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How to Buy Gold with Bitcoin

21/6/2018

There are a laundry list of reason why a person should invest their money in gold, and with the continual rise of the world’s cryptocurrencies, the bringing together of the oldest and newest forms of currency in the world is becoming a smarter and smarter choice every day. One of the main reasons for the investment, and recent spike in the interest of gold, is the fact that fiat-based currencies are starting to show their cracks, and proving to be more volatile as time marches on. But as with everything, there are unseen obstacles and barriers that need to be overcome, and buying gold with Bitcoin is no different.

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Advantages of Using a Cryptocurrency

Ease and convenience are fast becoming the hallmark of digital currencies, allowing for the boom of armchair transactions, anytime, anywhere. Bitcoin has made the world a much smaller place, and international transactions are as easy as 1, 2, 3…and your single currency is internationally accepted, without the need for conversion or exchange. Anonymity is another advantage that is offered to Bitcoin users through their purchase of a blockchain. Lower transaction fees and merchant fees are another big attraction for Bitcoin users, paying less fees that their PayPal or debit and credit card counterpart. As A result, users pay lower premiums over the spot prices of the gold and other precious metals purchased.

Disadvantages of Cryptocurrencies

It should go without saying that with every advantage you can be sure to find some disadvantage, and the same can be said when you buy gold with Bitcoin, or other precious metals for that matter. Lack of privacy is one option that you need to consider. Upon completion of a transaction/purchase, the address of the buyer, as well as the transaction details become a matter of public and permanent record on the Bitcoin network, available for anyone to see. Even though Bitcoin is known for the anonymity of their users by using a single-use address, this single-use address is really the only protection your identity gets when transacting through Bitcoin.

Setting Up Your Bitcoin Wallet

The beauty about Bitcoin, is that getting started is very easy, and before you even properly understand how it works, you can be involved. After you have seen Bitcoin in action, everything will start to fall into place. After you have installed the Bitcoin Wallet on your computer or smartphone, or probably both, Bitcoin will assign you with a Bitcoin address. This address is then used for all your sending and receiving of payments, and are generally considered as a single-use address. You can create a new address whenever you feel it’s time, and share your address with those you wish to. You don’t have to be a tech-savvy mastermind to figure out the Bitcoin platform. Sending and receiving payments are as easy as sending an email, and is a process that is quite simple and accessible.

It seems that the age of the new digital gold and that if the gold of old, are coming together to truly merge the old world with the new. Diversifying your portfolio by investing in gold during these trying and volatile economic times is one of the safest ways to insure the value of your assets for the long-term. Be aware of over-investing in fiat currencies that have no real value, a strategy of diversification will help to better protect your funds, while retaining both their integrity and intrinsic value. Unlike Bitcoin, gold is not digital, and if the power grid goes down, gold will still be worth something. So buy gold with Bitcoin today, to ensure you money can carry you comfortably into the golden years of your retirement. Learn more here.