Update: Bitcoin Magazine, the original source of this article, has apparently pulled the article. The original link is no longer working. We have not yet received word from BitPay on the matter but will update as soon as we do. We’ve also reached out to Central Texas Gun Works and Bitcoin Magazine for any updates.
Update II: Bitcoin Magazine confirmed to have pulled the article due to the fact it “did not contain accurate information”.
Central Texas Gun Works was working right along with Atlanta-based BitPay to process bitcoin transactions until last week, then the processor abruptly froze the firearm dealer’s account and dropped them from using the service. According to the shop’s owner and U.S. Army veteran Michael Cargill, there was no prior warning and no explanation. While BitPay’s terms of service list dealing firearms in exchange for bitcoin as prohibited, Cargill says that the company was aware of his business model upon sign-up. As pointed out by Bitcoin Magazine, it’s unclear whether or not this restriction was added to the terms before or after the dealer signed up for BitPay. In effort to continue accepting the digital currency, the gun shop has teamed up with CoinVoice, who has reportedly worked overtime to sort out an integration with Cargill’s business. newsBTC has reached out to BitPay for comment on the matter, but did not immediately receive a response before publishing time. You can read the full story at Bitcoin Magazine.