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Swiss luxury watchmaker, MCT watches to accept Bitcoin [BTC] and Bitcoin Cash [BCH]

Sthuthie Murthy

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Swiss luxury watchmaker, MCT watches to accept Bitcoin [BTC] and Bitcoin Cash [BCH]
Source: PxHere

BitPay, the world leader in payment technology claims now have a big deal in their hand: Swiss luxury watchmaker, MCT watches announced their acceptance of Bitcoin and Bitcoin Cash for global orders. The watchmaking company welcomed the arrival of a new service of online payments with a free global shipment.

The company tweeted:

“From now on, one will have an opportunity to purchase a watch online using BTC instant payments; first among Swiss watchmakers.”

Instead of the traditional online payment, the Swiss luxury watchmaker has opted for the cryptocurrency payments. One can now buy the revolutionary timepieces with Bitcoin directly from the website in a few clicks. These unique watches are delivered globally without any shipping fee.

Manufacture Contemporaine du Temps [MCT]:

The company designs and assembles about 100–150 pieces a year in-house, which are all limited edition and high-end are available in boutiques in over 40 countries. MCT is the first major watchmaker to officially accept online Bitcoin and Bitcoin Cash payments. The company connects to the world’s first borderless payment network by partnering with Bitpay, the pioneer and one of the most experienced company in Bitcoin and blockchain payments. ‘Now MCT can receive payments in any amount, from anywhere in the world, from any computer or mobile device opening up new markets and opportunities’, according to the official website details.

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Steve Czech, a Bitpay user suggested:

“BitPay great job you should have a list of companies and businesses that accept crypto some type of search engine or such!”

This is a big step from both the ends with online sales allowing users to buy their desired luxury watches in just a click away from around the globe. This will simultaneously boost the sales and promote MCT watches while also popularising the pioneer and the senior most platform in BTC and blockchain payments.

Bitcoin [BTC] is currently trading at $6862.41 while Bitcoin Cash [BCH] is priced at $652.07 as seen at press time. The market has not been so positive from the last few days, traders and analysts are expecting some boost in BTC and BCH price with the recent announcement.



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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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Bitcoin

‘Bitcoin [BTC] to hit $250,000 in four years’ – Says early internet investor Tim Draper

Ketaki Dixit

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'Bitcoin to Hit $250,000 in Four Years' - says early internet investor Tim Draper
Source: Public Domain Pictures

Tim Draper, the Founder of leading venture capital firms Draper Associates and DFJ, predicted in a recent debate that Bitcoin [BTC] could be worth $250,000 within four years.

He had earlier stated:

“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”

Draper also believes that there will be a point when people will no longer want fiat currency.

At an Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society, the early investor in Tesla, Hotmail, and Skype said that Bitcoin will be bigger than all his early investments combined.

He said:

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“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

In a U.S. Marshals Service auction in 2014, Draper bought nearly 30,000 Bitcoin tokens and is still holding them, according to CNBC.

Gillian Tett, the Managing Editor Financial Times was the opposition in the debate. He discussed the risks involved in Bitcoin investment and how volatile it is. However, Draper responded saying that he was more secure in Bitcoin than in the money in Wells Fargo.

Patrick Byrne, the CEO of Overstock.com was in favor of bitcoin. He said:

“This has been hacked at more than anything in history and has never been defeated. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”

In December 2017, Byrne had considered selling his business to fund his new blockchain venture and is now working on reorganizing it.

Jayden, a market enthusiast tweeted:

“I mean I’m optimistic about crypto but this guy actually thinks Bitcoin will take over physical / tangible money. It won’t.”

A crypto enthusiast replied:

“Why not? Everything is digital now so a digital transfer of wealth seems pretty reasonable and where we’re headed, it’s just hard to grasp because we have grown our whole lives with physical money.”

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Bitcoin

Finland’s tax department – 30 Million Euros in the hole as thousands of Bitcoin [BTC] traders owe taxes

Aman Swami

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Finland's tax department 30 Million Euros in the hole as thousands of Bitcoin[BTC] traders owe taxes
Source: Pixabay

Finland’s government has revealed the number of taxpayers who owe taxes from Bitcoin-related income. The country’s Tax Administration claims to have different ways to combine information and identify people who owe taxes from crypto profits, which are now well over ten times higher than last year.

A lot of Finns have not reported income to the country’s tax department from the sale of cryptocurrencies in previous years, Kauppalehti newspaper reported last week. This year, the profits made by Finns from cryptocurrencies were well over ten times higher than last year, the news outlet added.

Senior Adviser from the Tax Administration’s Corporate Taxation Unit, Timo Puiro, says:

“Most of the people have previously failed to report their bitcoin-related income, which we have found when we compare the information we collect to the tax information reported…The Tax Administration has extensive access to information, for example, to payment information, and we have different ways to combine information and identify people.”

Metropolitan.fi reported, that the tax office has been given generous access to bank transfers and other data, which enables identifying people. By looking at the transfer records it is evident that in the past most citizens have not reported profits made with virtual currencies.

Finland’s cold weather and low-cost nuclear-based power is no stranger to Bitcoin mining. Both Bitfury and the now-defunct Kncminer have operated mining farms in the country. Today many smaller miners are still in business there. Other well-established crypto businesses are also located in the country, such as Localbitcoins and leading Nordic Bitcoin broker, Prasos.

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This is not the first time Puiro spoke about identifying undeclared income by Finns. In December of last year, he said the government had been analyzing Bitcoin wallets for this purpose.

Puiro added:

“We have analyzed more than 10,000 bitcoin wallets over several years, and in more than 500 cases we have found undeclared income which is taxable,” he emphasized at the time, adding that “Finland’s tax authority has identified bitcoin as one of the ‘high-risk focus areas’ and is prepared to redirect resources to ensure nothing falls through the gaps,”

While only 500 people were identified in December, Kauppalehti quoted the Tax Administration Office revealing last week that 3,300 people have now been identified as owing taxes from crypto-related transactions, adding:

“The aggregate capital gain of the 3,300 persons identified will be about 100 million euros, so the taxpayers’ share of the pot would be around 30 million euros.”

Metropolitan.fi reported that Bitcoin gains are taxed as capital income in Finland. They are treated the same way as dividends, rent or other similar income. The capital income tax percentage in Finland is 30% (in 2018) for sums under 30,000 euro.

Puiro, in the last week, was seen saying, that he hopes those who have made a profit on cryptocurrencies will voluntarily declare the income to the tax authority. He emphasized that if taxpayers fail to report income related to cryptocurrencies, the criterion of criminal tax evasion may be fulfilled.

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