Over the past year, Bitcoin proved that it could be not only the best method of wealth storage, but could be used as a payment instrument.
One of the largest online gold dealers APMEX announced that payments in Bitcoin would be accepted.
APMEX took this decision in order to speed the process of precious metals’ purchase and extend the boundaries of such purchases.
“Because bitcoin works like cash for the Internet, customers enjoy a quick process… Additionally, all eligible bitcoin orders will be processed and shipped within one business day of your payment’s clearing and processing with the QuickShip® guarantee,” the company said.
Now customers have opportunity to buy Gold, Silver and other precious metals by Bitcoin that is called “digital gold”. This new payment method was integrated on APMEX website by payment processor BitPay.
Moreover, APMEX assures that “many customers prefer Bitcoin payment because of the anonymity offered by a blockchain purchase”.
It should be added, that APMEX encourages future customers, providing temporary 4.0% cash discount for orders paid both by digital currency and by fiat money.
Anyway, APMEX is hardly the only precious metal dealer that has accepted payment in Bitcoin. The pioneer in this sphere was Veldt Gold (known as Agora Commodities). The company started working with Bitcoin in 2015.
Later in March 2016, JM Bullion, online bullion dealer in the United States, announced its readiness to accept payments in Bitcoin. This adoption helped to eliminate problems with payment fraud and reduce transaction fees.
“The bitcoin serves as the single uniform piece of currency within the system, and enables people from different nations to make their purchases without having to concern themselves with current exchange rates. Understandably, it has become a popular means of payment among businesses that deal internationally, including precious metals dealers,” JM Bullion said.
In November 2016, the Royal Mint with collaboration of CME Group announced the launching of Royal Mint Gold (RMG), a new digital gold spot product. “An RMG is a digital representation of real gold sitting in the Royal Mint vaults,” the head of digitization at CME Group Sandra Ro said.
In 2017 Singapore-based crypto project GoldMint took a step further and presented new type of digital currency, called GOLD. GOLD was described as a 100% gold-backed token and a stable, transparent means to save crypto portfolio from market fluctuation.