Bitcoin has lost 70 percent of its value in the last year.
Bullion.Directory precious metals analysis 6 January, 2015
By Christopher Lemieux
Senior Analyst at Bullion.Directory; Senior FX and Commodities Analyst at FX Analytics
Denver-based precious metals dealer AmagiMetals will issue paychecks partially in Bitcoin in what was said to be a voluntary payment option. Bitcoin payments will be issued with a service called Bitwage.
In order to support this move to Bitcoin, CEO Stephen Macaskill will accept $40,000 of his salary in Bitcoin.
Bitcoin and gold are the anti-fiat currencies of choice for many (this office included – Ed.), and this is part of a move made by AmagiMetals to reduce reliance on US dollars. An American precious metals dealer moving away from dollars? Interesting, especially from an ideological viewpoint.
However, there is still one huge factor that continues to worry me about Bitcoin – safety. There are still structural problems within the Bitcoin technology, which have been famously exploited in large hacking scandals. The destruction of Mt. Gox (then the largest bitcoin market place) comes to mind where millions in Bitcoin were stolen, and account holders were left in the cold.
Bitstamp, a popular Slovenia-based exchange, announced it will go offline to address potential security compromises. Bitstamp is trying to assure its account holders that all is well, yet accounts remain frozen.
It is still unknown what impact Bitcoin will have on the currency marketplace, but security has to remain a factor stopping more widespread uptake of the cryptocurrency.
Original article can be found at ZeroHedge.
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I’d rather be paid in bullion. Come to that I’d rather be paid fullstop.
But in all seriousness I know a guy (how all good stories start) who made a heap at Bitcoin’s peak and got out, piling everything into a healthy stack of kilobars. Being an outside-the-system sorta chap he opted for the home-storage route.
Promptly got robbed.
Banks too big to fail, fail. Robbers rob. All comes down to eggs and baskets