There are different companies in the space that allow cryptocurrency users and enthusiasts to purchase precious metals using Bitcoin (BTC). These firms are JM Bullion, Onegold and SD Bullion.
JM Bullion, one of the most popular companies to purchase precious metals is now accepting Bitcoin (BTC) as a means of payment. As its official site shows, the company accepts the most valuable virtual currency for orders that range between $100 and $250,000. There are several companies accepting Bitcoin all over the world.
Although Bitcoin did not experience a good year in 2018 in terms of price performance, there are some important companies that are very positive about Bitcoin. This is the case of JM Bullion that decided to allow customers to pay using the most popular digital asset in the market.
In order to start accepting Bitcoin JM Bullion partnered with BitPay. BitPay is a leading Bitcoin payment service provider that is present in many different countries around the world. In this way, clients will pay using Bitcoin in just a few minutes. The company will be receiving US dollars instead.
If the transaction is not processed in less than 15 minutes, the whole process will have to be started once again. If a user decided to pay using Bitcoin it will receive a 3% discount compared with other means of payment. Using credit or debit cards is related to higher fees for the seller, which makes it difficult for some companies.
One of the advantages of using Bitcoin is that it is convenient compared to other means of payment.
The company wrote about it:
“The primary advantage to using Bitcoin is the convenience it offers. Because all transactions occur online, customers are not confined to the hours and location of any particular establishment. They can make their purchases at any time from the comfort of their own home or office.”
JM Bullion explains that many customers want to use Bitcoin due to its affordability. The popular digital asset has low processing fees for merchants than using PayPal or other systems. This is why clients paying with BTC are going to receive an important discount on their purchase.
In order to make a payment using Bitcoin, users will have to perform the usual buying process. Once they decide to finalize their purchase they will have the Bitcoin option as a means of payment. JM Bullion says that the payment is accredited within a business day and cannot be reversed. Nevertheless, any refunds made on Bitcoin purchases can be made using Bitpay in Bitcoin at the U.S. dollar rate at the time of the refund.
Onegold, a platform that allows investors to purchase gold, silver and other precious metals has started to accept Bitcoin payments. The company has been founded by APMEX and Sprott. The physical assets owned by Onegold are kept at the Canadian Royal Mint and are redeemed by the company if a trade takes place in the platform.
The company decided to start using Bitcoin because of the poor service provided by credit cards. Onegold CEO, Ken Lewis explained that some users were exposed to fraud and would have increased Onegold costs after a sale using this means of payment. Furthermore, credit cards are very expensive to manage compared to other payment services.
In order to accept Bitcoin and Bitcoin Cash (BCH), the platform partnered with BitPay. BitPay is the same company that partnered with JM Bullion to offer Bitcoin payments. According to APMEX’s official site payments with Bitcoin and Bitcoin Cash do have a 3% discount. This is similar to what JM Bullion did.
Indeed, the service works also in a very similar way to JM Bullion. Some of the orders will be packaged and ready to be shipped the next day for domestic purchases. Users will also receive a tracking number with the information about the shipment.
Another recognized site that has started to sell gold and other precious metals with Bitcoin is SD Bullion. It seems that the competitive market established pushed these companies to accept BTC payments.
A few months ago, the site decided to renew its interface. At the same time, they have decided to start accepting Bitcoin payments. This allows individuals to easily purchase any gold or silver products using the most popular virtual currency in the market.
Although the site claims that it has the cheapest prices, users that want to buy gold using Bitcoin will have to pay a 1% premium price for it. Although it does not seem bad since it is not necessary to provide the same information as with credit cards, it is different to the tactic used by JM Bullion and Onegold.