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Author Topic: Real commodities bought and sold for bitcoins  (Read 760 times)
BitLTC
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October 22, 2013, 10:16:09 PM
 #1

Hi,

I'm interested in how far we are from trading real world commodities with a physical settlement.
Something that a factory or a plant can use to pay in bitcoins for a settlement of the crude oil or aluminum, for example.
Is there any kind of the platform that is going to handle such trades under development at this moment?

Thanks.
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Stephen Gornick
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October 23, 2013, 12:09:32 AM
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I'm interested in how far we are from trading real world commodities with a physical settlement.
Something that a factory or a plant can use to pay in bitcoins for a settlement of the crude oil or aluminum, for example.
Is there any kind of the platform that is going to handle such trades under development at this moment?

ICBit did have Gold and Crude (WTI) "futures contracts" (which differ somewhat from what the industry refers to as futures contracts) that were priced and settled in bitcoins.  They didn't get much interest -- especially with the bitcoin exchange rates being so volatile at the time.   However, ICBit says gold and/or crude contracts may be returning.

As far as brokerages taking Bitcoin as a method for depositing of funds, that's already happening -- at least outside the U.S.:
 - http://www.mutualwealth.com

It would seem natural that more brokerages would accept bitcoin as it is non-reversible and has faster settlement than bank wire transfer, for instance.   However for the same reason these brokerages don't accept cash, they likely will not be chomping at the bit to start accepting Bitcoin either.   But when traders start to favor brokerages that use Bitcoin because of how easy it is to add funds and pull funds out, expect brokerages to have to add Bitcoin simply to remain competitive.

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theonewhowaskazu
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October 23, 2013, 12:59:46 AM
 #3

ICBit's Futures are effectively just CFD's, correct?

If so, you could just use 1broker.

There are none I know of with a physical settlement, I know of, unless you want precious metals.

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