According to reports, this Tuesday, online bullion marketplace, Onegold revealed that its users can now buy precious metals with cryptocurrencies like Bitcoin Cash (BCH) and Bitcoin (BTC). Onegold’s digital silver and gold options are actually fully allocated physical metals that are stored at the Royal Canadian Mint. These metals can be redeemed at any point via Apmex. Bitcoin (BTC) Price Today – BTC / USD
Onegold customers now have the option to purchase digital bullion using Bitcoin and Bitcoin Cash. Onegold is a Blockchain-powered platform designed to store precious metals and allows its customers to redeem or claim their digital bullion holdings any time of their choosing.
The concept of Onegold was actually created by precious metal e-retailer Apmex in collaboration with alternative asset manager Sprott. The recent decision by both entities to support Bitcoin Cash (BCH) and Bitcoin (BTC) is due to a collaboration with Bitpay which has a relationship with Apmex already.
Bitpay’s Chief Commercial Officer Sonny Singh said:
“Apmex and Bitpay have collaborated in several projects over the years, making it an easy task for Apmex to accept the use of cryptocurrency. When they launched Onegold, we were ready to offer help so that they can accept BTC and BCH through Bitpay.”
“Digital currency is the ideal payment option for precious metals and e-commerce where there is a high risk of chargebacks, identity theft and fraud and with traditional credit cards.”
International Bullion Buyers Interested in Alternative Payment Options
The chief executive officer of Onegold, Ken Lewis, explained that the issue of credit card chargebacks was a major reason why the company decided to start accepting BCH and BTC. Because digital assets are like cash and are also a “push transaction” system, customers need to pay upfront for products, making traditional fraud cases harder to accomplish.
Lewis detailed that Blockchain-based payments offer users greater accountability. Citing that a section of international buyers prefers purchasing Onegold’s collateralized assets with cryptocurrencies. In Ken Lewis’s words:
“We anticipate a significant number of digital currency buyers from the international market, where accepting of credit cards isn’t always practical. In addition to helping to protect our interests, adding Bitcoin Cash (BCH) and Bitcoin (BTC) to Onegold’s payment options also increases our transparency and efficiency.”
Cryptographically Secured Metals Are Far Better Than ETFs
Onegold believes its digital bullion is by far superior to the gold-backed paper like ETFs (exchange-traded funds), including the gold trust LBMA Gold and Comex. Both products are actually similar because they can be traded electronically. On the other hand, Onegold is cryptographically secured based on a distributed ledger with a 100% physical metal backing.
The Onegold System
Onegold users can redeem their stored assets by clicking a button. They all have physical metals pushed to their door by Apmex. At least a few silver and gold ETFs can’t be redeemed quickly, and some can’t be traded or bartered for physical assets, making many customers on the platform looking to fiat. Onegold believes including the ability to acquire digital metals with virtual currencies was the next logical step for the company.