Euro Pacific Precious Metal chooses BitPay | CoinReport | #euro #bitpay

[Coinbuddy]

Euro Pacific Precious Metals is a major international gold and silver dealer, and is now one of the largest companies in the world by volume to accept bitcoin. The company’s venture into the digital currency landscape is in good hands, as bitcoin payments processor Bitpay will handle all of their digital coin transactions.

Euro Pacific Precious Metals

Michael Finger, Director of Marketing at Euro Pacific Precious Metals stated in a press release that:

“Bitcoin offers tremendous benefits as a medium of exchange for both our domestic and international customers. A wire transfer of fiat funds can be slow and expensive for the customer, and credit card fees are too high to absorb at the low premiums we offer. Not only does BitPay’s service make business sense, but we are excited about giving owners of bitcoin the opportunity to inexpensively and reliably convert any excess holdings into precious metals rather than back to fiat currency.”
The precious metals company is owned by Peter Schiff, and specializes in making top-notch bullion coins and bars for customers. With executives looking for a new way to secure transactions, bitcoin was an obvious choice. The partnership adds to Bitpay’s long list of businesses they provide their service for. CEO of Bitpay, Tony Gallippi stated:

“We are very excited to form a partnership with Euro Pacific Precious Metals, especially right on the heels of our collaboration with Toshiba. BitPay is honored to have a role in helping such global and established companies integrate bitcoin into their payment systems.”
Bitcoin Will Replace Credit

Bitpay is well on its way of becoming the Paypal of bitcoin payments. Through the payment processing service, merchants are able to save money on having to pay traditional transaction fees, which in turn saves money for consumers.

Just yesterday, Bitpay’s CTO, Stephen Pair took part in an interview, where he claimed credit card providers like Visa and MasterCard play an important role in bitcoin’s success.

Pair adds that the card provider’s have outdated finance systems, and will have no choice but to soon turn to bitcoin to carry on their businesses.

[logger]

Personally I'm not extremely excited about this.
If a merchant that sells food adopts bitcoin, that's cool. People pay with bitcoin, Bitpay sells the bitcoin, Bitpay pays the food guy. You get the food, you eat it. You then buy more bitcoin and buy more food.

But here, Bitpay sells your bitcoin and you get gold. The gold is not consumed, it's stored. You've now switched from bitcoin as a store of value to gold as a store of value. All the early adopters of bitcoin can now cash out easily into something that's not fiat. Now I don't see this as some big threat to bitcoin. If you don't believe in bitcoin, have it, and rather get gold, that's your choice and everyone's free to do that. So I don't see it as a bad thing at all. But I definitely don't see it as something really positive to get excited over. Frankly I'm not quite sure why others do. Perhaps if it was a two-way street (sell gold for bitcoin, too) I'd have been more excited.

[TheTruth4]

They all come around eventually. Although I hope they keep a % in bitcoin without the instaconvert

[Chef Ramsay]

Considering the crypto and metals industries tend to clash at times, it's nice to see Schiff basically admitting he was wrong and eating crow by starting to accept it as a payment. If nothing else, it might bring some of the metalheads into the 21st century. And yes, I have my stash as well.