Buying Gold & Silver With Bitcoin
The online payment system Bitcoin has, since its launch in 2008, allowed millions of people to exchange payments without the involvement of any banks or credit card companies. The allure of Bitcoin stems not just from the ease and convenience of its transactions, but also from the form of currency it employs, the Bitcoin. Bitcoin is the single, uniform currency within their system, and enables people from all over the world to make purchases without having to give any thought to current exchange rates. Naturally, this makes Bitcoin a popular means of payment for businesses that routinely have international dealings, including precious metal companies.
2-Step Set Up Process
Before you can make any purchases with Bitcoin, you must complete two preparatory steps. First, you’ll need to create a “wallet.” In the lexicon of Bitcoin, “wallets” refer to any website or application where customers hold their currency. There are several wallet choices listed on the Bitcoin Wallet Page. After installing one of these apps, you will be given a Bitcoin address, as well as a security key. That security key is your password and you must keep careful track of it. Bitcoin requires both pieces of information to either send or accept payments. The next step is to acquire some Bitcoin for your account. There are several ways to get Bitcoin—you can receive them in payment, exchange them with another person, or even earn them through “mining.” However, the easiest and most popular method of obtaining Bitcoin is simply to purchase them at a reputable Bitcoin exchange site.
Learn The Buying Process
Once you actually have Bitcoin in your wallet, you can begin shopping with them. Start by finding a reputable Precious Metal dealer that accepts Bitcoin payment. Shop as usual and proceed to checkout. When prompted to indicate a payment method, select Bitcoin.
Advantages of Using Bitcoin
Bitcoin’s primary advantage is convenience. Because all transactions are online, customers are not subject to the location or business hours of a brick-and-mortar establishment. They can make their purchases at any time, and from anywhere. Customers also appreciate that Bitcoin is a single currency worldwide; it can be used anywhere around the globe without conversion.
Besides its convenience, many customers prefer Bitcoin due to its affordability. It is less expensive for merchants to process Bitcoin transactions than those made with PayPal or credit and debit cards. Many Precious Metals retailers will pass this savings on to the consumer.
Disadvantages of Using Cryptocurrencies
Despite the convenience and affordability of Bitcoin, there are risks associated with using virtual cryptocurrency to purchase Gold and Silver. Perhaps the biggest risk factor facing Bitcoin users is the absence of buyer protections. At this time, all transactions made through Bitcoin are instant and totally irreversible, which makes this the payment method of choice for fraudulent purchases. While Bitcoin provides suggestions on how to prevent hackers from accessing your wallet, it, unfortunately, offers nothing in the way of compensatory action should the preventive suggestions fail. This means that if your account is used for a fraudulent purchase, the only way of even possibly recovering your funds is to contact the merchant directly to ask for a refund. This is particularly problematic if a hacker was doing business with a less-than-reputable merchant. In these cases, there is nothing either Bitcoin or the Bitcoin user can do to retrieve the stolen currency.
Buying Platinum, Palladium and Copper with Bitcoin
Because Bitcoin adopters is an ever-expanding group, many reputable Precious Metals retailers are beginning to accept Bitcoin as payment for Precious Metal purchases, including their offerings in Copper, Platinum and Palladium bullion. The process of buying Platinum, Palladium and Copper with Bitcoin is precisely the same as with any other Precious Metal.