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| December 13, 2018

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Onegold Customers Can Now Purchase Digital Bullion With Bitcoin

December 12, 2018 |

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin

Online bullion marketplace Onegold announced on Tuesday that its customers can now purchase precious metals with bitcoin cash (BCH) and bitcoin core (BTC). Onegold’s digital silver and gold products are fully allocated physical metals stored at the Royal Canadian Mint and can be redeemed at any time through Apmex.

Also read: Only Five Bitcoin Mining Devices Released in 2018 Are Profitable This December

Onegold Now Accepts Cryptocurrencies

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin Cryptocurrency proponents can now purchase digital gold and silver bullion products on the Onegold platform using BCH and BTC. Onegold is a blockchain-based platform that stores precious metals and allows customers to redeem their digital bullion holdings at any time. The concept was created by the precious metals e-retailer Apmex and alternative asset manager Sprott. Their recent decision to support BCH and BTC is due to a partnership with Bitpay which already has a prior relationship with Apmex.

“Bitpay and Apmex have worked together for years, making it easy for Apmex to accept cryptocurrency — When they started Onegold, we were ready to help them accept bitcoin and bitcoin cash through Bitpay,” explained the chief commercial officer at Bitpay, Sonny Singh.

Singh continued:

Cryptocurrency is an ideal payment method for e-commerce and precious metals where the risk of chargebacks, fraud and identity theft with traditional credit cards is high.

International Bullion Buyers Are Interested in Alternative Payment Methods

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin Ken Lewis, chief executive officer at Onegold, explained that credit card chargebacks were one of the big reasons the company chose to accept BCH and BTC. Because the digital assets act like cash and are a “push transaction” system, users need to pay for products up front, making traditional fraud cases much harder to accomplish. Lewis also detailed that blockchain payments provide greater accountability and some international buyers are more apt to purchase Onegold’s collateralized assets using cryptocurrencies.

“We anticipate a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical,” Lewis explained during the announcement. “In addition to helping protect our own interests, adding bitcoin and bitcoin cash to the payment options for Onegold also increases our payment transparency and efficiency.”

Onegold Believes Cryptographically Secured Metals Are Better Than Exchange-Traded Funds

Onegold believes that its digital bullion is far superior to gold-backed paper like exchange-traded funds (ETF), such as the gold trust Comex and LBMA Gold. Both products are similar because they can be electronically traded, but Onegold is cryptographically secured by a distributed ledger and has 100 percent physical metal backing.

Onegold Customers Can Now Purchase Digital Bullion With Bitcoin
The Onegold system.

Onegold customers can redeem their stored assets with the click of a button, and have physical metals shipped to their door by Apmex. Quite a few gold and silver ETFs cannot be redeemed so quickly and some cannot be traded for physical assets at all, making customers settle for fiat. Onegold believes adding the ability to purchase digital metals with cryptocurrencies was the company’s next logical step.

What do you think about Onegold adding BCH and BTC support for digital bullion purchases? Let us know in the comments section below.

Images via Shutterstock, Onegold, and Pixabay.

Need to calculate your bitcoin holdings? Check our tools section.

The post Onegold Customers Can Now Purchase Digital Bullion With Bitcoin appeared first on Bitcoin News.

Bitcoin News


Kid Rock Pays Off $81k in Layaways for Nashville Walmart Customers

December 9, 2018 |

Kid Rock was feeling the Christmas spirit this week — thanks in part to Tyler Perry — and helped hundreds of Nashville residents save some cash for the holidays. The rocker announced Friday that he paid off the layaway balance at his local Walmart…

SpaceX launch shows ‘steady stream’ of small-satellite customers

December 1, 2018 |

For the first time, dozens of small satellites will ride atop a SpaceX rocket, as a Falcon 9 is scheduled to blast into orbit Sunday.

The 64 tiny satellites range from one built by a Florida middle school to measure the viability of thawed bacteria to a Honeywell Aerospace demonstrator that will…

L.A. Times – Business

Amazon tells some customers their email addresses were exposed, but provides few details

November 24, 2018 | informed some customers Wednesday that their names and email addresses had been “inadvertently disclosed” as a result of a “technical error” but declined to provide further details about the security incident.

The e-commerce giant confirmed it sent the messages, adding in a subsequent…

L.A. Times – Business

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its Customers

November 15, 2018 |

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its Customers

In recent cryptocurrency exchange news, Bitfinex has introduced new withdrawal fees, the CEO of Bitmex has refuted accusations that the exchange’s in-house trading desk trades against its customers, and Malta-based Bistraq Exchange has commenced operations.

Also Read: Stablecoins Fetch a Premium as BTC Hits Year Low 

Bitfinex to Charge 3% on Frequent Withdrawals

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its CustomersBitfinex has introduced new fees on external wire requests that appear to be designed to reduce the frequency and size of fiat withdrawals. As of this week, the exchange will start charging 3 percent when its customers make more than two fiat withdrawals within a 30-day period. It will also charge a 3 percent fee when customers request “more than $ 1 million in aggregate in fiat withdrawals in any 30-day period.”

Bitfinex claimed that “regular withdrawals” will not be affected by the change, estimating that it will not impact “99 percent” of its customers. However, the exchange “may exempt customers from this charge in its sole discretion.”

The company also claimed that it “serves as the primary fiat gateway in the crypto ecosystem.” It added that it has processed more than 700 withdrawals, worth more than $ 1 billion in total, over the last month alone. Despite the purportedly high number of withdrawals it said it has been handling, a quick glimpse at the exchange’s subreddit suggests that many of its customers are still waiting for their transactions to be processed.

Bitmex CEO Pushes Back Against Accusations

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its CustomersIn a recent interview with Yahoo Finance U.K., Arthur Hayes — the chief executive officer and co-founder of Bitmex — has sought to deny accusations that the company’s trading desk has traded against its customers. Referring to a Medium article that circulated throughout the cryptosphere last month, Hayes stated that Bitmex does not trade against its customers and does not provide “special access to anyone.”

He said that while Bitmex has a market-making desk, it exists solely to provide liquidity to the exchange’s order books. He added that the market-making desk is also “a customer,” claiming that it “is treated like any other account.”

Malta-Based Bistraq Exchange Starts Operations

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its CustomersBistraq has commenced operations, becoming the latest exchange to operate under Malta’s Virtual Financial Asset (VFA) regulations. Angelo Jansen, the chief executive officer of Bistraq, said the company believes in “fair” cryptocurrency regulations. “That is the reason we obtained the VFA Licenses,” he added.

Currently, Bistraq supports BCH, ETH, LTC and BTC pairings, with plans to introduce more crypto-assets in the future. It also plans to eventually facilitate the trading of tokenized assets, with Jansen describing security tokens as “the next mega-trend in cryptocurrency.”

What do you think about Bitfinex’s hefty fees on large and frequent fiat withdrawals? Share your thoughts in the comments section below.

Images courtesy of Shutterstock

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its Customers appeared first on Bitcoin News.

Bitcoin News

Digital Bank Revolut Surpasses 3 Million Customers

November 13, 2018 |

Digital Bank Revolut Surpasses 3 Million Customers

U.K. startup Revolut has announced that its customer base has surpassed three million users. The fintech platform, which has quickly become a viable online alternative to traditional banking, was established in 2015. It currently offers payment and exchange services for a growing number of fiat currencies and cryptocurrencies.

Also read: Huobi Opens in Russia, Plans Startup Accelerator and Mining Hotels

Fintech Startup Defies Skepticism

The company marked the milestone on Twitter: “Three years ago, banks and investors laughed at us. Today, we have signed up three million customers and no one is laughing now. Thank you!” The announcement came about three months after Revolut launched a new debit card that offers support for some of the leading digital coins.

Revolut Metal is the platform’s premium service. For a monthly fee of €13.99 (less than $ 16), users can get a free U.K. current account and an Iban account for euros, with unlimited exchange in 24 fiat currencies. The new card also offers access to five cryptocurrencies — bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and ripple (XRP) — as well as the ability to spend over 150 currencies at the interbank exchange rate.

Digital Bank Revolut Surpasses 3 Million Customers

The contactless Revolut Metal card comes with fee-free ATM withdrawals of up to €600 per month (over $ 670). According to the product page, the online banking startup also offers cardholders cash back on all their payments and purchases — up to 0.1 percent within Europe and up to 1 percent elsewhere.

The launch of the exclusive card, which supports digital assets and can be used anywhere that Mastercard is accepted, has likely played a role in the expansion of Revolut’s customer base. There are very few other options on the market in the European Economic Area matching the services offered by the U.K. company.

Plans for Expansion to Other Continents

Digital Bank Revolut Surpasses 3 Million CustomersRevolut’s platform is currently available to residents of the following European countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the U.K. The company plans to enter markets outside Europe as well, including North America (U.S. and Canada) and Australia.

The British startup with Russian roots also plans to operate in the Russian Federation. In June, Revolut announced a partnership agreement with Qiwi, the country’s leading payments provider. Russian users will be granted access to Revolut’s services via Qiwi’s online banking infrastructure. It has been reported that in Russia, Revolut will initially only provide financial services to private individuals. At launch, they’ll be able to install the company’s online banking app and order a free Visa card with support for multiple currencies.

Revolut is likely to face some competition. Oleg Tinkov, the founder of a Russian project offering similar services, said at a recent fintech forum that there’s no reason for the U.K. startup to go to Russia. The holders of the Tinkoff Black card can already open accounts in 30 currencies and take advantage of favorable exchange rates. What Tinkov didn’t mention, as noted by news outlet Bitnovosti, was that his platform does not support cryptocurrencies.

Revolut’s Russian-born founder and CEO, Nikolay Storonsky, responded:

We are not going to abandon our plans … Large players see us as a serious competitor. They try to copy our products and break down into
emotions in our presence.

Storonsky, whose company raised $ 250 million at a valuation of $ 1.7 billion this past spring, also recently commented on the possible influx of institutional investors into the cryptocurrency space. The entrepreneur voiced skepticism over these expectations, as such players have not expressed much interest thus far. “I just don’t think banks will catch up,” he said.

One thing Storonsky’s unicorn startup has been criticized for is that its platform does not support transfers of cryptocurrencies to other wallets. Responding to another suggestion to introduce the feature in the comments below the “three million customers” tweet, Revolut admitted that it does not have any immediate plans to do so. However, it promised to pass the feedback over to its development team.

Do you think Revolut will expand its set of services related to cryptocurrencies? Tell us in the comments section.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Digital Bank Revolut Surpasses 3 Million Customers appeared first on Bitcoin News.

Bitcoin News

Uber fined $750,000 for letting drivers work after customers complained of drunk driving

November 9, 2018 |

The California Public Utilities Commission fined Uber $ 750,000 for failing to follow a “zero tolerance” policy on investigating and suspending drivers in response to customer complaints that they were driving while intoxicated.

The fine is the result of a settlement between the commission and Rasier-CA,…

L.A. Times – Business


Senator Mitch McConnell Confronted at Restaurant by Angry Customers

October 20, 2018 |

Senate Majority Leader Mitch McConnell, was confronted Friday night by some angry diners who loudly berated him for his politics. The Kentucky Senator was eating dinner with his wife at Havana Rumba in Louisville, when 4 men confronted Mitch. The…

California regulators boost fees charged when customers leave traditional utilities

October 12, 2018 |

The California Public Utilities Commission approved an increase in exit fees charged to customers who buy electricity from government-run community choice programs rather than traditional utilities such as Southern California Edison and San Diego Gas & Electric.

After reviewing two competing exit…

L.A. Times – Business

Storefront lender accused of pushing customers into taking out big loans without interest rate caps

September 18, 2018 |

California regulators want to seize Cash America Advance’s license, alleging the storefront lender duped customers into taking out installment loans with triple-digit interest rates.

The California Department of Business Oversight, in a legal accusation filed late last month, said Cash America…

L.A. Times – Business