Precious metal dealer JB Bullion has recently partnered with merchant processing startup BitPay to allow customers to deal directly in precious metals with Bitcoin payments. This is another step into the mainstream financial world, and given the uncertainty in the viability of banking, with 0% interest rates in Europe and negative interest rates elsewhere, many are seeking more tangible ways of storing wealth than relying on banks.
Being able to take full advantage of the benefits of Gold, Silver and so on by using bitcoin itself is incredibly important in the long term acceptance of digital currencies and especially for those newly discovering these cryptocurrencies, brings a validation of their integrity.
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With the increasing uncertainty around the world of the viability of the banking system, as the specter of negative interest rates and withdrawal limits loom large in the face of a likely global downturn, finding new ways to safely store our wealth is vital. In this climate of fiscal uncertainty holding larger sums of fiat currency is ill-advised, and many are turning to tangible assets to counter the risk of another banking industry collapse.
Precious metals, such as gold and silver, are increasingly desirable as a safe method of wealth storage, and thanks to a new initiative between precious metals dealer JB Bullion and merchant processing startup company BitPay, it is now easy to store Bitcoin wealth in the same way. The two companies have created a system that allows anyone to buy precious metals directly with bitcoin, and with one or two more similar systems operating at other precious metal dealers, digital currencies are again making strides into the mainstream financial world.
The ability to easily swap cryptocurrencies for tangible assets is a significant step in the growth and acceptance of all digital currencies. Secure wealth holding is something that an increasing number of people are looking for, the ability to have a single line from bitcoin to asset purchase removes resistance to the digital currency concept, allowing the easy exchange of precious metal asset into digital currency and vice versa, giving straightforward access to the benefits of both. The security and tangibility of ownership of precious metals, and the security of transfer and ease of movement that comes from a digital currency.
The more integrated into these essential financial transactions that cryptocurrencies become, the more likely it is that they will be more widely adopted and in a position to challenge the monopoly of fiat money for many people, and so this latest advance is hugely significant for the digital currency industry. One by one the major objections and concerns regarding Bitcoin and other digital currencies are falling away, and the infrastructure is being out into place that will allow much more widespread use of these cryptocurrencies for all aspects of our financial dealings.
Each step that is taken in this way increases the awareness of digital currencies in new potential users, whilst also increasing the validity of the concept of digital currency in the eyes of the wider public, this can only be a long term positive for all cryptocurrencies.