Once upon a time, precious metals like gold and silver were some of the most sought-after commodities in the world. Even today, storage of gold and silver holds immeasurable value for its buyers, as its value exists beyond fiat currency. However, over the previous two decades there has been another form of mined commodity that has appeared, and that is cryptocurrency.
Cryptocurrencies such as Bitcoin are considered to be highly valuable due to their limited availability, just like gold and silver. This article will discuss how to buy gold and silver with Bitcoin, and why it can be beneficial in the long run.
Buying Gold and Silver with Bitcoin
While many experts claim that there are many similarities between gold, silver, and cryptocurrencies like Bitcoin, what makes them truly alike is that their value is not controlled by any government.
Gold, silver, and cryptocurrency fall outside the banking system and offer some form of financial safety net against market volatility and international currency weakening. Only a decade after their inception, cryptocurrencies, and especially Bitcoin, have gained steady ground as a popular substitute to the dollar. What investors should be concerned with, however, is how to buy gold and silver with Bitcoin from a trusted source.
Where and How to Buy Gold and Silver with Bitcoin
Do not be fooled by specific social media adverts regarding buying precious metals with cryptocurrency. Only very few established and licensed dealers like SwissBullion.eu offer proper assurances, meaning any transaction made through them is secured. SwissBullion.eu is an online retailer of gold and silver that accepts Bitcoins and other cryptocurrencies as payment.
The first step is to acquire gold and silver through Bitcoin is by opening a cryptocurrency wallet. Popular payment wallets like BitPay Wallet offer quick and reliable payments. The order process then follows:
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The client places the order online for the items selected.
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During check out, the buyer selects ‘Bitcoin’ as the method of payment.
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The client transfers the cryptocurrency payment to SwissBullion.eu's wallet.
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Any orders placed may take several hours to be processed after payment.
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The client will be updated as soon as the payment is received.
Advantages of Buying Gold and Silver with Bitcoin
The pros of buying gold and silver with a cryptocurrency like Bitcoin are that:
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Buying bullion with cryptocurrencies allows clients to circumvent foreign exchange and transfer fees issued by banks, which can often be costly.
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Bitcoin may be considered as a universal currency. There are no language barriers and no currency exchange rates. There is no concern about physical distance.
Conclusion
So, should you buy precious metals like gold and silver with cryptocurrency? Cryptocurrency is a more efficient and affordable way to buy gold and silver. Transactions often take minutes, not days, and there is no need to pay hefty bank fees. If you have further questions about buying bullion with cryptocurrencies, please contact us and we'd be happy to help.
