Bitcoin holders have seen massive gains in only a matter of months and that’s sending many of them scrambling for places to put their new-found wealth in the event of a crash. One of the safest places to put money right now is gold and silver bullion and with increasing acceptance of Bitcoin as a currency, you don’t even need to convert your Bitcoin into cash. You can buy gold and silver with Bitcoin directly.
No Exchange Rates
Gold buyers outside of the US often find themselves struggling with exchange rates to buy gold in USD. Bitcoin means you don’t have to worry about current exchange rates when you’re buying gold. That also saves you money exchanging fees, which can add up when you’re talking about investments.
Low Processing Fees
Gold dealers such as Silver Gold Bull accept Bitcoin because of the low processing fees compared to dealing with banks and credit card companies. With every purchase, credit card companies and Interac charge the merchant a percentage fee. When you’re in the business of selling thousands of dollars worth of gold and silver investments, those processing fees add up.
Diversifying Bitcoin Wealth
Over the last year, the value of Bitcoin has skyrocketed in the last few months, reaching the record-breaking $10,000 USD in November 2017. No one really knows where Bitcoin is headed in these uncharted waters. If you purchased $100 worth of Bitcoin on November 1, 2010, it would have been worth over $2.8 million on Nov 6, 2017. The sudden explosion in Bitcoin’s worth has a lot of investors looking for ways to diversify their portfolio before a correction sets in and gold is one of the safest places to put money right now. Though there is strong demand for cryptocurrencies from Asian markets like Japan, economists believe that the explosion in Bitcoin’s value may be driven by speculation, which means a crash could be around the corner. Silver is another safe place to put your Bitcoin earnings with even more growth potential than gold. Investment experts suggest that about 10 to 20 percent of your portfolio should be in gold and silver, but you can visit Silver Gold Bull to learn more about diversifying with gold and silver bullion.
When you pay with a cheque, e-Transfer, credit card, or money order, you’re beholden to banking hours and that can delay payment processing. The price of gold and silver doesn’t wait for local bank holidays and you can’t wait to lock down your price. You never need to wait to pay with Bitcoin as it’s one of the fastest ways to pay.
Bitcoin and gold have a lot of similarities; in fact, the system for extracting Bitcoin by algorithm is even called mining. There is a finite quantity of Bitcoin available, unlike currencies printed by governments, and there’s some debate about whether it’s a currency or a commodity like gold. However, gold and silver bullion dealers like Silver Gold Bull largely accept Bitcoin as payment for precious metals thanks to the convenience and lower processing fees. Take advantage of Bitcoin’s extraordinary value before its volatility catches up with you and invest part of it in gold and silver, a commodity known for its stability against volatile markets.