29 May 2020 Samantha McLauren
Smart Bitcoin Strategies To Accumulate Gold Bullion
Bitcoin is a virtual currency. It is another amenity to the digital world. The concept of Bitcoin started in 2008. Since then it has been more than a decade and the popularity of bitcoin grew exponentially. It has evolved immensely and has come to the reach of all. Nowadays its use is not limited to tech-savvy individuals only. Bitcoin makes transactions super fast and cheap, and there are no bank fees or holiday worries associated with it. Its immense popularity also triggered scammers to play their tricks. They even came up with this Bear Grylls bitcoin trader rumor which is absolutely false.
There are ways to exchange this cryptocurrency with physical gold. This is known as bullion bitcoin. You can simply buy gold bars or gold bullions with bitcoin.
Why should you consider buying gold bullion with bitcoin:
Both gold bullion and bitcoin are considered to be valuable assets. Both are rare and scarce. They are more immune to economic setbacks like inflation because their value is not dependent on any government or bank legislation. That’s why considering bitcoin for the purchase of gold bullion is relatively safe. Investing in gold bullion allows cryptocurrency investors to diversify their assets.
You have to adhere to some simple strategies to accumulate gold bullions:
- Choose a company that facilitates Gold bullion purchase
First, you’ll have to find a company that sells gold bullion in exchange for bitcoins. A lot of companies are available in this regard. But you’ll have to pick up the ones that offer more than buy and sell schemes. Carefully choose the companies that give incentives to the customers as well as good commissions for referrals. Moreover, you should consider companies that give better gold. 24 karate gold should be the standard. Careful online research will help you make the right choice.
- Open a bitcoin wallet
The next step is to open a bitcoin wallet online. This wallet is basically a software that works with individual keys and addresses. You can find a good number of online wallets where you can store your cryptocurrency with less or no fees. The company gives you online access to your wallet and stores the cryptocurrency in offline hardware storage. Offline storage is essential for evading the attacks of hackers who try to steal from people’s wallets. Setting up a bitcoin wallet is quite simple, just go to the website and sign up with your email and password. There are four types of bitcoin wallets:
You can fill your wallet by purchasing bitcoin via credit card, debit card, bank transfer, or cash.
- Bitcoin Mining
Bitcoin mining is called the process when a new bitcoin is added to the network. Bitcoin miners are rewarded with bitcoin when they add a block of a transaction to the blockchain. A miner is computer hardware that can even be set up at home. As soon as it is connected to the central server it starts mining. You can join a bitcoin mining farm, and become a core part of the bitcoin network. By mining, you can basically add bitcoin to your wallet without having the need of spending physical money. But you’ll have to do careful research in choosing the right and authentic mining farm or equipment. There are a lot of fake mining farms pulling out scams against the unsuspecting individuals.
- Start buying gold bullion with bitcoin
Once your e-wallet has a sufficient amount of bitcoin you can start buying gold bullion. You simply go to the company websites that sell gold bullions, select your desired item, and add it to the shopping cart. Then you can select Bitcoin as the payment method. You provide the necessary details and complete the payment process either by scanning the QR code in the app or by sending a payment copy. Open your wallet and fill the details of the payment copy. The payment amount will be deducted from your wallet. You also have the option of adding your visa card to the wallet. After the payment transaction is done. you need to wait for six-block conformations on the network. This will ensure that a safe transaction has taken place.
Bitcoin is now recognized globally as a currency. Since its initiation, it has been able to attract millions of people to join its network and use this as a payment method. Its ease of use, security, and peer to peer focus has helped it to achieve its wide popularity. Gold has been known to humans and regarded as a precious procession for thousands of years. Compared to this, bitcoin’s track record is relatively new. So if you have a good amount of bitcoins in your wallet it’s never a bad idea to diversify, and invest in gold bullions.Bitcoin Cryptocurrency Crypto Market crypto btc bitcoins bitcoin news digital asset bitcoin news today digital Crypto Assets Gold