The Best Companies For Investing In Precious Metals With Cryptocurrency
When you look at both bitcoin and gold as investment vehicles, you will note some striking similarities. Both tools are used as a store of value; they are mined (gold involves real mining, while that of bitcoin is simulated); and both are infinite. If you want to buy gold with bitcoin you have plenty of options.
Gold was the most popular asset for a long time until Fiat currency and now, Bitcoin and Litecoin. Its price gains have caused a lot of excitement, and everyone wants to have a share of gold to grow their investment. When Bitcoin started in 2009, not many people were interested in investing in it as its capabilities seemed like a tale back then. But with years of surviving challenges, especially from regulators, Bitcoin has proven to be a great investment tool, considering that its prices have always been hitting record highs. Even places like Dubai are opening up crypto-friendly jurisdictions for new businesses to prosper.
But the story of bitcoin and other cryptocurrencies is not always a good one. Yes, the digital currency has provided a lucrative investment tool to many people, but its price volatility has left a good number of investors losing money as they cross their figures hoping that prices will shoot up again. Sometimes the prices recover and continue to rise; sometimes they don’t and probably take too long to record substantial growth. Now, this is the reason why analysts are advising investors to diversify their portfolio and go for gold because its prices are not as volatile and are far less speculative.
If you want to invest in gold and add it to your investment portfolio, you will be happy to hear that you can purchase the precious metal with the bitcoins in your wallet. That’s right! Depending on the corresponding dollar value of bitcoin at that particular time, you can buy gold from companies and hope that you will make some good money from it in the long term.
Want to know how? We are going to cover various companies, looking at how you can buy gold using your digital currencies from them and make your investment goals a reality!
Buying Gold with Bitcoin on Vaultoro
Let’s start with Vaultoro because it’s one of the most popular platforms for purchasing gold with bitcoin. The benefit of the platform is that you can even choose to get the gold in physical form, delivered directly to your doorstep. However, there are restrictions you need to know about the company before you deal with it. These are:
- To initiate any transaction, you need to be fully verified by the company
- You need to have a working number so that the staff can contact you in person
- Gold will ship to the address specified during the verification process
- You will incur the delivery cost
- The minimum purchase amount is 100 grams
Now, here are the steps you need to follow:
Step 1: Visit the Vaultoro official page and click Sign Up at the top right corner of the page. You will be asked to fill in your details, including your email address and password.
Step 2: Once you are done filling in your details, click the confirmation button and register your account. Vaultoro will send an email to your address for verification purposes. Click on the email and proceed with the “Continue” button.
Step 3: Once you hit Continue, you will redirect to the Vaultoro Exchange page, where you can now begin verifying your account. If you wish to do some trading, though, you can proceed without necessarily confirming your identity, but you will have to deal with limitations to the services you can access.
Step 4: On the dashboard, click Verify Now! And fill in all the details required, i.e., name, address, date of birth, and type of document you intend to use (passport, ID or other). When you finish, click Save.
Step 5: You will need to upload your documents to help process the verification. After clicking “Save” click “Choose File” and select what you want to upload from your computer. When the document uploads, do the same for the next part of “Bill or Bank Statement” Make sure the document you select is up-to-date.
Step 6: Now, the verification process completes, and the ball is on Vaultoro’s court. The company will inform you of their decision via email, something that might take a few days depending on the number of applications. In the meantime, though, you can deposit up to 4 BTC per day and buy gold – but it’s imperative that you wait for the go-ahead after verification.
Step 7: Assuming you have been verified already, click on the Bitcoin Deposit/Withdraw on the dashboard and copy the address generated, which you can now use to send bitcoins from your wallet. The platform shows the status right below the transaction, showing you the number of confirmations in the blockchain so that you can know when it is complete.
Step 8: Your bitcoins have been credited to your account, right? Well, it’s now time to buy the gold! Click “Trade” on the dashboard, enter the number of bitcoins you intend to spend, and hit “Place Order.” When you are done, it’s time to wait for a trader to pick it. And yes, you can cancel your orders anytime in “Your Orders” page.
Buying Gold with Bitcoin on GoldSilver.com
GoldSilver is a trusted dealer of precious metals, serving customers around the world for over a decade. When it comes to payment options, it accepts cryptocurrencies, making the process of buying gold with bitcoin simple, not to mention low-cost. You can acquire gold bars, gold coins or gold jewelry. Here are simple steps you can follow to own some gold if you have bitcoins in your wallet:
Step 1: Visit GoldSilver official website and click on the register button to create an account. Include your first and last name, country, email address, password and a working phone number.
Step 2: Once your account is ready, proceed to the “Buy Precious Metals” at the top of the page. The company also offers silver coins and bars, so make sure you select gold as your preferred option.
Step 3: You will be redirected to a page with lots of options on gold coins and bars, with each indicating the quantity and prices. Depending on the value of your bitcoins, choose the appropriate options and add to cart.
Step 4: It’s not time to make the payments. When you click on the cart, you will see five payment methods: credit or debit card, bank transfer, PayPal, personal check, and bitcoin. Select Bitcoin and continue with the order.
Step 5: You will then proceed to page with an invoice for your purchase, which will also include a bitcoin address. Use this address to send bitcoins from your wallet.
Note: Once the order closes, you will be given only 15 minutes to make payments lest it will cancel automatically. If you make the payments, delivery can take between 1 to 2 business days, so don’t freak out if it goes beyond 24 hours.
GoldSilver can help you store the gold or have it shipped to you for a fee. If you are in the US and make a purchase of more than $499, you will receive your gold free of charge.
Buying Gold with Bitcoin on GoldMoney
GoldMoney is also a legitimate platform where you can buy gold with bitcoin. The Company has invented a GoldMoney MasterCard that allows you to withdraw funds from ATMs that support MasterCard. You can also send gold to anyone in the world via the platform.
Here’s how to buy gold with bitcoin on GoldMoney:
Step 1: Start by creating an account with GoldMoney. You will need to select the holding type (Individual, Corporate, or Trust), and fill in your primary information as well as your email address and password.
Step 2: Once your account is fully set up, you will access the dashboard with navigation on the right highlighting various services, including Send Gold, Request Gold, Deposit, Redeem, Prepaid Cards, and Transactions.
Step 3: Since you will be buying gold with bitcoin, you will need to deposit some BTC first. So, click on the deposit option and select between one-time deposits of recurring deposit. Go with the One Time deposit, assuming it’s your first time to use the platform to purchase gold with cryptocurrency.
Step 4: From the displayed deposit options, select cryptocurrencies, and then choose bitcoin as the preferred coin. Copy the provided address and use it to send bitcoins from your wallet. The deposit will credit into your account after one confirmation. The system is that the transaction expires after 15 minutes if you don’t proceed with the payments.
Step 5: Once you have your bitcoins, the rest of the process is a breeze. You just need to navigate to the option of buying gold, choose bitcoin as the payment option, enter the amount, and proceed to confirm the order.
Other Trusted Companies that allow you to Buy Gold with Bitcoin
Vaultoro, GoldSilver, and GoldMoney aren’t the only platforms that empower you to purchase gold with bitcoin – there are a dozen others online. Here are a few more companies you can also consider:
Advantages of Buying Gold with Bitcoin
- Low transaction fees – Imagine converting your bitcoins or cryptocurrencies to fiat currency and then using the money to purchase gold. The transaction fees will leave you with only a few bucks, assuming you are not getting much gold. With bitcoin transactions, you will pay less, and in most cases, you will incur a small fee, depending on the company you choose.
- Convenience – Bitcoin is a digital currency, right? Well, this means one thing – all your transactions will occur online! You just need to register with your preferred platform, and place an order from the comfort of your home or office and the exchange will make it happen!
- Fast transactions – When you initiate a Bitcoin transaction, there’s no intermediate here, so the company you are buying gold from will receive the funds quicker compared to using Visa or bank transfers. If they verify your transaction, you will be lucky to get your gold in the shortest time possible.
Is Bitcoin Likely to Replace Gold as the Best Long-Term Investment Tool?
Well, this is a contentious issue that many people have debated. Yes, both bitcoin and gold are long-term investment tools, but it’s unlikely that they have the same staying power. You see, with bitcoin, the market is very speculative because of its volatile nature. Gold price moves differently. Yes, the cost of this precious metal often changes from time to time, but it’s less speculative and volatile.
Bitcoin is considered both as a store of value and digital currency. Gold, on the other hand, is a resource of money or an asset. There is a significant difference between them if you project their future value. But here are three reasons why Gold is likely to remain an all-embracing investment:
- It’s a finite resource – That’s right. Until humans find ways to clone this precious metal, it will be valuable. The supply is decreasing considerably, so the prices will always go up. And while the bitcoin community trusts that only 21 million of the digital currency will exist, it’s not enough proof to believe that advanced technology will not be used to create more in future.
- It is risk-averse – Forget about the robust tendencies of gold during inflationary periods. Gold has always proven to be risk-averse, especially when compared to the high reward of bitcoin! It has a physical value that has existed since civilization and not a conceptual value as it is the case with bitcoin. If the bitcoin market crashed as some people believe, you’d still have your gold.
Both Bitcoin and Gold are sound investments, especially for long term. And when you buy gold with bitcoin, you are directly swapping something that intangible for something that is tangible. If you want to broaden your portfolio and include gold in your list, you don’t have to use fiat currency or sell your bitcoins for real cash and then buy gold. As you can observe from the steps outlined above, you can choose either of these platforms and make your purchases using the bitcoins in your wallet. Simple and easy!
P.S. Want to learn how Bitcoins and cryptocurrencies just like it work? Check out our comprehensive documentary guide here.
A graduate of University of Southern California from Los Angeles, California with a Bachelors of Science in Industrial & Systems Engineering and an SAP Specialization.
Jeffrey Ito is an entrepreneur who loves new technologies such as 3D printing, Bitcoin, Neural Interfaces and iPhone apps. He is the Founder of Lithium Gold, Inc and Digital Green Tea – more than an SEO company. We are an experience founded on teamwork, transparency and achieving massive results.
Jeff enjoys helping people gain an edge with 21st Century break-through technologies. His ultimate vision is to create optimized technology systems that help improve the lives of other people.
If there’s any questions, comments or feedback you have for me – feel free to contact me at any time.