Before investing in gold and silver, let us first understand cryptocurrency. You need to have a clear-cut understanding of this before investing. You can move to bitql.cloud if you want to buy crypto first.
A cryptocurrency is a form of digital currency. These currencies are virtual and allow investors to undertake transactions using cryptography. All transactions undertaken using cryptos are safe and secure. There is no central authority regulating or monitoring any transaction undertaken using cryptos. Cryptocurrencies instead use the decentralized finance model. This finance model adopts the blockchain method to record transactions. After every transaction, there is a new unit of chains created in multiple computers.
Cryptocurrency became popular due to its encryption technology. Every transaction is verified using this technology and advanced coding model. This coding enables storing and transmission of data. This data transmission is undertaken through multiple wallets and ledgers. Such coding aims to ensure that there is data security for each transaction.
Every unit of cryptocurrency is created through the data mining process. This involves computers solving complex mathematical problems. These solutions in turn generate coins. With cryptocurrency in place, you are not owning anything tangible. Instead, there is a private key given to users. This key is then used to record all your transaction details.
Buy with cryptos
There is a widespread acceptance of cryptocurrencies. Many industries are coming forward to accept crypto payments. This is in exchange for goods and services. There is a large number of e-commerce platforms currently accepting crypto payments. Listed below are a few areas where crypto payments are currently accepted.
Purchasing a car: Most car dealers today accept crypto payments. The popularity grew with Tesla accepting crypto payments. Tesla owner Elon Musk came in support of Bitcoin and Dogecoin. You can buy a Tesla in exchange for Bitcoin.
Gaming and e-commerce products: Many technology-based companies today accept cryptos for their products. Online gaming stores including Microsoft accept bitcoins for their Xbox. Another popular online platform accepting crypto payments is Tesla. You can buy Tesla merchandise in exchange for Dogecoin. There are certain terms and conditions to this purchase.
Subscriptions: Media companies and agencies today accept cryptocurrency as part of their subscriptions. This is particularly seen with media agencies covering news and article on cryptos and bitcoins.
Other than the above, Insurance companies are another example. Major insurance companies are coming in support of crypto payments. You can pay your premium in exchange for an insurance premium.
How to buy gold and silver using cryptocurrencies
Before delving deep into the process of buying gold and silver. Let us first try to understand why gold and silver investments still hold good.
Gold and silver are stable investment models. Buying gold or silver using cryptocurrencies can help to spread your investments. This will also reduce your risk and exposure to market volatility. An additional point is the diversification of assets held by you.
Now let us understand the step-by-step process involved in buying gold and silver –
- Select the website from which you wish to buy gold or silver
- Select the required quantity that you wish to buy
- Add this gold or silver coin/bar to your cart
- During the checkout process, fill in the relevant address and proceed to checkout
- In the payment mode, select crypto wallet as your preferred payment option
- Complete the order by making your payment through crypto wallet
- Receive gold and silver of your selected quantity after the current business day
Before proceeding to buy gold and silver, make sure your crypto wallet has adequate funds. This will enable hassle-free buying. Ensure that you select the crypto wallet option while making the payment.
To conclude, the primary advantage of using crypto payments is its convenience. All the transactions are undertaken online. This does not confine buyers to any location. Another factor is the time spend buying these assets.
Also, these cryptocurrencies are accepted as a global payment system. Cryptos also provides its users with minimal transaction charges. Compared to traditional payment methods, cryptos generally incur fewer transaction charges. There is also security of transactions for each of these crypto payments. Also, your cryptos are no longer exposed to market fluctuations. These cryptos convert to traditional assets monitored by regulatory authorities. This makes your transaction risk-free.