ForexMinute.com – Highly-accessed online metal store Amagi Metals has a reputation to surprise its customers. Over a month back, the company decided to call off its Dogecoin payment services, citing the coin’s falling credibility as the major issue. And now, it has once again dropped a bomb over a currency, this time a fiat one.
In a recently published notice on its website, Amagi Metals has decided to stop accepting the world’s leading fiat currency US Dollar by the end of 2016. What further astonishing is the company’s decision to support only Bitcoin in future. It thus leaves no space for other crypto or fiat currencies to complete with the “one”.
A lot of this has to do the falling credibility of US Dollars, indicates the store’s notice. It speaks of the greenback in context of its dropping value – 97% since 1971 decoupling from gold and 83% in terms of domestic purchasing power. The notice also roots out the technicalities that suggest that US Dollar’s downtrend is conductive by nature.
“From its beginnings in 2010,” the company states, “Amagi Metals has advocated what CEO Stephen Macaskill calls a “sound money” philosophy for investors looking to preserve their wealth in the face of governments worldwide issuing massive amounts of currency with little or no relationship to its actual value. Macaskill has been a pioneering cryptocurrency advocate since 2012 and wants Amagi customers to be prepared for what may come of the dollar and other paper currencies around the world.”
In turn, Amagi Metals has strongly advocated Bitcoin as a viable alternative to USD and many other paper currencies. While also recognizing the recent volatile behaviors of cryptocurrency markets, the company has supported Bitcoin for being a sound money especially when buying precious metals like gold and silver.
For the same, CEO Stephen Macaskill is also planning to integrate an exchanger to its online store, which will easily convert the fiat currency to Bitcoin for a smoother transaction. The attitude of this notice clearly acts as an inspiration to both emerging and emerged Bitcoin businesses.
However on the flip side, Amagi Metals forgets to inform about their plans after receiving the payments in Bitcoin, and that too based on the current exchange rate. They haven’t cleared customers whether they will simply convert the Bitcoin back to fiat or will simply rotate it inside the economy like paper currency. In absence of these explanations, it would be tough to elaborate the actual meaning behind this innovative announcement.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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