London Gold Dealer Accepts Bitcoin for Payment

in #bitcoin7 years ago

Digital gold
Bitcoin may be called digital gold, but it still has a long way to go before it can rival gold as a safe haven asset. The volume of gold traded annually is estimated to be $22 tln and there is a flourishing derivatives market for it. Bitcoin investors represent a niche class of investors, although awareness about cryptocurrencies is increasing.

Bitcoin accepted through Bitpay
Sharps Pixley will accept Bitcoins for the sale of gold through the payment processor Bitpay. This will help them avoid any risk of Bitcoin’s fluctuating price. Given that Sharps Pixley’s core competency lies in trading precious metals, the decision not to accept Bitcoins directly is wise.
Unless merchants have some costs which are denominated in Bitcoin (and not fiat), they will be exposing themselves to Bitcoin’s price volatility if they accept Bitcoins directly. We still have a long way to go before Bitcoin can be used at each stage of a product’s value chain – right from the raw material to the sale to the end customer.

Sort:  

Every day want a vote

Nice article

Congratulations @tatwabit! You have received a personal award!

1 Year on Steemit
Click on the badge to view your Board of Honor.

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @tatwabit! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

SteemitBoard supports the SteemFest⁴ Travel Reimbursement Fund.
Vote for @Steemitboard as a witness to get one more award and increased upvotes!