Whether you have been investing in gold for years, or are just starting out, the payment methods accepted by major gold dealers has remained the same for some time now. They have often included checks, bank wires, credit cards and debit cards. Only recently have crypto currencies like bitcoin come to the forefront, expanding your gold buying payment options.
Bitcoin was first invented by an anonymous man named Satoshi Nakamoto around 2009. At first it received much criticism, but it quickly skyrocketed in price to around $1,200 at its peak. At the time of this post it was sitting around $600 USD which is a bit off it’s all time high, but still respectable. Since 2009 the uses of bitcoin have been added to and innovated upon.
Today, you can buy or do almost anything with bitcoin including but not limited to buying gold and silver bullion. You can even gamble with bitcoin in some cases, and its uses seem to only increase each year. Because bitcoin is such a new currency (idea really..) many companies are reluctant to accept it as a form of payment for such a liquid asset like gold. Even though that is the case, many have jumped on board recently and now accept bitcoin as payment for gold.
Problems with Bitcoin and Gold
When it comes to buying gold bullion with bitcoin, there are a few small problems, primarily associated with the company selling it as opposed to the buyer. The first problem lies in the fact that many traditional financial institutions do not deal in bitcoin in any way. This makes it hard for a large gold bullion company to accept it with their current bank, and forces them to look elsewhere, often into uncharted waters. Some companies may be afraid to do so.
The next problem arises from the many anti money-laundering policies in place by the U.S. and other governments. Both bitcoin and gold bullion, being very liquid assets, make it easy for those with criminal intentions to launder or move money around. This can be problematic for companies, meaning they have to keep an eye out for anyone who appears to abuse the liquidity of gold with the anonymous nature of bitcoin.
Where to Buy Gold with Bitcoin
Even though some problems still exist, some leading companies have decided to try it out as a form of payment or the gold and silver bullion they sell. Below we have put together a list with companies who are now accepting bitcoin as a payment option for gold bullion.
How to Buy Gold with Bitcoin
Buying gold bullion, and even silver bullion with bitcoin is pretty straightforward and easy to accomplish. You will just add the products you want to purchase to your cart and proceed to checkout. The difference comes with completing payment. In the case of bitcoin, you just send the bitcoins from your personal wallet to that of the company you are buying from. It is similar in a way to a credit/debit card, in that payment is virtually instantaneous. Once you send the bitcoins to the companies wallet and they are received, payment is completed and you should be good to go.