Bitcoin Forum

I work as an IT service management consultant and have dabbled with a few internet ventures over the years.

I am fairly new to Bitcoin and have set up business venture that sells gold in exchange for Bitcoin. The website prices physical small gold coins and bars in BTC as per gold and BTC spot rate. My website uses BitPay as payment processor.

I realise that I have to establish myself in this business through promotion and also becoming trusted. ( I am aware of the number of scams in this sector).  Before I am trusted in this business, would it help to prove my commercial identity somehow? Also maybe you can advise me, should I start by selling some cheaper items e.g. silver coins as an interim step as people might be less reluctant to buy these?

I would like to find out, is anyone interested in buying gold with Bitcoin to hedge their Bitcoin positions against market moves?

Please let me know your thoughts.

The website URL is:   bitgoldbypost.co.uk   (I have about 70,000 dollars worth of gold coins stock to sell in the company right now).

(I will also be starting a signature campaign, currently getting a banner made. If there is someone who can run a signature campaign for low fees, please let me know).

Note: Here is a link to my linkedin profile    https://www.linkedin.com/in/nick-collier-27829b6/    You may message me on linkedin to verify.

Nick

STOPPRESS===STOPPRESS    I HAVE NOW LISTED SOME MUCH CHEAPER SILVER COINS ON THE SITE STARTING AT 0.0030520 (plus tax and shipping, prices fluctuate)

Yes yes, all nicely worded etc.

The main issue here is escrow. You do understand that people who want your gold should transact under escrow protection only, right? Nobody will send bitcoins first. A middle man or escrow must hold the bitcoins until the gold coins are received and confirmed genuine.

this mean youre selling not gold physic
how much price
but only online gold payment procesor, what can use bitgold to online transaction ?

I don't have much experience with escrow. People used to be very negative about general internet escrow.

Am I taking a risk of being scammed though? What if I sent gold to a buyer, they claim non-receipt or non-genuine gold and I lose the money in escrow, and they either don't return the goods, or send something else back? 

Another idea I had is to buy some much cheaper silver coins and sell them as part of establishing a reputation for a limited period of time. Would that work?

- I am selling physical gold.

- The prices are on my website bitgoldbypost.co.uk   The prices change constantly, hence I'm directing you here.

- The payment method is BTC through BitPay.

For what it's worth I will vouch 100% for itilexpert , have known him 4 decades!!

You don't even need to sell your products cheaper than their value. Unless you want to sell me your 20 g gold bar Credit Suisse for half the value of course ;D Instead you can offer to people the use of an escrow if they feel more safe to trade with. Specialy here... Better to build your presence, your reputation and your contact list around the community. Once people know how reliable you are, there is no more need to worry about something.

Hi and thanks for your post. The thing about escrow is that there is a risk of buyer fraud. When you are selling something that is high value and very low margin, that wouldn't make sense.  I am going to list some cheaper silver coins and see how it goes.

for what its worth(my two cents) and iv'e not had the privilege of working with these guy's as of yet, but https://bitcointalk.org/index.php?topic=1938190.msg19245514#msg19245514 and of course look up ognasty, are all very reputable and i'm quite confident one or all of the aforementioned user's would be able to accurately grade precious metals.

and as far as that goes, escrow here holds both parties goods and once its validated they ship your product and release your new coins to you.

Thanks for the info - I will take a look.

Hi there,

If you look in my post history you will see I sell a bit of gold and silver here on the forum.  I have always offered buyers the option of escrow at their cost.  It really is a must, you will have a near zero chance selling here as a newcomer without offering escrow.   I have not encountered any problems over multiple years of trading on this forum.  I use OgNasty for escrow however there are several other reliable ones and I encourage you to do your own due diligence.

I know for a fact there are some European based buyers here who would love to have a seller based in the UK (I am usa).

Best of luck with both your website and business.

Cheers!

Edit to add:  I find your price on the 20 gram gold reasonable

A few point from me.

1) No contact telephone number.

2) UK based site with gold priced in USD

Thanks for your feedback. With point 2 what are you saying as this website is priced in BTC. Are you saying it's preferable to price in USD?

what he is saying is this, why would a fellow from Europe with a European based website be using a USD conversion, whereas, it would be highly expected for the conversion to be in GBP or EURO'S

I seriously doubt anyone's going to touch you without some escrow action. It's a potential grind but that's just how it is.

If you're posting gold then film sticking it in an envelope and posting it. That should satisfy the escrow.

Oh I see, my gold is only prices in BTC. I provide a few price feeds on the site which are BTCUSD, GLDUSD, XAUUSD purely because these are the well known measures. These price feeds are really just a gadget on the site.

I'm European and gold prices are quoted in USD, oil too, that's how it is.

I find the idea of shipping gold a bit risky, personally.

Maybe you can post some pictures of the gold you are holding, together with a timestamped note to prove ownership.

It doesn't really inspire confidence if you mistype your own website...

How does customs work on shipping gold? Will there be charges or questions?

I have now added some much cheaper silver coins to the site because I realise that I need to build trust before gold items will sell.

Please take a look.

The shipping will only be tracked, signed for insured shipping. I have bought a lot of gold this way and not had an issue. Companies like bullionbypost operate like this.

I am going to get some pictures of my gold this weekend, along with a sign with my username. I have to plan access to this gold as its in a safe box in a third party vault.

Sorry about that misquote. My mistake. The URL is of course    http://bitgoldbypost.co.uk

I don't take any responsibility for customs charges, and the packages will be marked with the true contents as this is an above board registered business.

In the UK where I live, there is no VAT on gold, but there is on silver so silver would attract import duties. 

Every country has different rules, and it is for the buyer to check this, and file any paper work as per local rules, and pay any import taxes which may be applicable.

In my country, without any service that works this way, I can not trust it, this is a very dangerous activity, I think I will never use it.

I will only ship to countries where tracked, signed for insured delivery is supported. You are right for countries where it is not, buying gold this way is a non-starter .

I think for now is a good time to buy bitcoin because currently the bitcoin price is down, but investing here is a big risk but it also promises great results too, but the gold investment risk is smaller than bitcoin

Ok, great question. Welcome to Bitcoin and I think you're going about acquiring some in a productive way.

The one challenge with selling gold for BTC that no one has mentioned yet is that there's a lot of hype among the community about how bitcoin has grow to be a better investment than gold. Now for someone like you and others who are very familiar with commodity investing your thoughts on a hedge are spot on, but others don't think that way...they just want to get in on the next hot move. And when we have threads about "the flippening" and Bitcoin's market cap exceeding that of Gold it puts Gold in a negative light.

As for escrow...definitely use it and there are several reputable options available with long track records and relatively low fees. I believe Lauda's team charges 1%, you can probably find an equally good option with lower fees (OG Nasty and minerjones come to mind but there are others). When you select escrow read the trust ratings these people have. You don't want to get stuck with someone who is going to end a transaction or misinterpret the reality of events. Some people are a bit trigger happy when giving out negative trust.

Could you please pm me the price of 10g gold would love to buy ))

approx 1/3 lb of gold is....approx $396.00 USD if im not mistaken.
31 grams to a troy oz. and some change

I think you mean 1/3 oz not a lb (would be around $6000 otherwise) :)

ohh yea 1/3 oz good catch  ;D 10g is in fact almost 1/3 of an oz.....

I'm not posting this to cast doubt on the OP, but just a general warning for anyone buying bullion online.

Here are a few tips to make sure you're not getting scammed:

https://www.moneymetals.com/precious-metals-buying-guides/how-to-test-gold-and-silver-at-home

It's extremely easy to buy tungsten filled gold coins off of Ali Baba (I've done it myself).

They don't pass the 'ping' test, though (see above link).

Hello everyone, we plan to sell jewelry for bitcoin and similar currencies. Do you know who else is already selling jewelery for crypto currency?

You will not regret your decision as i believe that Bitcoin will show amazing growth in future and you can expect great things from it.

Hi Anirdhsoni - I only sell gold/ silver as per the coins/ bars that I stock. There is 4g gold coin, or an 8g gold coin (22k gold). 4g gold coin is BTC 0.081043 and 8g gold coin is BTC 0.148841.  These prices will very soon be out of date so please check the website for current prices as they are dynamically updating prices   http://bitgoldbypost.co.uk   . 

Nick

Fisch detectors are very good, if you use both the size/weight check Fisch and the ping/ ring test Fisch.

I would never ever ever buy gold off Ali Baba. 

Yes, I agree the Fisch detectors are a great resource.

I'll be honest, I knew I was buying tungsten filled coins - I had less than honorable intentions at the time. Fortunately, my now wife instilled some morals in me, lol.

I appreciate you not taking offense about my suggestions though; it certainly makes me feel better about possible future purchases.

Soo Risky :P

Lol ,good to hear youve found some morals . Takes guts & honesty to admit your misdeeds !! :)

Are you guys aware of particl-a decentralized market place