Can you buy gold or silver with bitcoin?
Yes, you can buy silver or gold with a cryptocurrency like Bitcoin.
Since Bitcoin was created in 2008, its price has skyrocketed. Its also beginning to find mass acceptance as a method of payment and is both a currency and an online payment system rolled into one.
The crypto revolution has led to huge growth in both the number and evaluation of other digital currencies, including Ethereum, Bitcoin Cash, Litecoin, Hex, and hundreds of others.
We’ve noticed amazing growth in the “pair trade” between gold and cryptos—investors who swap their digital coins for physical gold and silver, and sometimes back again, using precious metals for both diversification and as a stable value store during turbulent times.
That’s because it’s very easy to do, even if you own a token other than Bitcoin.
Scottsdale Mint is excited to offer bitcoin-based purchases. We also offer exchange with Eterheum, Bitcoin cash and Litecoin.
What is Bitcoin?
Bitcoin is the first and most widely used cryptocurrency. It enables peer-to-peer exchange of value over the internet through the use of a decentralized protocol, cryptography, and a mechanic to achieve a global consensus on the state of a frequently updated public transaction ledger called a ‘blockchain.’
Bitcoin is a form of digital money that exists apart from any government, state, or financial institution, and can be transferred around the world without the need for some kind of centralized intermediary. It also has a known monetary policy that hypothetically cannot be altered or changed.
While Bitcoin was launched anonymously in January 2009 to a small group of technology enthusiasts, Bitcoin is now a globally traded financial asset with daily volume measured in the tens of billions of dollars. Although its regulatory status varies by region and continues to change, Bitcoin is most commonly regulated as either a currency or a commodity, and is legal to use in all major economies.
Bitcoin can refer to either the Bitcoin protocol or the monetary unit, which uses the ticker symbol BTC.
How to buy silver with Bitcoin at Scottsdale Mint
Step 1
Shop like normal! Add any products on our store to your cart as you want. Cryptocurrency gets the best exchange rate, on par with bank wires because of it’s speed and security. Make sure to select digital currency on either the product page or in the cart.
Step 2
Proceed to checkout and select which Digital Currency you’d like to use as your form of payment. Here’s what it looks like.
Step 3
Pay your invoice. You’ll receive an invoice with our bitcoin address.
Important Details
Send Amount in BITCOIN, not USD
You must send the exact amount of bitcoin or other digital currency. Do not look at the USD amount you are sending. Here is an example from Coinbase, a popular exchange.
Log into your Bitcoin wallet app or account, and open it to the send payments screen. Then simply scan the code to pay.
Once your order is confirmed, you will have 15 minutes to pay your invoice.
Depending on the wallet you have, this may look a bit different. But there are some important details to pay attention to.
Copy and paste the wallet address into the designated address form.
Your payment should be in processing in less than 24 hours
Note that your order can be in pending status for as long as one business day. That’s because payments pass through several Bitcoin “blocks” for approval. Don’t worry if it takes as long as 24 hours for your payment confirmation email to arrive. Even though its not instant, Bitcoin is still one of the quickest forms of payment we process.
It’s also one of the cheapest: Scottsdale Mint currently offers Bitcoin customers a 3% discount off of our regular price on all orders. Don’t forget that the Bitcoin network charges a transaction fee, too, though it is usually small.
What other digital currencies do you accept?
We also accept Litecoin, Bitcoin Cash and Ethereum.
Scottsdale Mint currently accepts Bitcoin transactions up to $1,000,000 per order online. If you want to make a larger order, you can, just contact our customer service team to arrange it.
Frequently Asked Questions about Cryptocurrencies
Who Created Bitcoin?
Bitcoin is the first succesful launch of a concept called “cryptocurrency”, which was described in 1998 by a man named Wei Dai, suggesting the possibility of a new form of money that uses cryptography to control its creation and transactions, instead of a central authority like a bank. The first Bitcoin proof of concept was published in 2009 in a cryptography mailing list by a mysterious figure known as Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Is paying with Cryptocurrency a good deal on silver?
Yes! It’s a very good deal. When you pay with cryptocurrency on Scottsdale Mint, we give you the same pricing structure as if paying with a bank wire, which are the most competitive rates. This is because crypto payments are on par with the speed and security we have with bank wires.
