How to Buy Gold with Bitcoin

I have seen the question "how to buy gold with bitcoin" asked a couple of times and as a bitcoin advocate and experimentarian, I thought I should write a short post to answer that.

Why would someone want to buy gold with bitcoin? I think a good reason for that is because in some ways gold and bitcoin have some similarities.

In other words, gold is something that is a store of value, not managed by the government and has a limited supply.

These are the qualities bitcoin has in common with gold. The big difference is that while gold has no doubt been a store of value, it is not something you can use to simply buy things with.

On the other hand, you can use bitcoin to buy things and this is what makes it very interesting.

Also, since bitcoin is a store of value and has proved like gold to be increasing in value against fiat currencies during inflation, many have started including bitcoin in their investment portfolio despite its volatile nature.

So let's get started on some of the ways you can buy gold using bitcoin.

Vaultoro

One place where you can buy gold with bitcoin is Vaultoro, a fairly new service.

Using Vaultoro to buy gold with bitcoin is very interesting because they offer a sophisticated system whereby you can open an account with them and trade bitcoin for gold without the aid of a bank and then you can sell the gold for bitcoin too.

All these can be done instantly and you can also have the gold delivered to you. The gold is stored in a swiss vault.

They allow you transact up to $5000 worth daily without having to verify your account.

If you want to sell your gold you, can do so with Vaultoro instantly and get the bitcoin equivalent sent to you wallet.

This service links bitcoin and gold together in such a way that you can swiftly convert one to another without dealing with the existing banking system.

Uphold

Uphold, formally called Bitreserve offers somewhat of a different way of buying gold with bitcoin.

What Uphold does is to enable you to open an account and create wallets in different types of assets and trade them with bitcoin.

One of these assets is gold. Bitreserve holds the actual physical gold to the equal value of gold that is being traded on their exchange and they publish a real-time, verifiable proof of solvency.

Once you have this wallet open in gold, you can instantly move it back to bitcoin or you can send that gold to anyone who has an account with Uphold.

Conclusion

So, these are the two innovative ways you can buy, sell, trade and store gold, and all with bitcoins and you can interchange between the two.

I think this could be something many people might find interesting.What do you think?

Let me know in the comment below.

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