How to Buy Gold With Bitcoin

The concept of digital currency with no central authority was designed back in 1998, but it took 11 years to create the first digital decentralized currency, Bitcoin, in 2009. In the current financial environment, you can buy almost anything with Bitcoin, and it has become a currency of international transactions. The numerous advantages of Bitcoin have made it convenient, and it is adopted by businesses around the world, including bullion and metal dealers.

In this article, get to know about how to buy gold with Bitcoin using Speed wallet and the benefits associated with it.

• Download the Speed Bitcoin lightning wallet app

There are multiple Bitcoin wallets to choose from, but with its simple and intriguing UI, Speed Wallet is the most integrated for buying gold. This mobile-only wallet is available to be downloaded for both Android and IOS. Visit the official website of Speed and download the official version to get started.

• Set up your Speed Wallet

Register and set up your Bitcoin wallet by providing some basic details. Being a custodial wallet, you don’t have to worry about any wallet address or the seed phrase. Everything is kept secure with a Speed wallet.

• Get Bitcoin as your base currency

Once your wallet is all setup, get it connected with any reliable exchange and buy the Bitcoins you require. You can directly transfer the Bitcoins in your wallet app from that exchange and get started with getting gold in exchange for BTCs.

• Choose the store to buy gold

Multiple international and online gold stores support Bitcoin as a currency of payment. From that, you can choose any store where you can find reliable products and have included Bitcoin payment methods.

• Select products and opt for checkout

Browse through and find out the products of your choice, and keep them safe in the cart. Once you are done with that, proceed to checkout and choose Bitcoin as an option. This will allow you to pay directly from your Speed wallet.

“Speed also provides its hosted checkout page, which you can integrate Speed checkout to your online store and simplify the shopping experience of your customers.”

• Pay with Bitcoin and receive confirmation

Once you pay through the wallet app, you will receive purchase confirmation, the same as other payment methods. Your transaction will be processed from your crypto wallet.

Specific merchants also send a generated invoice that allows you to scan and pay through their provided QR.

“Speed provides personalized invoicing for merchants to get payments in a defined timeline.”

• Low transfer fees

Bitcoin transfers do possess fees, but as it is a decentralized payment method, these fees are low in front of a traditional wired network. This fee is called a gas fee, which is paid to the blockchain network and then distributed as a reward to the miners when they validate the transactions.

The fee is lower as there is only a single blockchain network, and its bifurcation amongst the miners is also simplified.

• More secured

With credit cards and bank transfers, the associated risks are high as many intermediaries are involved in the transaction. At the same time, Bitcoin operates over the blockchain, which is decentralized and functions on various ledgers. This implies that there are no intermediaries that hold along the procedure of transaction.

Being an open network, all the transactions are transparent and can be reviewed by anyone, ensuring their authenticity.

• Higher transaction speed

The foremost benefit of buying gold with Bitcoin is it being a faster mode of transaction. Blockchains settle out a payment at a higher speed compared to a traditional payment method. Buying gold is a sizable investment and includes a lot of additional paperwork, which is also time-consuming; Bitcoin saves your time in the same.

The Speed varies in different cryptocurrencies; although Bitcoin takes a few minutes to settle the transaction, it is much more efficient and faster than other bank services and credit card providers.

• No need for a banking system

If you want to buy gold with cryptocurrency such as BTC, then there is no bank involvement in it. The Bitcoins are stored in your wallet and can be used from there accordingly.

Simply put, one has to pay and then wait for the seller to send the gold. There is no unnecessary credit and identity check because the banks are not involved.

With Bitcoin, individuals can attain the asset of gold without too many legal formalities like banks.

• No currency conversion is required

International gold dealers and online stores generally deal with customers using different currencies. And if the currency does not match the one they offer, then you have to pay an additional exchange fee along with the gold price and shipping charges. These margins don’t apply to Bitcoin, regardless of the location of the buyer and the seller.

When a gold merchant accepts Bitcoin over its products, there is no need for any conversion, which also saves the associated charges.