Bits of Gold updates - new rate index, new liquidity provider & temporarily lowers its fees
Dear Bits of Gold's clients,
In the past week we've experienced another shock in Bitcoinland when Bitstamp, the largest Bitcoin Exchange for USD, has closed its doors for a few days. Surprisingly, the impact on the Bitcoin rate was little to none, Bitstamp made a remarkable job on staying transparent with their situation, and eventually reopened and returned to fully operate.
Although Bitstamp's rare issue had a small and short impact, Bits of Gold kept its doors open and fully working, to provide its clients the service they deserve. Orders were processed manually, kept coming, and taken care of. This is what we promised our clients, and our team worked hard to keep it going. Nevertheless, and despite staying open and fully functioning, we've decided to push forward our earlier planned change in our liquidity provider. Although we are still finalizing the transition, we can already announce that the change was made, and we are processing your orders through our new channel! We are working on doing the full transition by the end of this month. This new channel will allow us to process big volumes rapidly and supply you the Bitcoins faster. The impact it will have on you is small but it's important enough to keep you updated in order to follow our transparency policy.
From now on, the rate Bits of Gold is using, is the one shown in 'Bitcoin Average'. This is true for the Buy orders, and will soon be also for sell orders (sell orders remain temporarily on Bitstamp rates). 'Bitcoin Average' is a popular and well known index, that processes all data and rates coming from major exchanges such as Bitstamp, Bitfinex and BTC-China, and gives an average rate. We believe this index gives a balanced rate, that reflects all main ways of doing trades in Bitcoins today.
After that small update, we would like to show our appreciation for your patience and fidelity. For almost a week already, and until January 31th, we have decided to reduce the fees a bit. Well, more than a bit - 25% less. This means the Buy and Sell fee are 2.95%, until January 31th. After that, depending on demand, we will decide on the new fee. We believe this low fee and the relatively low given Bitcoin rate, will give you a good opportunity to buy these "cheap" Bitcoins, and will make your investment/use-of-Bitcoins more profitable.
We are thrilled to start this new year, as we have a lot of new features we're working on, of which we will update when they come out. One of them is our 'check-out with Bitcoin' new feature we've started, as a cooperation with Bitgo Israel. Another one, has something to do with a card...
This is a good opportunity to congratulate our new CEO, Gil Assayag, and wish him and Bits of Gold a productive year! We wish our ex-CEO, Jonathan Rouach, and ex-Director of Technology, Shaul Kfir, a successful challenge with their new 'sister' company "LedgerLock". They will both stay directors and decision makers in Bits of Gold.
In the name of the entire Bits of Gold team, we wish you all an excellent year, and may 2015 be the Bitcoin year!
Bits of Gold team.
Bits of Gold team.