Overall, purchasing metals with Bitcoin can be a convenient and cost-effective option, but it’s crucial to weigh the advantages and disadvantages and consider your specific circumstances and risk tolerance. Apmex’s acceptance of Bitcoin provides an alternative payment method for those interested in acquiring precious metals.
A Valuable Resource for Bitcoin Newcomers.
If only I had access to the informative Apmex video when I first started with Bitcoin last year, I wouldn’t have faced so many difficulties. As I mentioned before, I purchased my gold using Bitcoin from SilverGoldBull in Canada, and the process was smooth and quick, with the items arriving within days. However, my recent order of 2 JM Rounds has been held up in customs for over a week, and today I received five sheets of forms that need to be sent back. I’m concerned about possible additional charges on the way.
While chatting with Apmex, I discovered that they do ship to the UK for orders paid in Bitcoin, which is useful information. It’s puzzling why my gold coins from Canada arrived quickly without any issues, but my QSB order is experiencing significant delays and potential extra tax or import duty. Another JM subscriber suggested that the difference in treatment might be due to one order being for legal tender coins (although my initial purchase was a Pamp 1oz bar) and the other being for gold rounds. If I pay the extra tax and raise this question, they might investigate and charge me retroactively. It’s discouraging to see such discrepancies when buying from the US.
On another note, I’m glad that I converted my Bitcoin profits into gold along the way, despite some people suggesting it was a mistake. I believe in the old saying, “A bird in the hand is worth two in the bush.” Currently, I’m refraining from purchasing anything, be it cryptocurrencies or precious metals. I’m eagerly awaiting the arrival of a fully sealed 1964 Uncirculated Silver Proof US Mint Coinage Coin Collection from eBay, which cost less than a Tenner (£). I’m particularly excited about the eight-sided Philly US Mint coin, reminiscent of our old ‘Thrupenny Bit.’
Although Bitcoin has its flaws, such as being slow and expensive, I’ve always used Litecoin to pay for metals, and the transaction completes within two minutes from start to finish. Being in the UK, I rely on Bitgild in Europe, which accepts approximately 20 cryptocurrencies as payment.
It’s essential to have an exit strategy for cryptocurrencies, especially with the recent extreme volatility in the financial and crypto markets. Bitcoin, for example, experienced significant price fluctuations, with its value surging to almost $20,000 in November before dropping below $8,000 recently. Many people regret not selling at the peak and moving their profits to more secure and stable assets like precious metals. Today, we discussed exit strategies, primarily focusing on cryptocurrencies. Personally, I need to plan an exit strategy for the small amount of crypto I hold, in case it ever becomes more valuable. Apmex offers an option to convert Bitcoin into precious metals, and they provide instructions on their website. They recommend using a reliable Bitcoin wallet like Bitpay, Copay, Mycelium, Airbitz, Electrum, Bitcoin Core, or Bitcoin.com to make payments. Bitcoin payments qualify for a 3% cash discount, which is a significant advantage.
It’s important to note that there are risks associated with using Bitcoin to purchase precious metals with Apmex. The lack of privacy, potential price fluctuations, uncertainty surrounding the future of Bitcoin, and the absence of buyer protection are some factors to consider. However, Apmex offers a quick and efficient shipping process, ensuring that orders are processed and shipped promptly once payment clears. Buyers receive email confirmations with tracking numbers to monitor their shipments.
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