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Author Topic: Question: Exchanging BTC into Gold, which services to use?  (Read 616 times)
starmman (OP)
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July 28, 2016, 09:09:19 PM
 #1

Hello,

I'm thinking about diversifying a small amount of my BTC stock into gold when the market situations are right, but there are so many options I'm not sure on the best way to go about it. I've checked out a few sites and they all claim to have proof of reserve etc, but I've seen similar style claims on many HYIP sites. Are many people using these services, or is it better to convert to fiat first and use an established company with a history longer than BTC and take a hit on the exchange fees?

Which sites ones are generally recommended? I'll obviously be doing further research before taking the the plunge but wondered if anybody could push me in the right direction.

There are a lot of sites out there. Its like a mine field =)

Thanks for your help and advice in advance
Tanic
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July 28, 2016, 09:17:02 PM
 #2

I do not know what to recommend to you. Never heard about any special site through which you can transfer bitcoins into gold. but it sounds very interesting, cause the gold is more statable than bitcoin. Gold showed itself through years and years, and bitcoin exist only sevral years. On my mind only cames to withdraw your bitcoins and to buy gold for that money.
tell us iof you find some good site. Thank you in advance.
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July 28, 2016, 09:38:42 PM
 #3

There are a couple of services out there. Bitgold is one of those, it has an affiliate campaign, however, there has been some claims that their services are a scam.
Your best bet will be something like Digix, where you have tokenized gold residing in Ethereum's blockchain.
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July 28, 2016, 09:53:32 PM
 #4

You could exchange it into physical gold with SaltySpitoon's (a mod here on bitcointalk) gold/silver shop. A bunch of the rates are under/close to the actual rate/gram, and most comes with free shipping too. Link: https://bitcointalk.org/index.php?topic=1555690.0
Avoid using Bitgold, since there have been scam accusations here, and they are listed on a list of sites to avoid. I don't think there are any legit sites to convert bitcoin into gold.

taking a break - expect delayed responses
MyBTT
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July 28, 2016, 10:20:10 PM
 #5

Bitgold. It was created for the exact reason you're voicing now. You want to use BitGold.

If you want to trade IRL, you could use a bitcoin debit card, but you'll have to pay card fees and ridiculous Gold transfer fees.


 
 
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starmman (OP)
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July 29, 2016, 08:20:25 AM
 #6

There are a couple of services out there. Bitgold is one of those, it has an affiliate campaign, however, there has been some claims that their services are a scam.
Your best bet will be something like Digix, where you have tokenized gold residing in Ethereum's blockchain.
Thanks for the hints Mookid,

I've seen bitgold, and something didn't feel quite right about the site to me, would be intersting to hear from people who are using it about their experiences. I'll check out their thread. I haven't seen Digix, I'll take a deep look into it over the weekend about how it all fits together and post back with my findings in case anybody finds it interesting.
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July 29, 2016, 08:24:51 AM
 #7

Your best bet will be something like Digix, where you have tokenized gold residing in Ethereum's blockchain.
If you can't hold the gold in your hands, you're not the owner!

I've seen bitgold, and something didn't feel quite right about the site to me, would be intersting to hear from people who are using it about their experiences.
Go here for experiences on bitgold.

starmman (OP)
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July 29, 2016, 08:24:57 AM
 #8

You could exchange it into physical gold with SaltySpitoon's (a mod here on bitcointalk) gold/silver shop. A bunch of the rates are under/close to the actual rate/gram, and most comes with free shipping too. Link: https://bitcointalk.org/index.php?topic=1555690.0
Avoid using Bitgold, since there have been scam accusations here, and they are listed on a list of sites to avoid. I don't think there are any legit sites to convert bitcoin into gold.
Thanks for the hint DarkStar_. I'll take a look at the thread, maybe that's a good way to go. I had concerns over bitgold, and looks like two out of four replies also have concerns, so probably best to avoid that. It looks like the fees of transferring to Fiat and then paying a broker fee are quite high for the small volumes I'm looking at starting with.
starmman (OP)
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July 29, 2016, 08:36:34 AM
 #9

Your best bet will be something like Digix, where you have tokenized gold residing in Ethereum's blockchain.
If you can't hold the gold in your hands, you're not the owner!

I've seen bitgold, and something didn't feel quite right about the site to me, would be intersting to hear from people who are using it about their experiences.
Go here for experiences on bitgold.

Thanks LoyceV. Looks like digix is my main topic to research right now, I want to be very sure what it actually does, interesting read about bitgold. I'll read the whole thread over the weekend. Looks like some interesting reading.
ecommerce
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July 29, 2016, 11:56:00 AM
 #10

Hello,

I'm thinking about diversifying a small amount of my BTC stock into gold when the market situations are right, but there are so many options I'm not sure on the best way to go about it. I've checked out a few sites and they all claim to have proof of reserve etc, but I've seen similar style claims on many HYIP sites. Are many people using these services, or is it better to convert to fiat first and use an established company with a history longer than BTC and take a hit on the exchange fees?

Which sites ones are generally recommended? I'll obviously be doing further research before taking the the plunge but wondered if anybody could push me in the right direction.

There are a lot of sites out there. Its like a mine field =)

Thanks for your help and advice in advance
Just one question, why you do not buy from physical stores which are more trust-able?
Robertqueen2
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July 29, 2016, 12:16:30 PM
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Maybe Xaurum will be useful for you , it is the only gold based cryptocurrency , it is backed by gold , and the Xaurum team are preparing to launch the new age of Xaurum after increasing the coins total supply, they have collected more than $500k and 200 BTC in investment fund , then they will spend this amount buying gold , however , if you want to invest before the launching click the link , remain only 21 hours . http://rico.xaurum.org/
starmman (OP)
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July 29, 2016, 12:20:28 PM
 #12

Hello,

I'm thinking about diversifying a small amount of my BTC stock into gold when the market situations are right, but there are so many options I'm not sure on the best way to go about it. I've checked out a few sites and they all claim to have proof of reserve etc, but I've seen similar style claims on many HYIP sites. Are many people using these services, or is it better to convert to fiat first and use an established company with a history longer than BTC and take a hit on the exchange fees?

Which sites ones are generally recommended? I'll obviously be doing further research before taking the the plunge but wondered if anybody could push me in the right direction.

There are a lot of sites out there. Its like a mine field =)

Thanks for your help and advice in advance
Just one question, why you do not buy from physical stores which are more trust-able?

I'm looking at it more as an online investment medium than to physically hold the gold (although price is high right now so not the best time to buy). If you buy from a store (especially where I'm from) you'll pay a premium over the market value, and then you have to physically store the gold yourself which could be a security risk, and if you want to sell the commodity you'd have to then physically go to a store, and they will take a large commission. What most investors do is use a broker to buy and sell the gold and the gold sits in a vault which enables them to buy it in the same way you would buy stock from a stock market (you usually still need to pay a broker fee but the rates will be market rates). I was wondering if there are any service where you can do the same kind of thing in bit coin, because otherwise i'd have to transfer to fiat which incurs a fee and then pay the broker which incurs another fee.  

I'm effectively looking to reallocate profits into certain 'buckets' as a means of portfolio diversification, gold is always cheap when the world economy is going well and expensive during a recession. Now is not the best time to invest, but I want to be prepared for when it is.
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July 29, 2016, 04:11:13 PM
 #13

I think that eobot has added gold as an option to mine or exchange for btc. I would be careful though because they are a cloud mining site, even though many people trust them and they are one of the most reputable sites that offer cloud mining there is always that risk they will run off with your bitcoins.
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August 05, 2016, 03:26:55 PM
 #14

Hello,

I'm thinking about diversifying a small amount of my BTC stock into gold when the market situations are right, but there are so many options I'm not sure on the best way to go about it. I've checked out a few sites and they all claim to have proof of reserve etc, but I've seen similar style claims on many HYIP sites. Are many people using these services, or is it better to convert to fiat first and use an established company with a history longer than BTC and take a hit on the exchange fees?

Which sites ones are generally recommended? I'll obviously be doing further research before taking the the plunge but wondered if anybody could push me in the right direction.

There are a lot of sites out there. Its like a mine field =)

Thanks for your help and advice in advance
Just one question, why you do not buy from physical stores which are more trust-able?

I'm looking at it more as an online investment medium than to physically hold the gold (although price is high right now so not the best time to buy). If you buy from a store (especially where I'm from) you'll pay a premium over the market value, and then you have to physically store the gold yourself which could be a security risk, and if you want to sell the commodity you'd have to then physically go to a store, and they will take a large commission. What most investors do is use a broker to buy and sell the gold and the gold sits in a vault which enables them to buy it in the same way you would buy stock from a stock market (you usually still need to pay a broker fee but the rates will be market rates). I was wondering if there are any service where you can do the same kind of thing in bit coin, because otherwise i'd have to transfer to fiat which incurs a fee and then pay the broker which incurs another fee.  

I'm effectively looking to reallocate profits into certain 'buckets' as a means of portfolio diversification, gold is always cheap when the world economy is going well and expensive during a recession. Now is not the best time to invest, but I want to be prepared for when it is.
From that point of view it is right but with recent hacks of trade site you should not trust online shops.
starmman (OP)
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August 06, 2016, 06:46:29 AM
 #15

Hello,

I'm thinking about diversifying a small amount of my BTC stock into gold when the market situations are right, but there are so many options I'm not sure on the best way to go about it. I've checked out a few sites and they all claim to have proof of reserve etc, but I've seen similar style claims on many HYIP sites. Are many people using these services, or is it better to convert to fiat first and use an established company with a history longer than BTC and take a hit on the exchange fees?

Which sites ones are generally recommended? I'll obviously be doing further research before taking the the plunge but wondered if anybody could push me in the right direction.

There are a lot of sites out there. Its like a mine field =)

Thanks for your help and advice in advance
Just one question, why you do not buy from physical stores which are more trust-able?

I'm looking at it more as an online investment medium than to physically hold the gold (although price is high right now so not the best time to buy). If you buy from a store (especially where I'm from) you'll pay a premium over the market value, and then you have to physically store the gold yourself which could be a security risk, and if you want to sell the commodity you'd have to then physically go to a store, and they will take a large commission. What most investors do is use a broker to buy and sell the gold and the gold sits in a vault which enables them to buy it in the same way you would buy stock from a stock market (you usually still need to pay a broker fee but the rates will be market rates). I was wondering if there are any service where you can do the same kind of thing in bit coin, because otherwise i'd have to transfer to fiat which incurs a fee and then pay the broker which incurs another fee.  

I'm effectively looking to reallocate profits into certain 'buckets' as a means of portfolio diversification, gold is always cheap when the world economy is going well and expensive during a recession. Now is not the best time to invest, but I want to be prepared for when it is.
From that point of view it is right but with recent hacks of trade site you should not trust online shops.

I've decided that for now, the best thing to do is to buy gold with fiat from an established and trusted dealer, and if I use BTC as a mechanism I'll offset my monthly fiat deposit against BTC withdrawal to minimise additional fees.
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August 06, 2016, 07:15:03 AM
 #16

If i were you, I'd cash the bitcoin and buy gold with fiat. Buying gold in person would be the safest.
starmman (OP)
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August 07, 2016, 07:16:04 AM
 #17

If i were you, I'd cash the bitcoin and buy gold with fiat. Buying gold in person would be the safest.

Yep, that's the plan. Just I'll offset with the money that I was going to put into BTC in order to minimise the withdrawal costs. The gold/btc services I see all have some element of risk.
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June 10, 2018, 10:56:13 AM
 #18

Hello,

I'm thinking about diversifying a small amount of my BTC stock into gold when the market situations are right, but there are so many options I'm not sure on the best way to go about it. I've checked out a few sites and they all claim to have proof of reserve etc, but I've seen similar style claims on many HYIP sites. Are many people using these services, or is it better to convert to fiat first and use an established company with a history longer than BTC and take a hit on the exchange fees?

Which sites ones are generally recommended? I'll obviously be doing further research before taking the the plunge but wondered if anybody could push me in the right direction.

There are a lot of sites out there. Its like a mine field =)

Thanks for your help and advice in advance

It is possible to purchase gold bullion or gold coins such as Vienna Philharmonic gold coin or Austrian ducats, British Sovereign in Austria in almost any bank's brand.

Purchases up to 15,000 euro are fully anonymous.

That means that money can be given to the bank officer and gold obtained on the spot, without questions asked. No ID asked, no passport asked, no name asked.

Same is for sales of gold. Gold can be sold to Austrian banks up to 15,000 euro without ID asked. Cash for gold.

When investing in gold stock, I would choose physical gold that is then kept with you, at your place, hidden, or alternatively in the bank safe which can be insured for the value you are keeping. Such bank safes in Austria are about 50 euro per year, plus insurance that can cost other 50 euro.

Gold bars as purchased in Austria are easily exchangeable for cash in Canada and United States and many other countries. That is because they are minted by LBMA approved refineries.

How such Vienna Philharmonic gold coin looks like, it is shown here:
http://www.goldivanti.com/gold-bullion/gold-bars-of-250-grams-and-vienna-philharmonic-gold-coins.html

On our side we can help private investors purchase gold anonymously from Austria. I do not prefer other countries. Such gold can be then shipped insured to any other country. It can be held in a bank safe, and sold later upon request. We can also guide and assist people who come to Austria to buy gold.

Jean
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