[2014-12-03] techcrunch: Bitreserve Brings Bitcoin To The Gold Standard

[LiteCoinGuy]

Bitreserve Brings Bitcoin To The Gold Standard

The bitcoin-based financial services company Bitreserve is merging one of the newest innovations in currency with the world’s oldest.

Through the institutional precious metals trading house Gold Bullion International, Bitreserve has created a new gold standard, linking its bitcoin currency exchange and payment services with gold.

http://techcrunch.com/2014/12/03/bitreserve-brings-bitcoin-to-the-gold-standard/



i would not hold gold or BTC there but do what you want  

[botany]

The company charges a 0.45% fee to convert currencies like dollars, yuan, yen, euros, and pounds into bitcoin and back again. The charges associated with converting from bitcoin to gold are higher, at 1.95% because Bitreserve is buying and holding the physical asset.

So if you get bitcoins, store it in the form of gold for some time and then send out bitcoins again, you end up paying 3.9% as transaction fees. Not a smart strategy! 

[Ron~Popeil]

It is good that people are experimenting with these kind of things. Failing can at times be as rewarding as success.

[odolvlobo]

This is similar to Coinapult's LOCKS. You can hold value in many forms and then convert it to spend it.