Bitcoin with 💍 Jewelry stores Gold 🧈

[arzuo]

I found two jewelry stores that accept BTC/Crypto payments.
There are many jewelry stores that keep their gold prices relatively low (when selling), so gold sellers often don’t get the right price.

If 💎 jewelry stores and sellers could sell gold using Bitcoin, this problem would be greatly reduced.
(If all jewelry stores used Bitcoin as a method of measurement)

Compared to current prices, we see that

👉 Bitcoin price: $62,000

🧈Gold price: $4,110 per troy ounce

👉 So, there are 15.023 ounces of gold in one BTC

And one ounce of gold is 6,500,000 satoshis, which is actually equal to 0.065 BTC ($4,110).

It would be great if this system could be implemented globally.
In that case, if jewelry stores were to make gold ❒ cubes worth $100, $500, $1000 to attract customers, many would be interested!!

[Aanuoluwatofunmi]

If 💎 jewelry stores and sellers could sell gold using Bitcoin, this problem would be greatly reduced.
(If all jewelry stores used Bitcoin as a method of measurement)

I understand what you are trying to portray here, but let's expect that we see bitcoin adoption as a payment currency first by some of these merchants before we could go further in weighing their value in respect to bitcoin instead of USD, I think it is a step at a time and bitcoin adoption is going more wider than expected in being used as a payment currency mostly preferred, we should also consider the fact that gold is centralized and could generally be influenced by any authorizing institution, unlike Bitcoin that is decentralized.

[GreatArkansas]

I got your point, OP. This is the power of Bitcoin being decentralized. If they accept Bitcoin as payment and they have a rate for Bitcoin - Gold, that is much better because you will not have to convert your Bitcoin to fiat anymore if they do that like that (but I believe this is rare). Because most of the calculations here are also based on current fiat prices of Bitcoin and Gold, and I believe there could be some huge spreads here.

This is still possible - expressing gold prices in Bitcoin, this is just like how other fiat currencies have their quotation or rate per Bitcoin prices.

[hmbdofficial]

I found two jewelry stores that accept BTC/Crypto payments.
There are many jewelry stores that keep their gold prices relatively low (when selling), so gold sellers often don’t get the right price.

If 💎 jewelry stores and sellers could sell gold using Bitcoin, this problem would be greatly reduced.
(If all jewelry stores used Bitcoin as a method of measurement)

I don't get it, I don't think buying gold with bitcoin would  actually  change  anything  if they alway keep their  selling  price relatively  low since  you can alway convert  and know it's equivalent  selling  price hence buying  with bitcoin  my not make any difference. Maybe I probably  didn't get what exactly  you're trying  to put out but I don't see the need and how it would  solve any problem. As gold it self is an asset that has strong value  and paying  for it with bitcoin  will not make any difference  from paying  with Fiat or any stable  currency.

[Fiatless]

It would be great if this system could be implemented globally.
In that case, if jewelry stores were to make gold ❒ cubes worth $100, $500, $1000 to attract customers, many would be interested!!

Its always great to see businesses accept Bitcoin. This increases Bitcoin awareness and adoption. Have you really checked the measurement of gold before proposing that the shop should come up with gold cubes that are worth $100, $500 and so on? You cannot get a real gold cube for $100. This amount would get only roughly 0.96 grams, and this cannot make a cube.

[YOSHIE]

Bitcoin with 💍 Jewelry stores Gold 🧈

What you compare and measure gold with Bitcoin is written, but the facts on the ground are different, previously in my area there were several gold shops that accepted Bitcoin payments, it didn't last long, currently they no longer accept Bitcoin payments, the reason is not because it is illegal, but because the main risk is in the high volatility of exchange rate changes that occur suddenly during the transaction process.

In short, gold shops can experience big losses, when prices slip between Bitcoin and gold, when confirming transactions for payments in Bitcoin the value of Bitcoin changes drastically, which is what makes many gold shops no longer accept Bitcoin payments. that is a real risk, you can imagine 15,023 ounces of gold at a price of $62,k in Bitcoin, but when you receive Bitcoin it is only $58k, as far as I know gold trading is not done in the long term, but in terms of minutes/seconds, that's the reason for the risk of loss that not many gold shops accept Bitcoin as payment.

[hd49728]

What you compare and measure gold with Bitcoin is written, but the facts on the ground are different, previously in my area there were several gold shops that accepted Bitcoin payments, it didn't last long, currently they no longer accept Bitcoin payments, the reason is not because it is illegal, but because the main risk is in the high volatility of exchange rate changes that occur suddenly during the transaction process.

Gold and Bitcoin belong to different asset classes from their existence form, total supply to technology and non-technology applications and utilities in the world. People will never stop comparing gold and Bitcoin because between two good assets for investment, they mostly feel of need to compare these assets with each other. It can be explained and understandable but Bitcoin itself is just Bitcoin and simply looking at ROIs of gold and Bitcoin in many latest years, Bitcoin is a better one.

Bitcoin and Gold ROIs.

[obuoma]

I got your point, OP. This is the power of Bitcoin being decentralized. If they accept Bitcoin as payment and they have a rate for Bitcoin - Gold, that is much better because you will not have to convert your Bitcoin to fiat anymore if they do that like that (but I believe this is rare). Because most of the calculations here are also based on current fiat prices of Bitcoin and Gold, and I believe there could be some huge spreads here.

This is still possible - expressing gold prices in Bitcoin, this is just like how other fiat currencies have their quotation or rate per Bitcoin prices.

Gold can be pegged to Bitcoin based on their current market values and that will make trading them easy and faster. However, I doubt it could assume the global adoption that OP is projecting. Some jewelry stores may just copy the store that was referenced in the post and they will surely get some Bitcoin enthusiasts visit those stores to make purchase in Bitcoin which will be cool. Then again, there is the privacy and security concern since the stores are not ran online where people can purchase things from the comfort of their homes.

[rat03gopoh]

There are many jewelry stores that keep their gold prices relatively low (when selling), so gold sellers often don’t get the right price.

Are you referring to those who adopt bitcoin payments? Jewelry stores generally use high price spreads not only to limit the effects of volatility, but they also implement a kind of house edge. The reality in your environment is quite strange to me.

If 💎 jewelry stores and sellers could sell gold using Bitcoin, this problem would be greatly reduced.
(If all jewelry stores used Bitcoin as a method of measurement)

Come on, that's impossible. If bitcoin were to become the new standard, all their operational costs would have to be based on bitcoin's base rate, including paying their employees.

[minic1993]

I'm all for more jewelry stores accepting Bitcoin.

Using BTC as the actual pricing unit might be difficult because of price volatility, but as a payment option it makes perfect sense. The more places that accept Bitcoin, the better.