Month: December 2018

Gold chain meets the news spy: Canada’s largest jeweller accepts Bitcoin

The Canadian Birks Group, the largest jewellery manufacturer and seller by its own account, now accepts Bitcoin as its means of payment. Bitcoin payments will be processed by the US crypto payment service provider BitPay.

Bling, bling: In Canada, customers in selected branches of the Birks jewelry chain can now pay with BTC. The company announced this in a press release on November 27. Initially, however, the service will only be available in eight of Birks’ 26 stores.

Jean-Christophe B├ędos, President and CEO of Birks Group, is open to the new technology: “As a growing international brand, we believe BitPay will benefit our customers.”

BitPay-CCO Sonny Singh also refers to the news spy about our international clientele:

“Bitcoin’s acceptance will help Birks Group serve its international high-end customers and attract the news spy, while providing an innovative and secure payment method”. Read more about it:

Most Birks branches with Bitcoin acceptance points are located in Vancouver and Montreal. In addition to jewelry, Birks Group also sells other luxury products such as watches from Rolex, Breitling, Bulgari and other high-priced brands.

Second strike for BitPay

This step shows that the view of the crypto currency is slowly changing in Canada. A year ago, the focus of Canadian crypto friends was clearly on the investment aspect. Even if the Bitcoin acceptance in the luxury segment means at most a small step for the mass adaptation of crypto currencies – the fact that Birk has chosen Bitcoin & Co. as a payment option despite the bear year is a good sign.

For the crypto payment service provider BitPay this week is already the coup in North America. As BTC-ECHO only reported on 26 November, the US state of Ohio also wants to fall back on BitPay. There, companies can already pay various taxes to the tax authorities in BTC. Ohio also plans to give citizens the opportunity to pay taxes in Bitcoin in the medium term.

The German Bundestag is also increasingly dealing with Bitcoin and Blockchain. In a blockchain hearing the demand for a “Marshall Plan” for Germany became loud. More information about the current state of the Blockchain ecosystem in Germany can be found here.

Tether: USDT can be exchanged for Bitcoin loophole again – but not for everyone

Tether now enables USDT in US dollars to be exchanged again on its own platform. The decision was made during the redesign of the platform. But not every investor can exchange his stable coins for fiat money.

The report by the law firm Freeh, Sporkin & Sullivan (FSS), which is still emblazoned on the Tether home page and is supposed to confirm Tether’s US dollar stock, did not help either. Here, too, personnel links between the FSS and one of the tether banks ensured that doubts about the stability of the stable coin remained. The fact that the exchange of USDT for USD at a ratio of 1:1 did not have to take place via the tether platform but via the Bitfinex crypto exchange was a gift. At least on this point, however, there is good news for the holders of USDT tokens.

Prerequisite: Bitcoin loophole wallet

As the company recently announced, it is once again possible to exchange your USDT for Bitcoin loophole directly at Tether. Provided you have a full Bitcoin loophole wallet. Only those can make use of the new option who want to deposit or withdraw at least 100,000 US dollars with Tether. Thus, the offer is clearly tailored to professional investors. The fees for US dollar deposits and withdrawals are between 0.4 and 3 percent, but at least 1,000 US dollars. A maximum of one withdrawal per week in US dollars is allowed.

The fee structure for USDT and Fiat transactions on the Tether Platform

The fact that the exchange can now again take place directly at Tether is explained by the company as ‘strengthening [its] banking business’, which was accompanied by the switch to Deltec Bank. However, the tether exchange rate is still struggling with the US dollar parity.

Tether is undoubtedly one of the crypto companies that have made the most wind this year. To the disappointment of the company (and the USDT holder), most of these were shitstorms that were fed by doubts about the company’s US dollar reserves. Questionable personnel connections between Tether, their former bank Noble and the crypto exchange Bitfinex reinforced fears that Tether might not have one US dollar in his account for every USDT.