Bitcoins’ use in everyday life is always increasing, a sign that cryptocurrency is catching on and may soon become even more important. One of our options is to buy gold in bitcoins, through the service provided by the Dutch company BitGild.
- How to buy gold with Bitcoins
- Is it safe to buy gold paying in Bitcoins through BitGild?
- Buying precious coins and gold ingots
- Buy other precious metals: silver, platinum and palladium
- How to buy gold by paying in Bitcoins?
- Should you buy gold paying in Bitcoins?
How to buy gold with Bitcoins
BitGild’s service allows you to buy gold by paying in Bitcoins. The process is very simple and fast and does not differ from buying the precious metal using a “fiat” currency (euro, dollar, pounds) at all.
Is it safe to buy gold paying in Bitcoins through BitGild?
BitGild is a registered company in the Netherlands, with a VAT number, registration with the Dutch Chamber of Commerce and a physical address (the company is the Bit Company, located in Sonny Rollinsstraat 121, in Utrecht).
From a security point of view, this was an important step taken by the company, yet we are still currently looking for reviews and opinions from users, which we will share on this page as soon as they are available.
Buying precious coins and gold ingots
One way of buying gold by paying in Bitcoins is by purchasing coins, bars, or gold ingots.
Amongst the available precious coins, there are all the most famous “gold coins” in the world, from the Britannia to the Chinese Panda, the golden French franc, the Krugerrand as well as the British Sovereign. These coins are worth around €1,000 and can be purchased by paying in Bitcoins.
The classification includes coins from Australia, Austria, Germany, France, the United Kingdom and the United States, amongst others.
There are also ingots and gold bars of various weights, from 1 gram to 1 kg of gold (about €36,000), including intermediate sizes such as 5 grams, 10 grams and the classic 1 ounce of gold (about €1,300).
Buy other precious metals: silver, platinum and palladium
In addition to gold, BitGild also allows you to purchase other precious metals, such as silver, platinum and palladium.
Purchasing silver by paying in Bitcoins
The availability of silver is very similar to that of gold, meaning that you can buy coins, but also bars and ingots.
Among the available precious coins, there is the Britannia, the Chinese Panda, the Maple Leaf, the Elephant of Somalia and the Australian Kookaburra.
On the other hand, regarding ingots and bars, the choice varies with option weighing 1 grams up to a 5 KG ingot (about €2,500).
Purchasing platinum and palladium by paying in Bitcoins
Platinum and palladium can be bought mainly in bars and ingots, although BitGild has recently added the option of purchasing the Maple Leaf coin in palladium, worth about €1,000.
How to buy gold by paying in Bitcoins?
After registering on the official website you can make purchases as on any e-commerce site, adding the product you want to buy to the shopping cart and then completing the purchase following the instructions on the screen.
At the time of payment, you can choose to pay in Bitcoins.
Obviously, before proceeding, you must be sure that you have the necessary sum available in your Bitcoin wallet. If you have not purchased any Bitcoins yet, you can do so at best market price through Coinbase.
Should you buy gold paying in Bitcoins?
It’s really hard to answer this question for the simple reason that the price of Bitcoins is highly volatile (as shown in this diagram of the Bitcoin Euro listing).
In general, if Bitcoin’s price is high, it could be convenient because you would pay fewer BTC for every ounce of gold (or fraction of an ounce) bought, while if the price is low, it may not be favourable because you would end up paying more Bitcoins for every ounce of gold (or fraction); if the price of the most famous cryptocurrency in the world were to increase (as the forecasts say) we would end up having paid more for what could have been bought for less.
In the meantime, however, we can register ourselves on BitGild while we wait for rosier days to buy gold in Bitcoins.