Buy Gold with Bitcoin at BullionMax

Posted on December 16, 2021

bitpay logo image

Making purchases using their cryptocurrency can often be challenging for people who own bitcoin and other cryptocurrencies. Fortunately, BullionMax now offers its customers a way to buy gold and other precious metals with bitcoin using BitPay. Read on to see how.

What is BitPay? 

BitPay is a cryptocurrency payment processor that allows merchants like BullionMax to accept cryptocurrencies, including bitcoin, bitcoin cash, stablecoins, and other top cryptocurrencies. For a merchant like us, BitPay is a lot like setting up credit card processing. It’s pretty easy to accept cryptocurrency payments without really understanding crypto. 

For customers, the BitPay app connects to virtually any crypto wallet and lets you “turn your crypto into real things” easily. There’s even a BitPay Mastercard, a reloadable, prepaid debit card that enables you to make purchases and withdraw cash at ATMs using your cryptocurrency balance. 

How does BitPay work? 

The steps to using BitPay are very similar to buying something using a credit or debit card or mobile payment apps like Paypal or Venmo.

Here’s how it works:

  1. Since BitPay is a debit system like an ATM card rather than an extension of credit, first, you need enough crypto to make your purchase. You can buy crypto in the BitPay native wallet or connect your preexisting digital wallet to BitPay for your transaction.  
  2. Select “Cryptocurrency” as your payment option during checkout.  
  3. Confirm your order. 
  4. BitPay generates a QR code for you to scan with the BitPay app to complete your payment. It looks like this:
  5. Because cryptocurrencies are volatile, you’ll have 15 minutes to complete your payment before the invoice expires, and you have to start over. (Spot prices may have moved in the meantime as well.) 
  6. Once you’ve paid the invoice, in the background BitPay converts your crypto into fiat dollars and sends them to our bank account by the next business day. (Note this is a LOT faster than ACH or e-check payments which take up to 7 business days, and even quicker than a bank wire which takes up to 5 business days.)
  7. When we’ve confirmed your payment, we pack and ship your order. 

Here’s why we accept bitcoin and other cryptocurrency payments

Some people think cryptocurrencies and gold are opposites. One is numbers on a computer somewhere, and the other is a fragment of an ancient supernova wrenched out of the earth, refined and shaped. 

Some skeptics say cryptocurrencies are imaginary money. Honestly, bitcoin is no more imaginary than today’s dollars. Both represent a store of value, and both are widely accepted in exchange for tangible goods or services. 

Ultimately, we want to give everyone who’s been fortunate with their cryptocurrency investments an opportunity to take some risk off the table. Compared to crypto, gold isn’t volatile at all. Your gold bullion and coins can’t be hacked. Best of all, your wealth is still there when the lights go out. 

Maybe everyone who owns gold should also have a little crypto, and everyone who owns crypto should own a little gold? Just in case. After all, that’s what diversification is all about.

Why BitPay?

BitPay provides a win-win scenario for you and for us. While most credit card companies charge merchants between 2-3% (or even more), BitPay charges a more modest 1% transaction fee. 

BitPay gives us the option of accepting more payment types, which can help boost sales. According to this study, merchants have said accepting Bitcoin attracts new customers and sales

For you, BitPay adds the flexibility and convenience of being able to use cryptocurrency to buy things, the same as ordinary money. (BitPay cardholders can also avoid keeping cash in an account connected to their debit card if they prefer to hold cryptocurrency instead.) You don’t need to sell your bitcoin for dollars (and pay the transaction fees), wait for your dollar deposit to settle, and then, finally, go shopping.

Bitcoin and bullion

The natural connection between bitcoin and bullion makes the two a perfect pair for many folks. Both bitcoin and bullion are popular non-fiat assets that allow owners to steer clear of the fiat ecosystem. In addition, bitcoin and bullion can both serve as hedges against inflationary risk. 

BitPay is the best way we’ve found to allow for a seamless market between bitcoin and bullion, offering a quick and easy way to use funds from nearly any cryptocurrency wallet to buy gold or silver bullion directly with bitcoin. 

Additionally, with BitPay, users don’t have to route their bullion purchase through a third party and instead can make bullion purchases directly from their crypto wallet.

Use BitPay to buy bullion at BullionMax

For cryptocurrency owners interested in buying gold bullion using their crypto wallet, BitPay is the fast and easy way to choose from a large bullion inventory. With BitPay, you can get gold, silver, and platinum for bitcoin or other cryptocurrencies without having to go through the trouble of selling your crypto, converting it to fiat currency, and using your credit or debit card to purchase bullion. Using BitPay on BullionMax, you can buy gold and silver coins, bars, bullion, and more with cryptocurrencies directly, all on a single secure site. 

Best of all, buying BullionMax precious metals with your BitPay Mastercard isn’t limited to bitcoin and ethereum. BitPay is continuously evaluating and adding new cryptocurrencies to its platform and currently supports the following cryptocurrencies: bitcoin, binance USD, ethereum, bitcoin cash, litecoin, dai, dogecoin, gemini dollar, USD coin, wrapped bitcoin, pax dollar, and XRP. 

For more information on BitPay and to explore opening an account and getting a BitPay Mastercard, click here