Agora Commodities Does Away With Credit Card Payments, Opts for Bitcoin

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Agora Commodities Bitcoin

Claiming to be the first full service bullion dealer accepting the new revolutionary currency Bitcoin as payment for precious metals, Agora Commodities is emerging as a popular destination for Bitcoin enthusiasts. The company says that through its relationship with the largest bullion distributors in the United States, it can offer all of the most popular gold, silver, platinum, and palladium items at a lower cost than most dealers.

A source from the company says that at Agora Commodities they believe that buying precious metals gives customers access to timeless and borderless assets and it is a great way to protect them and increase their purchasing power. To avoid the credit card fraud on the sale of gold, the owner of Agora Commodities decided to do away with credit card payments.

Bitcoin is Preferred Option than Credit Cards

Now, instead of credit cards, the company will use Bitcoin as according to it the dealer will no longer be processing payments with credit cards due to their proven vulnerability and risk. Owner of the firm Joseph Castillo said that what his company had to do to protect itself against card fraud, it no longer has to do with Bitcoin.

He said that it also saves the company on costs and according to him Agora Commodities has already generated over $10 million in revenue through Bitcoin since it made the switch in payment method in January. According to him the company has plans of creating a Bitcoin conversion program through his business, allowing for straight fiat to Bitcoin conversions over time.

Bitcoin Will Help the Business Sell Gold Online

Adding to his view Castillo opined that Bitcoin fits perfectly with gold and silver, so if people come to the site and want to buy gold and silver, why wouldn’t they want to buy Bitcoin from his company as well and for that reason he has looked up for the option. The company says that while the switch to Bitcoin may seem a bit unorthodox, it may make sense for a business selling gold online.

The company official says that the money for the transactions is instantly available, and there is no worry about credit card fraud. However, as the CFPB pointed out in a consumer advisory earlier this month, using Bitcoin or any digital currency comes with its own set of concerns which every customer must know.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com