Market Cap:
$270.8B
BTC Dominance:
67.87%
btc:
$10323.88
eth:
$189.85
xrp:
$0.27
Advertise
Opinions

3 Ways to Use Cryptocurrency: Buy Gold with Bitcoin and More

Redwan Eid | Dec. 17, 2018
3 Ways to Use Cryptocurrency: Buy Gold with Bitcoin and More

December 17, 2018 AtoZ Markets – Investing in cryptocurrency becomes like gaming, which may within time generate a constant inner desire inside investors to keep the process going, with both sides they survive: profit and loss, as acquiring the skills over the time practicing such kind of trading pushes those who opt to continue to insist more.

However, this also poses a a question, which is broadly imposed by either amateurs or professionals in the market: how can one use their bitcoin or cryptocurrency in general on the ground, instead of just having the option of keeping them a digital thing to bet on?

In the last year, the market witnessed many shouts on individual basis though, in many countries over the world, calling governments and financial regulators to consider regulating the cryptocurrency and allow it to be used for making purchases, as fiat currency is used.

Those shouts, on the other hand, have mostly been faced with negative answers, amid wide discussions going between ebb and flow, up until the moment of writing this article, however, buying cryptocurrency itself is still allowed in most countries over the globe.

Individual tries were made in that regard, to allow using cryptocurrency, mostly bitcoin, for making payments, so what is available today of those tries?

Cryptos Can Be Used for Paying for Insurance

Taking a step forward in supporting the usability of cryptocurrency, the Calfin Global Crypto Exchange (CGCX), being the world’s first insured hybrid crypto exchange platform offered the option of paying for insurance via cryptocurrency, in an unprecedented step.

In association with the Archipelago Group, CGCX announced last October launching its digital platform for offering life, health and medical insurance solutions, in a move that allows 1.5 million insurance policy holders and insurance intermediaries to pay their premiums using cryptocurrencies, including Bitcoin, Ethereum, and CGCX tokens, with more cryptocurrencies to follow.

On CGCX's platform, the crypto exchange offers lower transactions fees of up to 50% on buying and selling cryptocurrencies, opportunity to utilise escrows and settle Smart Contracts, and the ability for users to participate in ICO voting for getting their favourite tokens listed on the CGCX exchange.

As They Are Virtual Too, PC Products, Including Games, Can Be Paid for with Cryptos as well

Last November, paying for software of different kinds using cryptocurrency started to be a reality.

NAGA Group launched the first centralised exchange for virtual goods and financial instruments, NAGA Wallet. With NAGA Coin ICO.

As the company says, it aims to “establish the world's first crypto-gateway to trade financial instruments and virtual goods in a secure and transparent way”.

the NAGA Wallet serves as an “ecosystem for the social trading of cryptocurrencies, stocks, Forex pairs, and virtual goods. One of the key ideas behind this groundbreaking project is to eliminate the scam in virtual assets market.”

Its Switex virtual goods marketplace platform was particularly established in favour of making a centralised market place, where gamers for example can pay for their in-game purchases using their cryptocurrency, the step that seems to have come just on time, amid the wide demand for a trustworthy market place for virtual goods.

Buying Gold with Bitcoin Is Activated Now

BitPay, an online cryptocurrency payment platform, has announced its partnership with OneGold, which enables buying gold with bitcoin.

Founded by APMEX, a prominent precious metals retailer, in association with Sprott, a company dedicated for alternative asset manager, OneGold makes its priority to provide investors with “key benefits of physical gold and silver with those of blockchain-based digital assets.”

In his turn, Sonny Singh, BitPay’s Chief Commercial Officer, described the digital money as an effective means for supporting vital technologies of today and means of trading today.

“an ideal payment method for e-commerce and precious metals”, said Singh in a press release.

Singh sees that such kind of payment can play a key role in preventing, or limiting risk levels caused by fraud and other losses identity theft result with using credit cards.

The CCO went further in explaining that traditional payment methods used to cause traders and businessmen fortunes for doing chargebacks in fraudulent transactions, which reached the last year up to $19 billion, whereas, employing digital assets in payment today, makes no medium for such an option, which imposes such kind of risks when traders retreat their payments for no right, as crediting companies makes this available.

After a thorough consideration, the move is made!

BitPay and OneGold Partnership Comes in Line with Market Trend

BitPAy was said to have started thinking of allowing using bitcoin for purchasing gold and silver in March 2016, where the bullion company at the time encouraged customers to take the initiative by offering a 4% discount for purchases made using bitcoin or cryptocurrency in general.

On the other side, OneGold still offers both fiat or cryptocurrency, or a combination of both of the aforementioned means for making purchases with it, while the latter is said to be quipped with a shield against bitcoin price swings through its partnership with BitPay.

BitPay had announced the last month its support for Bitcoin Cash ABC around the time the BCH hard fork took place, the thing that as per analysts makes the company at the forefront of the market today.

Analysts read as well that the recently-signed partnership between BitPay and OneGold comes in line with the trend market giants are going with, like the mutual support for Bitcoin ABC both Coinebase and Binance announced lately.

In a similar context, AtoZ Markets reported last October, that Coinebase had announced a successful fundraising campaign, through which it could raise $300 USD, meant to accelerate adopting cryptocurrency in the market.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.