Anyone ever buy Bullion with Crypto?

Discussion in 'Bullion Investing' started by Gam3rBlake, Feb 16, 2021.

  1. Gam3rBlake

    Gam3rBlake Well-Known Member

    I know JM Bullion & APMEX both accept BTC/BCH/ETH but has anyone have tried paying with crypto from either of these companies?

    Ive noticed that they offer 3.5% discount if paid with crypto so I’m wondering if it makes sense to buy crypto to buy bullion at a lower price?

    Please let me know what your thoughts are on crypto for bullion!

    Thanks :)
     
    Rich Buck likes this.
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  3. SensibleSal66

    SensibleSal66 U.S Casual Collector / Error Collector

    If I can't hold it in my hands , I don't want it . JMHO . I'm not into what do you call it ? Crypto . Sounds like a strange thing to me . Maybe I'm just older .
     
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  4. Gam3rBlake

    Gam3rBlake Well-Known Member

    Yeah but the thing is you can use it to buy gold & silver at a lower price than if you pay with a credit/debit card and you can hold both of those in your hands.

    Why pay $1950 for 1 oz of gold when you could pay $1880? Or whatever the price is you can get it 3.5% cheaper with crypto.
     
  5. SensibleSal66

    SensibleSal66 U.S Casual Collector / Error Collector

    Ok, that sounds better to me . Anything to save a buck . :)
     
    Gam3rBlake likes this.
  6. Gam3rBlake

    Gam3rBlake Well-Known Member

    Yeah for sure.

    See what I mean?

    This is a 1 oz American Gold Eagle. We all know those.

    If you pay with crypto it is $2001.62
    If you pay with a card it is $2063.52

    So you save about $60 on a Gold Eagle if you pay with crypto.

    Same thing with APMEX. So essentially you can turn your imaginary cryptocurrency into physical gold that you can hold in your hands.

    26EC6D4E-E64C-498B-8C66-E92B05E5DA84.png
     
  7. slackaction1

    slackaction1 Supporter! Supporter

    If you famaliar with all crypto and how it works and how to sell it I would say go for it and keep us posted on it.. My oldest son has been in it since 2011 and swears by it.. me not so much, dont like the cyber space where your money resides I guess. Good savings if it works out for you Gam3rBlake
     
  8. Gam3rBlake

    Gam3rBlake Well-Known Member

    I do have some Ethereum & Bitcoin on BitPay and that is the same app that APMEX & JM Bullion request payment through.

    I'll try it out when I buy this coin since it's pretty expensive and I can save a decent amount paying with crypto.

    $3361.81 paying with crypto.
    $3484.37 paying with a card.

    That's $123 saved :)

    But I will definitely let you guys know how it works out!

    thrace-byzantium-av-stater-2nd-1st-century-bc-ms-ngc_195887_slab.jpg
     
    fretboard likes this.
  9. slackaction1

    slackaction1 Supporter! Supporter

    Nice 123.00 saved Gam3rBlake, I just hope they dont send my retirement check in crypto. I would try it...
     
  10. Garlicus

    Garlicus Debt is dumb, cash is king.

    Isn’t there a percentage fee, when buying, crypto? I believe those kiosks charge around 5-7%.
    $3,350 @ 5% = $167.50
    So, for this coin, if you had to purchase the crypto, you would be paying 167.50 to save 123.00
     
  11. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Crypto-currencies are not mainstreaming, so advocates are now planting incentives to try and make it look like it is, such as discounting the purchases of precious metals. I'm sure they figure that if they can point to PM advocates as being Crypto converts, they should more easily be able to convince everyone else to throw in the towel and join in building this house of cards.

    Once accounts are established, it is much easier to claim that crypto-currency as a platform is just as viable as any other, which is quite obviously not the case. Abandoning an account after making one's PM purchase still leaves an account, even if inactive. That's all they really care about . . . the window-dressing needed to convince others to join.

    Their desire to blow the balloon up fast and huge is only to enhance the likelihood of them escaping with out-sized profits, whether they believe or even care that it will be at the expense of the unsuspecting who climb on board this senseless ride.
     
  12. beaver96

    beaver96 Well-Known Member

    Why not just pay with cash? An echeck saves the 3%. If your buying crypto to buy bullion, aren't you using cash to buy crypto? Cut out the extra steps and use cash to buy bullion.
     
  13. potty dollar 1878

    potty dollar 1878 Well-Known Member

    Cash is king.
     
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  14. Kurisu

    Kurisu Well-Known Member

    I'm pretty good at over-simplifying things...it's a genuine skill of mine.

    Crypto is complicated. So is actual cash to be honest if you really understand how it works. Cash has value because it is backed by assets.
    Crypto has value because it is rare.
    Each Crypto is designed to only ultimately have a certain number of 'cryptos' in existence as it's electronically 'mined'. With an exponential curve making it more and more rare as more of each Crypto type gets created (mined).

    As crypto is more widely accepted and adopted as a method of payment it will slowly merge with the concept of cash in the sense it will become more and more backed by physical real-world assets.

    Visa in their recent shareholder meeting understands that crypto has 'value' so they simply announced that they are looking to integrate their 50 million or so places where Visa is accepted to start working with (certain) Crypto currencies.
    Some of the largest banks on the planet are doing something similar as they figure out ways to 'hold' Crypto currencies backed by assets, which is what they do with cash right now (in theory, not always in practice).

    So the short version of the Crypto story is that as Crypto currencies become accepted as payment methods they will also have actual value in banks and thus in economies as well.

    An obvious fear is the concept of where Crypto exists, because it isn't physical and can't be held in a vault like bullion or as land or property...but that concept is changing for all humans who use a cellphone... your electronic property is in fact your property. So again, me over-simplifying things...redundancy is the answer.
    All computers and servers and data-centers on Planet Earth would have to be wiped clean in order for us to loose all our electronic properties (email, photos, etc...).

    On that note, Crypto currency provides a way for you to put your Crypto literally in a vault, on a usb drive! It's a wallet that is electronically tied to the entire electronic structure and amount of a particular Crypto currency (it's literally an electronic key with an absolutely enormous multiple parts password). It's not conceptually different from your bank account that doesn't actually exist as a pile of money behind the counter at your bank. It exists as an unalterable record of the Crypto you 'own' and it is similarly tied to your actual identity (Social Security number and personal information).

    There is no doubt, Crypto currencies will come and go and some will far outlast others, just like currency in various nations...but as Crypto merges with economies just like cash does, Crypto will be much easier to use and hold safely...whether it's in your bank's 'wallet' or your own electronic 'wallet' on some form of electronic removable storage.

    So long story short...Cryptos are fairly volatile at the moment because their value is not entirely connected to world economies, it's a virtual rarity, similar to gold or platinum (physical rarities)...which also used to be far more volatile but have a genuine value based on rarity and use in industries...

    So, in summary...wait for it! Or, like any other money you are willing to reasonably risk, like buying stocks and holding them long-term, you can start to learn a little bit about it and dip your toe in the Crypto currency thing. Just like collecting coins...you really don't want to spend any more than you can pleasantly afford for a hobby as you learn it. And like coin collecting, or the stock market, you have a learning curve that enlightens you along the way. And also just like these things, some will get 'lucky' and make more money than others. The sure thing is still developing valuable skills and working for a living!!!

    As banks and payment systems help stabilize crypto currencies world-wide it will become easier to exchange crypto for cash and either for assets. Just like a credit card payment, the vendors get a little piece of the action via credit card fees which are theoretically unseen by the consumer because it's built into the prices you pay for your stuff. So right now when you 'use' or trade or buy Crypto you get charged a fee for the electronic exchange because yes the businesses providing the services of providing Crypto need income to exist... Am I making sense here?!

    I hope that helps in a simple conceptual kind of way! :smuggrin:
     
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  15. Dialupsux

    Dialupsux Well-Known Member

    So you pay cash for crypto, and you pay a vig over the price of the crypto, so where does my cash go when I buy crypto - the top of the pyramid ?
     
  16. Kurisu

    Kurisu Well-Known Member

    Nope...Crypto is crypto. Is the simple answer. Cash can't be 'turned into' crypto...Crypto is mined at a certain rate and doesn't exist until it's been mined. Each Crypto has a set number of Crypto that will eventually exist and the mining gets more and more difficult exponentially as the Crypto is mined until it's maximum number.
    Just like stocks and managing hedge funds...Crypto dealers and wallet providers have ways of watching the markets and buying and selling Crypto and or hedging it.
     
    Alegandron likes this.
  17. Mr.Q

    Mr.Q Well-Known Member

    I'll stick to good old American coin and currency.
     
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  18. Dialupsux

    Dialupsux Well-Known Member

    I understand there are towns in indonesia where all their electrical power goes to mining crypto
     
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  19. Kurisu

    Kurisu Well-Known Member

    Actually here's something quite interesting...India is trying to outlaw certain Cryptos. The answer to why is totally obvious, it's because the government understands that crypto has a huge future as valid currency and so the Indian government wants to create their own crypto to monopolize on it in India.
     
    Alegandron likes this.
  20. Dynoking

    Dynoking Well-Known Member

    Why not pay with a check?
     
    juris klavins likes this.
  21. baseball21

    baseball21 Well-Known Member

    It would be wiser to stop and think why they are accepting it for their metals. The answer is quite simple, they believe it will go up in the future and are happy to more money
     
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