Bitcoin for gold
Bitcoin and gold have a lot in common. Even better, you can convert BTC to gold without any troublesome KYC issues.
It’s no wonder bitcoin has gained a reputation as ‘digital gold’. Gold and bitcoin are similar in many ways. They are both deflationary assets, with supply limited by the laws of physics and maths. They are both decentralised and outside of the traditional financial system (which is why gold is considered a ‘safe haven’). It should come as no surprise that gold and other precious metals are a source of interest to many of the crypto crowd. If you mistrust fiat money, why would you want to bank any gains in dollars or euros? Instead, some bitcoiners choose to cash out directly into gold and silver.
Given the overlap in economics and mindset, it’s only natural that there should be services that cater to both. There are a number of websites and companies that specialise in selling gold and precious metals for bitcoin and other cryptos. Some, like Vaultoro, offer a vault gold service, where you own the gold ‘on paper’ and can trade it against bitcoin whenever you want. But others will deliver physical bullion to your home, accepting crypto as payment.
Bitstamp is one such service. In addition to running a popular (and trustworthy) exchange, they now offer gold purchases. They’re not the cheapest for fees, so unless you’re buying large quantities you might be better off somewhere else. But they are well-known and legit.
Bitgild is a good service, with a wide range of bullion, prompt delivery and good customer service. If you’re in the States, you might want to go for a service like JM Bullion or one of the many, many sites now accepting BTC – just spend a little time to make sure they’re safe and have good reviews. The cool thing is, most will not worry about KYC because you’re not using the banking system at all, just trading one asset for another.
One final thing: if you’re buying silver for BTC, you may find there are additional tax issues. We’ll be looking at tax in a different article this week.
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This is a very interesting concept to cash out your crypto currencies directly into gold and silver. I know that there is only a finite amount of Bitcoin (21 million) that will exist so that might make it more comparable to being like diamonds! The gold and silver mindset reminds me very much of wartime or possible apocalypse time. I feel like if its not the usage of gold...it's the usage of something purely digital! Keep up the good work. -Respect
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I miss when Bitcoin was electronic cash - that was a much simpler time
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bitcoin and gold investment make a man and same time can destroy a man too.
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