People who knew concerning bitcoin before 2013 tend to comprise 2 categories: people who had the foresight to shop for the currency once it had been plentiful and low cost, and people wish they might return in time and do identical.

Like several others, enterpriser Joseph Castillo ab initio passed the business over for different interests.

Castillo 1st learned concerning bitcoin in 2009 throughout the digital currency’s infancy, however was ab initio unsure whether or not the conception would really achieve success. A old veteran of the valuable metals and commodities sector, Castillo, like many of us, ab initio thought bitcoin was silly. So, he selected instead to start out a precious metals business, launching Wyoming-based Agora Commodities in 2012.

Agora Commodities found success within the business, acceptive credit cards and cash/bank transfers for gold and silver. However, following a oral communication with an acquaintance and fellow gold capitalist, Castillo set to feature bitcoin payments at the top of 2012 to his then-new company.

It’s a call that radically modified its future.

Revenue jobholder

Between that date and also the starting of 2014, Castillo’s call to just accept bitcoin generated concerning $10m in revenue.

             “What we had to do to protect ourselves against card fraud, we no longer have to do with bitcoin.”

This success later prompted Agora Commodities to maneuver during a a lot of radical direction, deciding to drop mastercard payments entirely.

Castillo told CoinDesk in AN interview that, on the surface, selecting bitcoin over credit cards helped scale back payment prices and also the risk of card fraud, the latter of that forms a key concern for gold dealers within the digital age of commerce.

Castillo additionally noted the positive reaction by his customers, saying, “[The reaction] was typically adjunct. Some customers had questions about bitcoin, however nothing negative. This business is made around trust, and once you've got a client, they’re willing to remain with you as a result of they trust you.”

Protecting the business

Castillo aforesaid that, as atiny low business, the hazards of mastercard acceptance, like chargebacks and dishonorable card use – created it comparatively straightforward to drop the payment technique entirely.

He explained:

                “What we had to do to protect ourselves against card fraud, we no longer have to do with bitcoin – and that saves us on costs.”

Embracing new opportunities