Amagi Metals Accepts Bitcoins as Payment for Gold and Silver Bitcoin is a short-term solution to issues with government-backed currencies, and the fluctuations in Bitcoin prices represent significant opportunity for speculative investors. Past News Releases RSS

Amagi Metals, a Denver, Colorado precious metals ecommerce retailer, has recently become the world’s largest Bitcoin dealer. Processing more than $800,000 in Bitcoin transactions during the month of April alone, Amagi Metals has processed more retail sales of Bitcoins to consumers than any company in the world.

In addition to Bitcoins, Amagi Metals specializes in working with individual investors looking to buy gold coins, bars, rounds, and bullion, as well as to buy silver coins, bars, rounds, and silver shot. Amagi Metals is one of the few online retailers that allows consumers to buy gold and silver with Bitcoins, futher establishing them as the leader in Bitcoin retail sales.

Some people regard Bitcoins as a speculative commodity similar to gold, oil or wheat futures, and to a certain extent, they are. But there are differences, too, and those differences make the cyber-currency attractive to a wide variety of individuals and businesses. Amagi Metals is one of the companies that see enough upside in Bitcoin trading to accept them as payment for their goods.

“We feel that the concept of Bitcoins and the technology behind it make it a viable currency. However, we do not feel that Bitcoins offer more long-term security than government-backed currencies like the dollar or the Euro; Bitcoin is a short-term solution to issues with government-backed currencies, and the fluctuations in Bitcoin prices represent significant opportunity for speculative investors,” says Amagi Metals owner Stephen Macaskill. “That’s why we’re allowing customers to use Bitcoins to purchase gold and silver from us.”

The value of a Bitcoin fluctuates in much the same way as commodities and stocks do. There are Bitcoin exchanges that track transactions and quote Bitcoin values in U.S. dollars or Euros or almost any other currency. Amagi Metals tracks those values along with the market price of metals and are thus able to quote the price of gold, for instance, in Bitcoins.

Because Bitcoin transactions are difficult (some would say impossible) to trace, they have become attractive to persons engaged in illegal transactions, raising concerns about the ethics of using Bitcoins. Macaskill is aware of the concerns and has controls at Amagi Metals to address them.

“Because we’re in the precious metals business, we have always been careful about who we sell to,” he says. “There are regulations in our industry to prevent illegal commerce, and we apply those to all our purchases, whether they’re in Bitcoins or dollars. Ultimately it comes down to knowing your customer, and we go to great lengths to assure that all of our transactions are on the up-and-up.”

Ultimately, whether a business trades in Bitcoins is based on its belief in them as a viable currency. If companies choose to trade in Bitcoins, there are other benefits, such as minimal transaction costs and instant access to funds that make Bitcoins more attractive than traditional money transfers.

Amagi Metals and Macaskill are believers and plan to maintain their position as the leading retailer in the Bitcoin economy.

About Amagi Metals:

Amagi Metals was founded in Denver, Colorado by Macaskill with an overall vision of helping people “To pursue financial security and help others to achieve financial independence: 'We believe that individuals must learn financial responsibility to live in a world of freedom and prosperity. Owning precious metals is a small, but invaluable part of becoming financially responsible.' ”

For more information, contact

Stephen Macaskill

Amagi Metals

2727 Bryant Street

Suite 450

Denver, CO 80211