World's Largest Online Seller Of Gold Is Now Accepting Bitcoin

Tyler Durden's picture

It's not quite the non-fiat singularity just yet: for that to happen, one should be able to buy gold with bitcoin, and bitcoin with gold... but thanks to Apmex, the world's largest online retailer of precious metals, one can now cross out one half of the missing links, because as of yesterday Apmex is now accepting bitcoin.

From the company's statement:

For more than 15 years, APMEX has been an industry leader and along the way has adapted to the growing needs of our customer base. As bitcoin becomes more popular and widely accepted as payment, we are thrilled to welcome the use of this cryptocurrency for buying Gold, Silver and other Precious Metals by integrating BitPay into our website.

 

With BitPay integration, APMEX customers can now pay using bitcoin and complete their order in seconds. Because bitcoin works like cash for the Internet, customers enjoy a quick process, as the only delay is in the “mining” required of all bitcoin purchases. Additionally, all eligible bitcoin orders will be processed and shipped within one business day of your payment’s clearing and processing with the QuickShip® guarantee (domestic orders only).

 

Buyers can make purchases with bitcoin at any time, from nearly anywhere, just as with most credit cards. International orders become significantly easier as cryptocurrency like bitcoin is accepted worldwide without conversion. Also, many customers prefer Bitcoin payment because of the anonymity offered by a blockchain purchase.

And best of all, there's an added extra: a 4% discount on your new, shiny yellow metal:

For a limited time, all bitcoin orders are eligible for a 4.0% cash discount, similar to orders paid with check or bank wire. Take advantage of this new payment type and the limited-time introductory pricing offer. Start shopping today!

Oh, and with a whole lot of bitcoin millionaires and billionaires suddenly popping up, guess what countless other struggling online retailers, desperate for the sudden riches of these newly minted, pardon the pun, bitcoinaires will do? Exactly the same, as bitcoin acceptance suddenly becomes the next big thing...

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Raffie's picture

How expected

REAL MONEY buying REAL MONEY.

God Emperor's picture

Tungsten gold sold for tokens of appreciation. 

But don't you worry guys, those most hit by the bubble bursting will be the pot head millennials. They're crazy enough to put all the money in bitcoin.

Can't wait to see all the hipsters biting the dust and start selling their asses to make ends meet. There will be a lot of competition for the attention-whores already doing it:

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Pinto Currency's picture

Bitcoin moves with high volatility (in both direction).

Accepting and holding Bitcoin as payment exposes these companies to enterprise level risk.

IH8OBAMA's picture

In 3 days they will be able to instantly offset the risk of holding Bitcoin with the futures market.  Of course, they will need to do the volume of Bitcoin sales to justify the contract size.

 

ExplodingEntropy's picture

What ever idiot sells those btc derivatives... 

LONG STRADDLE

ultraticum's picture

All the lovers of their chains of centrally-planned central bank fiat US Dollar Debt Notes, comment here . . . . 

ACP's picture

How much will a straddle cost? $10k?

The only way they'll be clearing the options is if they have total control of BTC prices.

Prepare for a massive public fleecing.

Antifaschistische's picture

when you go a restaurant that accepts pesos or dollars, the restaurant is exposed to currency risk.

but, is that really what apmex is doing?

apmex is smart...are they really just liquidating your bitcoin, and converting it into dollars during the transaction.  In which, there is zero exposure to exchange risk.

that's what I'm guessing apmex is doing.  If that is really the case, they are merely providing bitcoin liquidation consierge services and they are not really "accepting" bitcoins in exchange for merchandise.

i.e. marketing lingo 

Gorgeous's picture

Good take.  I was about to say I wouldn't want to be the one taking BTC for gold right now, but they might cash out right away, or use it as a short term carry trade.

Eager Beaver's picture

Facts? Reality? You're just confusing these idiots. They don't realize how quickly you can turn a Bitcoin into fiat, because they've never done it. Anyone who thinks you have little bags of Bitcoins laying around after a transaction fails to understand the value, utility, and functionality of this platform. And we should let them entertian those delusions for as long as possible, because somebody needs to buying these things for the first time when it's at $100,000 - $1,000,000 / BTC. You can't spend tulips, but you can spend Bitcoin.

Raffie's picture

Hurry buy moar gold before the bottom falls out again. 

An silver is WAY better then gold, in 2020 u will see hyper-tech will be eatting it like mad. 

 

AlphaSeraph's picture

Tech eats silver like 350 pound american land whales eat (everything). Above ground silver is more scarce than gold. True story. The amount of silver in landfills in micro amounts is astonishing, it will never be recovered.

UmbilicalMosqueSweeper's picture

NEVER is a long time. Generations in the future, if humanity is not exterminated, may be mining our garbage dumps. Or, if everthing on the surface of planet earth is ground-up, melted down, then turned under as it has been in past eons, all things will transform into their original states of being...ready to be mined by the next race of beings from wherever.

UmbilicalMosqueSweeper's picture

NEVER is a long time. Generations in the future, if humanity is not exterminated, may be mining our garbage dumps. Or, if everthing on the surface of planet earth is ground-up, melted down, then turned under as it has been in past eons, all things will transform into their original states of being...ready to be mined by the next race of beings from wherever.

BeanusCountus's picture

Everything has its time Raffie, even gold. Agree on silver from the industrial use standpoint. Did you know gold has similar uses? And, as an owner of some bitcoin, gold and silver (stocks as well), Bitcoin is currently having its time. For now.

Midas's picture

Guess who's eating gold this Christmas!  Yeah!

Crash Overide's picture

This could go down as the greatest heist in history... computer geeks take back the physical gold with computer code.

blargg's picture

Except when a bunch of people cash/gold out of BTC, its price will plummet.

CHX13's picture

My thought exactly. BTC valued at 1mm, but if you take out 1/3 of a BTC the "value" might tank by 20%. 

spork's picture

Is that what this is? Most of the buying is in Worst Korea, people afraid what what Best Korea is going to do.

DiotheDog's picture

Hey I don't mean to poop on your party, but could you try not posting porn?

Uncle Sugar's picture

Why don't you try not clicking on it?

Oliver Klozoff's picture

Because the guy is a fucking parasite just waiting to infect the unwary.

Dumbass.

Oliver Klozoff's picture

dog emperor's porn site is infected with jscoinminer. All you crypto crazies beware.

hedgeless_horseman's picture

 

How to trade gold vs Bitcoin,  from way back in June...

http://www.zerohedge.com/news/2017-06-07/simple-method-trade-bitcoin-aga...

 

Vaultoro is an online exchange market between Bitcoin and gold. The liquidity of that market is pretty good, with volume ranging from $1M to $20M per day, which is more than sufficient to support my small time trading.

ultraticum's picture

HH - I was  digging on Vaultoro too for a while  . . . but they abruptly changed their KYC/AML last summer (suspiciously for a Swiss-based outfit), and now I'm wondering if they're the real deal or not.  Their whole schtick was that they wouldn't pull all the Coinbase-esque bullshit . . . but they sorely disappointed.

 

Ultra

HRClinton's picture

That's all very well unless you happen to like your privacy. In which case, you'd better find your own customers and meet them for the exchange in a safe space, for example a law office.

Raffie's picture

Would not be a ZH crypto article without the haters.

The more they QQ the more cryptos grow.....

I_rikey_lice's picture

Just got off the phone with Apmex....Sales rep told me that beginning Jan, 2018 they will be accepting Itchy and Scratchy money as well as Canadian Tire dollars. 

I asked them about Litecoin and the other alts and the rep laughed and said "no fucking chance" we will accept those shitcoins. Oh well.

I_rikey_lice's picture

But in reality Apmex is using Bitpay, so they aren't accepting bitcoin. 

Dsyno's picture

That's like saying "Apmex is using a credit card processor, so they're not accepting credit cards."

I_rikey_lice's picture

they receive cash for the gold thru bitpay, not bitcoins.

Dsyno's picture

They receive cash through their credit card processor (i.e. merchant processor), not magically through cash flowing out of the credit card digits.

FreeShitter's picture

Square is about to do that.....SQ back to the moon.

DownWithYogaPants's picture

All you gold bugs forgot to say "get off mah lawn" as your dentures fell out and you shit talked BTC.

But why would anyone want to trade bitcoin for gold?????  One of them actually goes up!

J S Bach's picture

"One of them actually goes up!"

Yes, but one of them will NEVER hit zero... and as Tyler is fond of saying,

"On a long enough timeline, the survival rate for Bitcoin drops to zero."

Raffie's picture

true, when the sun goes into a red giant and destroys the Earth, everything will go, including cryptos.

So when you see the death of the Earth, be happy you had PM and not them cryptos. 

HRClinton's picture

On a long enough timeline, the survival rate for Gold drops to the bottom of the lake.

FIFY

runningman18's picture

Thats because the banksters are artificially supressing the price of one while artificially pumping up the price of the other and promoting it like the new beanie baby craze in the media.  I wonder why they would do that...?

runswithscissors's picture

Bitcoin is complimentary to gold....I'd rather have gold priced in BTC rather than FED joo-bucks.

runningman18's picture

Bitcoin is a digital nothing recorded on a digital ledger created from thin air by a programmer.  Anyone can create a hundred more cryptocurrencies just like it.  No one can create a gold coin from thin air.  There's no comparison.  Plus, the banksters are happily pouring money into Bitcoin and other crypto, so, clearly they are not as threatened by it as the bitcoin cult thinks.   

bamawatson's picture

@dysno & lice

they receive digi-fiat "credits" through their processors

Dsyno's picture

Correct :)

For the others that still don't understand the correlation, allow me to rephrase:

Apmex receives cash through their credit card processor (e.g. CitiBank), the same way they receive cash through Bitcoin (i.e. BitPay).

Saucy-Jack's picture

I couldn't care less what form of money they accept in its final form.

This just makes it easy to buy gold with btc.

That's the whole point. BTC to AU!

runningman18's picture

Gold is the ONLY real money, everything else is created out of thin air. 

Raffie's picture

I can buy over/around 13oz of gold OUT OF THIN AIR with 1BTC.... so what exactly does that say for gold?