Bitcoin to Precious Metals Companies

TheGreatPython

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Quote from: QEHedge on January 16, 2020, 08:48:16 PM

Hi everyone. I'm looking for a company that will convert BTC to Gold. (Or precious metals such as Platinum / Silver etc)

Example , If BTC is worth 100K USD , Then i'd be able to transfer my BTC to them for 2KG of gold. (Assuming Gold Spot Price is 50k USD)

is there any companies that are able to do this? I remember GoldMoney backed by Sprott Capital but they no longer have the option of doing the exchange anymore.

As much as I know there are no companies that are doing that. If you want to buy gold you should sell your Bitcoin and then convert to fiat before looking for where you can be buying the gold you want. The same thing applies to when you want to convert your gold to cryptocurrency, you will have to sell to fiat and buy Bitcoin.

I know a lot of companies that are selling gold where you can be investing in gold but none of them are accepting Bitcoin as payment, the only payment they are accepting is payments to banks direct, and no other. I don’t even think their kind of business is the type that requires have different payment methods, they should be working with banks.

TheUltraElite

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Quote from: FanatMonet on February 25, 2020, 05:53:52 PM

Why do not you consider the possibility of selling bitcoins for cash, as well as buying gold for this cash at a bank branch?

The fees involved in this procedure will be bigger than just buying gold with cash. Its sad that we dont have direct methods of buying/selling gold vs bitcoin. BitGold was there at one time though I have not used it myself.

Quote

Although you will lose some of the funds withdrawn from the cryptocurrency, and it is possible that the bank will charge a certain percentage of the sale, you will be much better protected than with such exchanges over the Internet.

Technically yes, but the fees are big for the entire transaction. But there are P2P sales available with reputable members of this forum. You could take part in those and sell your bitcoins for gold or precious gems.

Bottom line is that every method carries some risk but you have to try them all to find out which one is going best for you. Do not send first to any seller without using an escrow.

justdimin

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I don’t think I know any precious metals company that is accepting cryptos as payment. All of the top ranked companies I know, none of them is accepting bitcoin as payment, it’s mainly through Bankwire and PayPal.

I was once a gold freak back when there used to be BitGold. I loved BitGold and that was my favourite platform then for buying and storing gold. And one thing I loved about them is that they have a mobile app which is unlike every other companies I have come across. But, not until they merged with GoldMoney and things changed, that’s when I stopped buying gold and later I discovered cryptocurrency. Cryptocurrency has been the thing for me.

Twentyonepaylots

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Quote from: FanatMonet on February 25, 2020, 05:53:52 PM

Why do not you consider the possibility of selling bitcoins for cash, as well as buying gold for this cash at a bank branch? Although you will lose some of the funds withdrawn from the cryptocurrency, and it is possible that the bank will charge a certain percentage of the sale, you will be much better protected than with such exchanges over the Internet.

The process on which instance that you proposed may look difficult for some cause it is a long process. I'm also thinking of the idea of bitcoin for gold and vice versa, but seems like there is no one who are courageous enough to handle such volatile like that. It is a never ending question I guess, which is which, bitcoin or gold isn't it? It is like the question of the decade. But I guess the answer will differ on the era you've lived on.

Assface16678

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Quote from: FanatMonet on February 25, 2020, 05:53:52 PM

Why do not you consider the possibility of selling bitcoins for cash, as well as buying gold for this cash at a bank branch? Although you will lose some of the funds withdrawn from the cryptocurrency, and it is possible that the bank will charge a certain percentage of the sale, you will be much better protected than with such exchanges over the Internet.

Bitcoin is one of the best popular investments today is the use of cryptocurrency and many people grab this experience to make more earnings and they made a lot of investments, trading, and gambling with the use of it. Before the gold is one of the profits metal and stone and there are a lot of people starting to see the potential of the gold. But now one of the highest price today is the bitcoin and the gold and many people starting to earn more on it, first is the bitcoin because the law of supply and demand and the halving it will continuously be increasing and next is the gold every time goes by the price of it becomes more rare and expensive.

FanatMonet

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Why do not you consider the possibility of selling bitcoins for cash, as well as buying gold for this cash at a bank branch? Although you will lose some of the funds withdrawn from the cryptocurrency, and it is possible that the bank will charge a certain percentage of the sale, you will be much better protected than with such exchanges over the Internet.

Twinkledoe

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Quote from: bitcoinst on February 25, 2020, 02:58:50 PM

Quote from: oleg8791 on February 15, 2020, 02:01:11 AM

I've found an article about 7 possible way to buy precious metals with BTC. Maybe it will be helpful:
https://www.buybitcoinworldwide.com/buy-gold/bitcoin/

It is remarkable that there is a fairly wide variety of similar services that allow you to buy precious metals and gold for bitcoin.
I think this is a good opportunity to invest or convert your own cryptocurrency assets into physical values.

For me personally, the main criterion for choosing a place for such a conversion will be the possibility of obtaining a physical asset in the real world.
That is, it is absolutely important that the exchange can deliver gold or precious metal to my home. Otherwise, these are just numbers in your account.

And it is really very difficult to find one that will deliver physical gold to your home. It will entail a lot of documentation. If there will be no attached documents needed, then start to doubt the authenticity of what you are buying. You need to have some sort of valid reference that they do deliver physical gold without any problem. Hard to trust online shops nowadays.

bitcoinst

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Quote from: oleg8791 on February 15, 2020, 02:01:11 AM

I've found an article about 7 possible way to buy precious metals with BTC. Maybe it will be helpful:
https://www.buybitcoinworldwide.com/buy-gold/bitcoin/

It is remarkable that there is a fairly wide variety of similar services that allow you to buy precious metals and gold for bitcoin.
I think this is a good opportunity to invest or convert your own cryptocurrency assets into physical values.

For me personally, the main criterion for choosing a place for such a conversion will be the possibility of obtaining a physical asset in the real world.
That is, it is absolutely important that the exchange can deliver gold or precious metal to my home. Otherwise, these are just numbers in your account.

Twentyonepaylots

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Quote from: imstillthebest on February 15, 2020, 04:30:44 AM

it was like a trading but the pairs are precious metals ? never saw that but lately ive been seeing btc or other cryptos to stocks . if they been able to come up with such ideas , then its also possible for cryptos to other assets . if not , then the best option would be exchanging your crypto onto the other currency that acceptable on a platform that your willing to use . just try the links that users suggested on here . it could help you find what exactly your looking for .. goodluck

I mean, unless they have a safe way to transact and trade items I don't think this is a good idea at all. That's like having a robber hold your money for you and then asking them not to take the money away. This is a big risk, even bigger than the risk you'll be taking on trading bitcoins. So I won't suggest you doing that stuff as it could cause you serious bankruptcy in your cryptocurrency journey. It's better to be safe than sorry, as what many people have mentioned.

And even if they send you the trades on your first time, you can't be sure that they'll give you your trade in case you would like to transact with them. It happened to me once, I was robbed off of some bitcoins because I easily trusted a site I always go with trading and such. They ripped me off of a couple hundred dollars' worth of bitcoin which is something I don't want to happen to you.

bitgolden

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There are lots of other sites that I know you can buy and store gold, but the only one I have been using is Gold Money, so I don’t know whether those other ones are accepting Bitcoin or not. I chose Gold Money because of how their platform looks simple and clean interface. It’s not like others that I have seen. I started making use of BitGold and when they merged with Gold Money, BitGold was closed down and Gold Money took over everything.

It’s not really a must that you will buy the assets using Bitcoin. You can still sell your Bitcoin and then use the money you got to make payment for the purchase of Gold. One thing I don’t like about their platform is that they don’t have a mobile app, BitGold used to have an application.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: richcoin888 on February 19, 2020, 07:15:06 PM

On here many companies provide the service and you will do it easily.

I would not suggest that directly. Too many scammers here even though some precious metal owners are legit but still using an escrow for the trade is essential.

Also they can use fiat to buy precious metals after selling bitcoin which seems like a two step process but a feasible one if direct transfer is not possible.

Again there may be local dealers in the person's marketplace of local boards or locality which is also good.

But in general there is always a risk of gold quality when taking it from P2P systems than an exchange.

richcoin888

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On here many companies provide the service and you will do it easily.

wheelz1200

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jmbullion.com

That website is reputable and have good products/prices. They even give you a discount if you use bitcoin versus paypal/credit. There are definately others but if they ship to your company I would use them.

Baoo

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I have no idea, but I think it is pretty possible to find appropriate way for converting Bitcoin to Gold or silver..ect. Plus, I have not seen any company who is able for this work, also it is very risky due to there are too many scammers in Bitcoin's domain, so I don't advise you for this idea. It is certain that Bitcoin is more precious and valuable than Gold, and remember that the price of this currency will rise over time and it may even reach to $ 30K after 1-2 years I would guess.

LeGaulois

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Quote from: 1Referee on February 16, 2020, 09:30:16 AM

Quote from: Yatsan on February 15, 2020, 12:46:04 PM

And FYI, buying gold is much more hard than buying bitcoin, TBH you can just create an account with any exchange make deposit and buy bitcoin then withdraw that's all it takes to have a bitcoin.

I'm not so sure of that. I can obtain Gold right away by walking into a bullion dealer/jewelry/pawn shop. Up to a certain amount I don't have to show any documents, which is cool. It depends per country where that legal threshold is, but you could even just walk into different shops to circumvent hitting that threshold.

Creating an account on an exchange such as Coinbase takes time. I have to verify myself first (i.e. sending them all my personal information/documents), then after that approval I have to transfer money to my account and then buy. This process could take days. Also, an exchange could block your account at any moment to ask for source of funds, which then only further delays the buying process.

Yes, you could choose to meet up with someone locally and conduct peer to peer transactions, but as newbie that's most likely not what you are interested in doing, especially not when you take the risks of such transactions into consideration.

It depends on where do you live. In Europe, it's getting more rigorous than before with the AML policies and other bullshits. In mine it's not that easy, bullion dealers are rare, jewelry doesn't sell gold bars or coins, only jewels. On top of that, you have to pay an 11% extra price. When you're lucky to find a place you can't pay in cash for items above 1000€, only by bank transfers or bank cheque. Your name is recorded in their accounting book, the trade is automatically transferred to the taxes departments, etc
Finally, it's easier to buy gold with Bitcoin compared to fiats.

It's even worse when you want to sell, you can not be paid with cash too, only bank transfers or a special type of cheque. And if you don't own a certificate in your name they first think you're a thief, secondly, you are charged an extra tax and so on.
Imagine in the time of our grandparent when owning a certificate wasn't mandatory but now they try to sell this gold

1Referee

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Quote from: Yatsan on February 15, 2020, 12:46:04 PM

And FYI, buying gold is much more hard than buying bitcoin, TBH you can just create an account with any exchange make deposit and buy bitcoin then withdraw that's all it takes to have a bitcoin.

I'm not so sure of that. I can obtain Gold right away by walking into a bullion dealer/jewelry/pawn shop. Up to a certain amount I don't have to show any documents, which is cool. It depends per country where that legal threshold is, but you could even just walk into different shops to circumvent hitting that threshold.

Creating an account on an exchange such as Coinbase takes time. I have to verify myself first (i.e. sending them all my personal information/documents), then after that approval I have to transfer money to my account and then buy. This process could take days. Also, an exchange could block your account at any moment to ask for source of funds, which then only further delays the buying process.

Yes, you could choose to meet up with someone locally and conduct peer to peer transactions, but as newbie that's most likely not what you are interested in doing, especially not when you take the risks of such transactions into consideration.

Yatsan

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Quote from: beerlover on February 15, 2020, 11:04:11 AM

Honestly, people do not really see bitcoin as a payment method of precious metals mostly because it is not something you can collect by hand whereas precious metals are normally seen as things you can buy directly.

You can also buy bitcoin directly with any e-wallet offering the coin or exchange but the main thing is people are more giving value to bitcoin because it is trendy and growing. On top of that is the volatility of the bitcoin that has been the very source of speculation on which its price are hardly predictable. However, metals do have physical components wherein the value or physically evaluated.

Quote from: beerlover on February 15, 2020, 11:04:11 AM

You go to a gold shop and you buy the gold using your dollars, there is none like that for bitcoin, plus international transport of precious metals are usually a dangerous and a very regulated thing so you can't work for the whole globe when you are doing something like that, otherwise people would go beyond the regulations and just use bitcoins to buy billions of dollars worth of gold to their nations, weakening the other nations gold reserves right? That is why regulations matter when it comes to these things and we can't use bitcoin however we want to purchase.

lol. Use bitcoins to buy billions of dollars worth of gold to other country and result to weakening of other nation's gold reserve? Have you thought of money printing? Today, we don't have any backed up asset on our currency such as gold or oil, What we habe now is the faith of the paper having its value that we can use to trade, why? because the government say so. And FYI, buying gold is much more hard than buying bitcoin, TBH you can just create an account with any exchange make deposit and buy bitcoin then withdraw that's all it takes to have a bitcoin.

beerlover

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Honestly, people do not really see bitcoin as a payment method of precious metals mostly because it is not something you can collect by hand whereas precious metals are normally seen as things you can buy directly.

You go to a gold shop and you buy the gold using your dollars, there is none like that for bitcoin, plus international transport of precious metals are usually a dangerous and a very regulated thing so you can't work for the whole globe when you are doing something like that, otherwise people would go beyond the regulations and just use bitcoins to buy billions of dollars worth of gold to their nations, weakening the other nations gold reserves right? That is why regulations matter when it comes to these things and we can't use bitcoin however we want to purchase.

1Referee

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Quote from: fiulpro on February 10, 2020, 02:19:58 AM

Try doing it from countries where the gold is really cheap

Every place you buy Gold from, regardless of the country, uses the main USD ounce value at that day, so you won't gain any benefit price wise unless they offer some sort of a 1-2% below spot price deal, but those usually only apply to damaged coins/bars. 1-2% below spot isn't what I consider 'really' cheap.

If Gold is REALLY cheap, it usually means that it's too good to be true.

Quote from: fiulpro on February 10, 2020, 02:19:58 AM

ordering online from Amazon is also an option but at the same time local traders have better rates.

I cringe every time I see people (especially newbies) go to sites such as Amazon or Ebay to purchase Gold. In reality they are far more likely to purchase a very good looking fake bar. I browse through the sold listings of Ebay quite frequently, and I double cringe every time I see a fake bar is sold, and some times by very trusted sellers. At least you can get your money back if you fill in a claim.

imstillthebest

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it was like a trading but the pairs are precious metals ? never saw that but lately ive been seeing btc or other cryptos to stocks . if they been able to come up with such ideas , then its also possible for cryptos to other assets . if not , then the best option would be exchanging your crypto onto the other currency that acceptable on a platform that your willing to use . just try the links that users suggested on here . it could help you find what exactly your looking for .. goodluck

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