How to buy silver with Bitcoin

 

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As bitcoin rapidly becomes the most talked about subject of the year and is being bought up by brand new and experienced investors alike, it raises some questions. Beyond those of the current price or how much further will it rise, there is that of what can investors use this form of cryptocurrency for? At Bullion Exchanges, we do accept bitcoin as payment for online purchases. Below, we have compiled some pros and cons to buying silver with bitcoin along with the process for making your purchase.

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Pros of Purchasing Silver with Bitcoin

The main benefit of having bitcoin at all is the convenience of its transaction process, that allows you, the buyer, to bypass some of the hassles of buying online with a credit card. Because it functions as a single uniform piece of currency, bitcoin blurs the global lines, transcending languages, current exchange rates, and thousands of miles of geographical distance. Although the current price to buy into bitcoin is high, those who use it as a method of payment appreciate the lower processing fees added when compared to those added to purchases through other payments, but this will vary from seller to seller.

Cons of Purchasing Silver with Bitcoin

Because bitcoin is not government regulated, it is unable to promise you the same security and privacy that government regulated currencies offer. Additionally, there is the incredible volatility of this product, as we’ve seen the last few weeks with a new record after new record being broken, often followed by a quick drop again. There’s always the risk that the “Bitcoin Boom of 2017” could turn into the “Bitcoin Bubble”, and pop, leaving its buyers with much less value for their investment. Finally, unlike purchases made through credit/debit, PayPal, or the like, bitcoin offers no guarantees. Any purchase made through Bitcoin is instant, irreversible, and unprotected. Of course, buying through an online merchant such as Bullion Exchanges negates this risk to an extent, as it is always possible to contact our customer service for assistance with a return or refund. However, purchases made through a non-reputable dealer could end in a big loss.

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Making Your Silver Purchase with Bitcoin

After you’ve familiarized yourself with the pros and cons and have decided to proceed with your purchase, assuming that you have already purchased your bitcoin, you’ll need to choose a wallet through which to make your purchase. Similar to the tangible wallet you carry around every day, a bitcoin wallet holds your bitcoin on a website or desktop/mobile application, accessible to you through an address and password. The key here is to be very careful with this information! Almost like someone finding your $20 bill on the ground, if someone has access to your login information it is very simple for them to spend your money and impossible for you to get it back once they do.

Once you find an authorized precious metals dealer who accepts bitcoin, like Bullion Exchanges, you can make your silver purchase just like you normally would with other forms of payment. Add your selection to your cart, and click Check Out. At this point, you can choose the Bitcoin option. For your convenience, have your wallet app open to the payment submission page. Then you will need to complete your payment by either:

  • Scanning the QR Code: Your invoice will be encoded within a QR code which you can easily scan with your bitcoin wallet app. Once the invoice comes up through the app, approve it and the amount will be sent to Bullion Exchanges.

  • Sending a Payment: Open your bitcoin wallet and complete the section that is marked “recipient”. Below this field, you will need to fill in the payment information with the exact amount, and send the payment to Bullion Exchanges.

Note: Be advised that clearing payments made through bitcoin can take anywhere from a few hours to one full business day, and it is at that stage that your order will enter the shipping queue. A small fee will be added to your total, and then you will have completed your purchase of silver with bitcoin.

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If at any time during your transaction you have any questions or concerns, please feel free to reach out to us through our customer service live chat feature, via email at customerservice@bullionexchanges.com, or by calling us at 1.800.852.6884.