How To Buy Gold With Bitcoin (BTC)

Buy Gold With Bitcoin BTC

✍️ 14 November, 2022 - 5:03 👤 Editor: Jakub Motyka

Gold is a highly valued commodity globally and has remained as a store of value for many years - also ideal as a hedge against inflation. On the other hand, Bitcoin (BTC) has grown in value as a digital asset currently acceptable for payments by most retailers of precious metals. To buy gold with cryptocurrencies, you need a crypto wallethardware or software for keeping private keys to your crypto holdings.

The first option when buying gold with Bitcoin is to buy directly from accredited retailers of the previous commodity, that accept payments in BTC. Several gold retailers currently accept bitcoin as a form of payment (including American Gold Exchange, APMEX, Bullion Exchanges, and GoldSilver, among others.)

Place Online Gold Purchase Orders And Pay From Your Crypto Wallet

Once your crypto wallet is ready, you can visit the websites of gold dealers and browse their catalogs to find the gold you want to buy. Connect your wallet and choose BTC as a payment option. Afterward, the platform will generate an invoice – capture the QR code or just copy and paste the details into your digital wallet.

Other available options include card payment (you can find one from service providers like BitPay) and fund it with your crypto wallet. BitPay Card is useful across retailers supporting MasterCard. To start, download the BitPay Wallet app for Android or iOS, subscribe to a BitPay card, and browse your retailers to find the gold you want to buy. Notably, most precious metals have a fully insured shipment.

Risks When Buying Gold With Bitcoin Or Other Cryptocurrencies

Buying gold with bitcoin is not without risks (scams and fraudulent transactions.)To avoid being a victim, use trusted dealers that are independently verified. At press time, the price per ounce of gold was in the upwards of $1,700, while that of Bitcoin – also referred to as a digital gold - was at $16,815. The reference to the two assets as a store of value is also due to their limited supply.

Besides buying gold with BTC, most reputable retailers accept other cryptocurrencies as payment options - including Ethereum, Litecoin, XRP, Wrapped Bitcoin, among others. Also, you can buy other precious metals like silver, platinum, or palladium using BTC.

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Jared Kirui
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