Posted Aug 25, 2014 by John Biggs (@johnbiggs)
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 conversions.
“Bitcoin fits perfectly with gold and silver, right? So if people come to the site and want to buy gold and silver, why wouldn’t they want to buy bitcoin from us as well?” he told Coindesk.