How to pay for gold with crypto. Buy gold with bitcoin, ethereum, stablecoins, ripple.

HOW TO BUY GOLD WITH CRYPTO?

In addition to buying gold with Bitcoin or Ethereum, you can also buy gold with stablecoins at Bullion Exchanges. Because Bullion Exchanges utilizes Bitpay, you can virtually buy gold with any of the tokens this interface supports. Therefore, you no longer need to rely only on cryptos for your safe haven hedge. Now, you can also diversify your holdings with precious metals. All you have to do is select “Crypto” at the checkout in order to be redirected to that checkout process.

What Is A Stablecoin?

If you are wondering ‘What is a stablecoin?’ have no fear. Stablecoins are a type of cryptocurrency that offers price stability by being pegged to an asset stored in reserves. This means a digital token represents a form of wealth of something, which is usually either fiat currency or exchange-traded commodities, like gold. 

Some stablecoins might actually derive value from cryptocurrencies, or even from algorithms. Because stablecoins are backed by an asset, they are often more stable than other cryptocurrencies. However, they still offer the benefit of easy trading internationally since there is no need for an exchange rate or storage. You can buy stablecoins through major platforms such as BitPay, Coinbase, Celsius, Binance, Paxos, Stellar, and many more. However, you can only buy gold with stablecoins through BitPay with Bullion Exchanges.

What Are Some Examples of Stablecoins?

Stablecoins began in 2017 with the launch of Tether, a stablecoin backed by the US dollar. Soon after this stablecoin, others launched to compete with it. The USD Coin (USDC) followed in September 2018, but that month also saw the start of Gemini’s US dollar stablecoin (GUSD). Late in 2018, Paxos Standard (PAX) entered the stablecoin market. After that, a decentralized token called the Dai (DAI) was born, and it is one of the few stablecoins that is actually pegged to the USD on the Ethereum blockchain. This means that DAI is decentralized. All these coins are pegged to the US dollar, which is reportedly stored in reserves in a 1:1 ratio.

The most recent and one of the most trusted stablecoins today is Binance USD (BUSD). This launched in 2019 as a collaboration between Binance and Paxos, and it is specific to trading on their platforms. What makes this stablecoin so popular is that it is approved and regulated by the New York State Department of Financial Services, just like PAX and PAXG. PAXG is a stablecoin backed by gold, which is stored in vaults in London. This can be redeemed for physical gold at anytime. 

The five main stablecoins backed by the US dollar today are Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), True USD (TUSD), and Gemini Dollar (GUSD). As stablecoins become more regularly utilized, businesses make an effort to accept these as viable payment options. Bullion Exchanges is more than happy to let you buy gold with BitPay and stablecoins so you can easily convert your safe haven crypto holdings into safe haven precious metals. Please keep in mind that if BitPay does not support your cryptocurrency, we cannot accept it. You can easily trade with BUSD, PAX, GUSD, and USDC stablecoins on Bitpay when you buy from Bullion Exchanges.

WHAT IS BITPAY?

BitPay began in 2011 as Bitcoin was still slowly gaining popularity. This company started because it noted the potential for Bitcoin to revamp the financial system as a more secure and efficient way to buy on a global scale. Therefore, as the first official company to support cryptocurrency trading, BitPay is a pioneer that built blockchain payment technology. It is constantly evolving and updating the availability of crypto trading on its platform. It is because of this company that you can easily buy gold with stablecoins, Bitcoin, and Ethereum on Bullion Exchanges’ website. 

WHAT STABLECOINS CAN I USE ON BITPAY? 

At the time of writing, BitPay supports stablecoins including BUSD, GUSD, PAX, and USDC. 

HOW ARE STABLECOINS DIFFERENT FROM CRYPTOS?

Stablecoins are similar to and formed because of cryptocurrencies. But, stablecoins derive their worth from an asset of some kind. This might include fiat currency, precious metals, other cryptos, and more. PAXG is a gold-backed stablecoin that Paxos launched. The gold that one PAXG token represents is 1 troy oz of a physical 400 oz LBMA gold bar. This physical gold is stored in highly secured Brink’s vaults in England.

PROS & CONS OF BUYING WITH STABLECOINS

With over 1,000,000 daily transactions, stablecoin payments are quickly becoming regular forms of payment internationally. Why are stablecoin payments becoming increasingly more common? Here are some of the advantages.

PROS:

  • Convenience – with a stablecoin wallet, you can easily and quickly make secure payments internationally. Although stablecoins are backed by an asset stored in reserves, all transactions occur online and do not require physical transportation (or currency exchange) of its pegged asset.

  • Stability – The main drawback of cryptocurrency like Bitcoin and Ethereum is that they are highly volatile. Stablecoins cannot move nearly as quickly in value as these unpegged cryptos. As a result, stablecoins are a much safer option. 

  • Security – Stablecoins originate from the basis of cryptos as a digital token with complete transparency and anonymity. Therefore, as long as you keep your wallet information private, you do not need to worry about identity theft or fraud. Since stablecoins operate on a blockchain, you can be sure your payments are completely anonymous to those who are not participating in the transaction. 

  • International currency – As long as a merchant accepts stablecoins, you can use yours anywhere in the world. Since its price is consistent internationally, you do not need to account for exchange fees.

  • Low transaction fees – transaction fees for stablecoin payments and purchases are zero or completely minimal, but the amount can be dependent on the size of the purchase.

  • Divisible currency – like Bitcoin, you do not need to worry about owning or using one entire stablecoin in order to use it. However, if you want to exchange your stablecoin for the asset it represents, like PAXG, you might need to own one entire token.

 

There are many benefits associated with using stablecoins. But, like any payment system, there are risks you should be aware of before performing some transaction, such as buying gold with stablecoins.

CONS:

  • Lack of Transparency – The biggest pitfall of stablecoins is that the company who runs the stablecoin and controls its reserves does not have to be transparent about its reserves. For example, Tether (USDT) is supposed to be 1:1 with the US dollar. However, it was discovered that Tether only had about 80-90 cents to a dollar for what investors actually put in. This bypasses the trust of Tether investors, which may just be its downfall if they open up their reserves for a full audit.

  • Irreversibility – Stablecoin transactions are instant and irreversible. But, refunds can be settled with the parties of the transaction depending on the recipient’s Refund Policy.

  • Transparency – Although any distinguishing information is encrypted, stablecoin transactions are public and permanently stored on the blockchain centered around the user’s stablecoin address. This means everyone can view all transactions and the balance of any address. This is why it is strongly suggested to set up several measures such as leverage private key encryption, PINs, and biometric authorization to enhance your security.

HOW TO SET UP A STABLECOIN WALLET

To create your stablecoin wallet, you will need to create a wallet with a company that supports stablecoins. BitPay is one example, which is one of the most popular as it allows you to easily perform transactions with most vendors who accept stablecoins. Other companies that offer wallets with stablecoin support include Binance, Coinbase, Celsius, Binance, Paxos, Stellar, and others. After creating your account, you can set up your wallet by buying a stablecoin of your choice.

BUY GOLD WITH STABLECOIN

Once you own stablecoins, you can then go on Bullion Exchanges to buy gold with stablecoins. All you need to do is add your desired products to your shopping cart, and select “Crypto” as your payment method in the checkout process. After your information is fully plugged in, you will be redirected to the BitPay checkout page. Once you are on this page, you can complete the payment by:

 

  • Scanning the QR Code (Scan) – the payment is encoded in a QR code for this method. All you need to do is scan the code with your stablecoin wallet app. After that, when the invoice is displayed in your app, you must approve it so the amount will be transferred to Bullion Exchanges.

  • Sending a payment (Copy) – this method requires you to access your wallet, fill in the displayed wallet address and exact stablecoin amount (BUSD, GUSD, PAX, or USDC), and send the payment to Bullion Exchanges.

 

Please keep in mind that the invoice is active only for 15 minutes to ensure the accuracy of the exchange rate. Once your payment is sent, it can take up to 24 hours for the stablecoin’s blockchain to validate your transaction.

BUY WITH STABLECOINS AT BULLION EXCHANGES

You can now directly convert your safe haven stablecoin stash into precious metals including gold, silver, and platinum group metals. Bullion Exchanges is committed to offering the most convenient payment methods when you are checking out on our website. 

If you choose to buy gold with stablecoins, or any other product on our website for that matter, you shall get a 1.5% discount off the credit card price. As a result, you do not have to pay as high of a premium in comparison to paying by a credit or debit card. 

For more details about our Payment Options, please check out our Terms & Conditions. You can also contact us during our business hours.