Plenty of gold dealers accept Bitcoin, but early this month, QuadrigaCX became the first Bitcoin exchange to add gold to its roster. Alongside CAD, USD and XBT, clients in Canada can now buy and sell XAU (gold). Users can now both deposit and withdraw funds into their accounts via gold bullion, shipped or in person.
Founders Mike Patryn and Gerald Cotten wanted to provide a means for people to enter the crypto market without going through banks or fiat. “Other exchanges have allowed for coin-to-coin trading; we wanted to provide a more unique service,” said Mike. “As we have a great deal of past experience with gold trading, it was not a particularly large leap to enable XBT/XAU trades on our website.”
QuadrigaCX is the second Bitcoin exchange to come out of Vancouver, and the first in the world to physically trade Litecoin. The founders and directors of the exchange have contributed a lot to the Vancouver Bitcoin community, and are proud directors of the Bitcoin Cooperative. Lamassu ATMs linked to their exchange can be seen all over Vancouver at their office, Decentral.Bangtown, Steamrollers restaurant, and more on the way!
QuadrigaCX doesn’t have as much volume as older Canadian exchanges like VirtEx, making it more difficult for bulk customers. Regardless, its popularity has been quickly rising due to several interesting factors. Their no-fee promotional period may have come to an end, but their still the cheapest option in Canada at 0.5% trading fees, one third the cost of VirtEx. Deposits and withdrawals remain free of charge (minus what your bank bills you), and verified users can make instant same-day deposits.
The company has high hopes for their latest feature. While not a cryptocurrency itself, gold represents a means of storing value that remains of interest to many alternative currency users. Although not as easy to transmit as cryptocurrency (without relying on a central authority), gold is backed by direct economic demand, and still cannot be arbitrarily created. It’s also resilient to technological failure.
Anything can be lost or stolen, of course, but QuadrigaCX is big on security. Nobody wants their funds gambled on a fractional reserve system, so all deposits are backed by gold held in their vault, which the directors have years of experience storing and securing. Full details on their storage system are obviously unavailable, but their known security measures are comforting: their office itself lies behind a barred entrance, and neighbors the office of their security company.
QuadrigaCX hopes to stay heavily involved with the community going forward, and plans to give away $5 vouchers for their exchange at every opportunity. In the long run, they hope to expand to every major country except the United States. Their autosell feature, which allows you to automatically convert bitcoins deposited to your account, will attract a new demographic of users: those using a free program to accept Bitcoin can send their bitcoins to their account, if they want to avoid volatility. Rumor has it they’re contemplating adding altcoins to their online exchange, but nothing concrete has been confirmed.
The BlueCoin Phenomenon
BlueCoin is very serious about their chosen theme. Taking cue from the cultural antics of the Dogecoin community, the founders of BlueCoin have been trying to give it something of a personality. They announced an official BlueCoin afterparty to ...read more
Ripple Labs CTO Designs Smart Contracts
Stefan Thomas is one of the more talented and respected developers in the space. An old hat at this young technology, he has been making waves as the CTO of Ripple labs. In a recent effort he has set ...read more
American court stops Mt. Gox from auctioning Bitcoin domain
A United States court issued a temporary order to forbid the sale of the domain Bitcoins.com, which is still owned by the CEO of the defunct cryptocurrency exchange Mt. Gox. Mark Karpeles announced the auctioning of the domain two weeks ago. The injuction ...read more
New York-based Coinsetter evolves to “full US Bitcoin exchange”
Following the recent presentation of the first BitLicense draft, the Bitcoin-related set of rules that will regulate the crypto-economy in New York, the local exchange Coinsetter announced its evolution from beta stage to “full US Bitcoin exchange”. “Today, we’re pleased ...read more
Building a Bitcoin Economy: How to Close the Loop
This guide is a continuation of a previous article at http://bitcoinmagazine.com/13104/building-bitcoin-economy-stimulate-adoption/ If you or someone in the area has been preaching crypto for a while, you probably have a few nearby businesses accepting Bitcoin by now. This is an important first ...read more
#OffTheCouch: Award-winning Film Could Bring Bitcoin to 1,000 High Schools
The Corporation Film’s Crypto Challenge from Hello Cool World on Vimeo. For its 10th year anniversary, “The Corporation” is raising money for a re-release shown to 1,000 schools across North America. Their original fiat campaign closed at $30,000, and they’re ...read more