Bitcoins displays to its customers that it intends to preserve anonymity and display respect for the privacy of its clients and their investments.
Mr. Castillo’s statement reads as follows: “In today’s world, privacy is quickly turning into one of the people’s most precious commodities. I was inspired by an ISP provider in Utah that refused to give his customers data over to authorities when it was not properly requested with a warrant. Agora Commodities first and foremost respects its customers’ privacy. This was the best way to show that respect”.
A point of interest here is that whilst this method of payment offers clients a means of investing in precious metals anonymously, thus circumventing government surveillance or capital controls such as exist in Argentina as reported by Forex Magnates last week, performing anti-money-laundering (AML) and know-your-client (KYC) procedures in order to satisfy regulatory requirements could prove to be an arduous process.
Last month, Forex Magnates reported that Bitcoin network BTC Global was in the process of implementing a crowdsourced regulatory structure which goes some way toward resolving the actual compliance issues associated with virtual currency itself, however if an individual or organization wishes to purchase commodities anonymously, and the payment arrives with the commodities dealer with no ownership or originator details, this is likely to attract the attention of the regulator.
Bearing in mind that since 2008, the previously water-tight trust in the banking system is beginning to wane, assisted by various financial crises in the Eurozone and North America, IMF bailouts, nationalization of banks and this year, the first bail-in which took place in Cyprus, relieving depositors of up to 60% of their own funds to help pay the unserviceable debts of two of the nations banks, and setting a pan-European precedent.
In other nations such as Argentina and China, the government exercises strict control on capital transfer, restricting citizens' funds to domestic banking systems and markets, a practice often unpopular with those subject to such procedures.
These factors have contributed to a switch toward investment in other mediums, as money in the bank does not provide the safe haven that it used to. By offering gold and Bitcoin, Agora Commodities could well be embracing the two currencies of the future.
Australia Gears Up for Bitcoin ETFs: ASX Leads the Charge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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