How To Buy And Sell Gold And Silver Using Bitcoin
Posted by BullionStar on May 29, 2017 2:22 pm
Tags: Alternative currencies, BITCOIN, Bitcoin ATM, BitPay, Business, Cryptocurrencies, CURRENCY, default, Digital currency exchange, Finance, MONEY, Precious Metals, Price Action
Categories: Alternative currencies Bitcoin Bitcoin ATM BitPay Business Cryptocurrencies Currency default Digital currency exchange Economy Finance money Precious Metals Price Action
Submitted by Ronan Manly, BullionStar.com
Given the very strong price appreciation of Bitcoin recently, Bitcoin holders who are thinking of diversifying or taking some profits on their Bitcoin positions may be interested to know that in addition to transacting in US Dollars, Singapore Dollars, and Euros, BullionStar also accepts Bitcoin as a payment option for its precious metals products, and has done so since May 2014.
Bitcoin Price in US Dollars, May 2017
Using the BullionStar website, customers can quickly and efficiently purchase gold bars and gold coins, as well as silver bars and silver coins using Bitcoin. Customers can also sell gold and sell silver to BullionStar and receive settlement proceeds in Bitcoin.
The maximum transaction size for a purchase order using Bitcoin is currently set by BullionStar at BTC 200 per transaction. There is no minimum transaction size for a purchase order using Bitcoin. For sell orders that settle in Bitcoin, the standard maximum transaction size is currently 30 BTC per transaction, but this can be higher upon discussion with BullionStar.
Bitcoin as a currency is also fully integrated into the BullionStar website. Once you select Bitcoin as the default currency from the Currency drop-down menu at the top right hand side of the BullionStar website homepage, Bitcoin becomes the default transactional currency within the website, and furthermore, all spot prices and associated charts and all product prices on the website will be displayed in terms of BTC.
If logged into your Account, your ‘My Vault Balance’ and ‘Cash Balance’ will also be displayed in BTC. Account history and “My Vault Portfolio” are also displayed in BTC once Bitcoin is selected as the default currency option.
Buying Gold and Silver using Bitcoin
To purchase precious metals on the BullionStar website using Bitcoin:
1, Select Bitcoin in the currency drop-down menu at the upper right hand side of the BullionStar homepage. This will display all product prices in Bitcoin, and will also automatically populate Bitcoin as the default payment method in the online Checkout tool.
Select Bitcoin in the Currency Dropdown menu
2. From the ‘Buy Gold and Silver’ menu option, select the precious metal products you wish to buy. Product prices will be displayed in Bitcoin (BTC).
For example, if you are interested in purchasing a PAMP minted 1 ounce gold bar, select ‘Gold Bars’ from the drop-down menu and the price in Bitcoin of a 1 ounce PAMP gold bar will be displayed in BTC, which, at the time of writing was BTC 0.675530.
BullionStar Product Prices displayed in BTC
3. Fill in the quantity of the product you wish to buy. Then click the green “Add to Cart” button to add the selected product to your Shopping Cart.
4. Repeat Step 3 to add other products to your Shopping Cart, or if finished shopping, select the green ‘Checkout’ button towards the top right hand side of the screen.
5. In the subsequent Checkout screen, Bitcoin will appear as the default payment method. Select your preferred ‘Delivery Method’ of either ‘Vault Storage’, ‘Shipping by Courier’, or ‘Personal Collection (Pick-up)’
Checkout Screen with BTC as the default payment option
Ensure that the order total is less than or equal the maximum transaction size for a purchase order of BTC 200 per transaction.
Fill in your customer information, click the check boxes to indicate that you agree with the Terms and Conditions, and that you agree that the order is binding, then click the “Confirm” button to place your order.
6. After clicking “Confirm”, an order confirmation will appear on the screen. This order confirmation details your order number, the products ordered, the order date, your customer information, and the Bitcoin payment information, i.e. the payment amount in BTC and the unique Bitcoin address to which to send your payment to. An example of a Bitcoin payment amount and a Bitcoin address is shown in the screen below.
Example of Bitcoin payment information on an order Confirmation
Your order confirmation is also sent to your email address.
Upon placing an order and hitting ‘Confirm’, you have 20 minutes in which to send your Bitcoin payment to the unique Bitcoin address that specified on your order confirmation.
7. As soon as BullionStar has received 6 block confirmations of your Bitcoin payment, which can take anywhere from 20 minutes to a few hours, you will automatically receive a payment confirmation update to your email address. BullionStar will thereafter process your order.
For those unfamiliar with the Bitcoin transfer confirmation process, block confirmation is Bitcoin’s way of verifying transactions.
When a Bitcoin transaction is made, it is then verified by Bitcoin miners and is grouped with other transactions into a new block on the blockchain, upon which it is confirmed. Then when subsequent blocks are added to the block chain, all previous blocks are reconfirmed, a process which generates additional block confirmations.
Generally, merchants and retailers who accept Bitcoin require 6 confirmations to ensure that a transaction has been fully validated.
Upon receipt for 6 confirmations, BullionStar will proceed to process your order.
Selling Gold and Silver using Bitcoin
To sell gold or sell silver on the BullionStar website and receive the proceeds in the form of Bitcoin:
1. Select Bitcoin in the currency drop-down menu at the upper right hand side of the BullionStar homepage.
2. Select the “Sell Gold & Silver to us” option from the main menu.
Select the product(s) and quantity you wish to sell.
Ensure that the total value of the sell order in BTC is less than or equal to BullionStar’s current online maximum transaction size for a sell order of BTC 30 per transaction.
(Note: If you would like to place a sell order for an amount larger than BTC 30, please send an e-mail to firstname.lastname@example.org or call +65 6284 4653 to enquire whether we can settle your sell order in Bitcoins.)
Enter your customer information. The Payment Instructions box will be defaulted to Bitcoin. In the Bitcoin Address box, enter the Bitcoin address where you want to receive your Bitcoin payment to. Then submit your order by clicking “Confirm”.
Bitcoin Sell screen. Payment Instructions defaults to Bitcoin and Bitcoin Address box
For more information, see BullionStar’s help page “Bitcoin as Payment Option and Currency“.
To convert Bitcoins to traditional fiat currency, one straightforward option is to use a Bitcoin exchange such as Bitstamp in the USA or FYB-SG in Singapore. The steps to follow would be to open an account with a Bitcoin exchange, transfer your Bitcoins to your account wallet on the Exchange, sell the Bitcoins on the exchange, and then withdraw the proceeds of the sale in a currency such as US Dollars.
Those who currently do not hold Bitcoin but who might want to can also open and fund a Bitcoin account with one of the Bitcoin Exchanges, and then buy Bitcoin to hold in their Exchange account. This Bitcoin could then be subsequently used in a transaction on the BullionStar website to buy gold or buy silver.
BullionStar Charts: View and Create Bitcoin Charts
Note that historic Bitcoin prices are also available on the BullionStar Charts page, where Bitcoin is listed under the Currencies category along with 18 major currencies. The BullionStar charting tool allows you to chart the price of Bitcoin in terms of other currencies and in terms of precious metals, commodities, major stocks, popular stock indices, and in terms of the prices of BullionStar’s product range.
With a Bitcoin price history going back to January 2011, you can use BullionStar charting tools to check and view the price action of Bitcoin over the last 6 and a half years.
This article first appeared on the BullionStar website here.