Those who are paying attention are aware that the fiat currency system is, to put it mildly, having some troubles.
Many smart investors are opting to invest in precious metals instead of dollars, but that presents an issue for the dealers. If they know the dollar is not a sound investment method, what benefit is there for them to continue to receive dollars as payment?
The argument can be made, of course, that dollars are more liquid than metals, and there’s truth to that. But as the US dollar takes more and more hits, people will begin to step away from it.
That’s exactly what Amagi Metals, based in Denver Colorado, is planning on doing.
A Business Without Dollars?
The company has announced that as of the end of 2016, they will no longer be accepting dollars as payment.
“Since the dollar was decoupled from gold in 1971, it has lost 97% of its value compared to the yellow metal and 83% of its domestic purchasing power, and the trend shows no signs of stopping,” the company said in a press release on their website. “Thus, Amagi has planned that by the end of 2016, the company will no longer accept US dollars or other “fiat” currencies. Instead, Amagi plans to be trading exclusively in cryptocurrencies like Bitcoin.”
In order to reduce as many barriers as possible, though, they will also offer a service on their website which allows potential customers to convert their fiat currency into cryptocurrency “at the exchange rate at that time, whatever it may be.”
The company began accepting cryptocurrency in November 2012, so they are obviously well versed in the ups and downs of cryptocurrency. They’ve ridden through price bubbles and negative publicity, and still believe in it.
Crypto Only!?
It’s not unprecedented for a business to sell goods only in cryptocurrency, but the occurrence is rare.
Back in May, Scottish retailer CeX launched a pilot project to convert one of their stores entirely over to Bitcoin. And several smaller retailers have as well.
By the time 2016 comes to a close, though, the cryptocurrency space will certainly look quite a bit different. Nevertheless, are they being too ambitious in their approach?
Amagi Metals has advocated what they call a “sound money” philosophy. “Hisory shows that paper currency, backed by nothing of value, will ultimately fail. It’s only a matter of time until no one will be accepting the dollar.”
To discover more about Amagi Metals, and acquire your own precious metals (for cryptocurrency or otherwise), visit their website.
Amagi Metals Will Accept ONLY Cryptocurrency By 2017
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