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Joe O

Money Bytes

Joe O'Donnell

Joe O’Donnell, digital content producer, joined the Coin World editorial staff in 2014. Joe writes web content, manages Coin World’s social media accounts, compiles content for daily digital eNewsletters, and contributes on occasion to the print magazine. He has enjoyed interacting with Coin World readers while covering the sale of coins from the Saddle Ridge Hoard and the 50th anniversary Kennedy half dollar releases.

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Archive for 'August 2014'

    Bullion for bitcoins? Yes, that's a thing

    August 27, 2014 9:43 AM by

    Where traditional meets new-fangled, Coin World is there. And apparently so is Provident Metals.

    The precious metals and rare coins company is now letting its customers purchase its cold, hard currency with nonphysical, virtual currency.

    Provident, which sells zombie-themed bullion and survival supplies in addition to traditional coinage, began accepting Bitcoin, Dogecoin and Litecoin virtual currency payments Aug. 25.

    “The value of cryptocurrencies and precious metals are market driven, and they both appeal to forward-thinking investors," Provident Metals CEO Joe Merrick said in a July 22 company release. “This integration was logical because many of our customers are proponents of alternative currency, and it's our job to respond to their needs.

    A post to Providents company blog on Aug. 25 reminded customers of the the new payment option.

    “The new payment method allows online customers to use theses cryptocurrencies on all products through a simple and secure process, the blog post reads.

    Provident offers customers who pay with virtual currency a 2 percent discount off its listed price. (Those who pay with cash are offered a 2.99 percent cut.)

    That means the About Uncirculated or better gold $20 Saint Gaudens double eagles listed on Provident s website at $1,449.93 (at approximately noon Eastern Time on Aug. 26) would cost virtual currency users $1,420.78. With the value of 1 bitcoin sitting at $513.05 according to Google Finance (again, as of noon ET on Aug. 26), a Provident customer would have to cough up about 2.77 bitcoins for a double eagle.

    Provident isn t the first or only numismatic dealer to go virtual.

    Harlan J. Berk in Chicago—which deals in ancient coins, U.S. coins, U.S. paper money, antiquities, autographs, paintings and books—accepts bitcoins as payments, according to its terms and conditions of sale.

    Taking it a step further is Denver-based Amagi Metals. Not only does Amagi already accept Bitcoin, it plans to stop taking U.S. dollars at the end of 2016 and accept only virtual currencies.

    We want to be a leader in the sound money movement,  Amagi CEO Stephen Macaskill said in  an Aug. 20 release . With the adoption of cryptocurrencies increasing every day, their viability is virtually assured. History shows that paper currency, backed by nothing of value, will ultimately fail. Its only a matter of time until no one will be accepting the dollar.

    Buying bullion with bitcoins. Did your mind just break?

    Overstock.com among early Bitcoin adapters in retail market

    August 22, 2014 9:56 AM by

    At Coin World we like to regularly bring our readers information on virtual currencies and their growth and popularity because of the implications that they have for traditional coinage and, therefore, the future collector’s market.

    In addition to highlighting traditional collector content from around the web, my Money Bytes blog will keep Coin World readers abreast of what's going on in the world of virtual currency.

    A recent development could be a biggie for the prospect of it becoming a border-ignoring form of payment:

    Overstock.com​ is set to expand its acceptance of Bitcoin next month, when it will give non-U.S. customers the ability to pay for everything from furniture, to jewelry, to electronics with the virtual currency.

    By mid-September, Overstock.com plans to begin allowing international customers to make purchases with Bitcoin, according to an Aug. 13 Reuters report, and will devote 4 percent of revenue brought in by Bitcoin sales to promoting the virtual currency.

    Overstock.com was among the first major online retailers to accept Bitcoin, it explained in a Jan. 9, 2014, press release. The company partners with Coinbase.com, which processes Bitcoin payments and handles the conversion of Bitcoin into U.S. dollars. 

    "Bitcoin is well suited for online transactions," CEO Patrick Byrne said in that release. "It has no transaction fees and works well for international customers. Providing this convenience for the cult-following Bitcoin customer is the smart thing to do."

    It didn't take long for the online retailer to hit the $1 million mark for items sold to Bitcoin-using purchasers. That happened in March.

    Overstock.com even explains to its customers how to make a purchase with Bitcoin.

    One bitcoin is currently valued at $510.23, according to Google Finance. That number is down from the $599.86 a bitcoin was worth on Aug. 1, but up from Aug. 18, when one was valued at $460.67.

    Do you think Bitcoin will ever become a reliable global currency? Do you even consider it when making traditional coinage purchases? I'm curious as to what you think about this so please tell me in the comments!

    Other virtual currency news we're interested in: