In a debate between gold and Bitcoin, there’s no clear winner. Each of these is meant for different purposes, and while you can endlessly draw comparisons, it’s better to start thinking on ways to leverage their strong sides to your benefit.
An intrinsic characteristic of gold is its value. It has retained it for centuries and is likely to continue doing so for years to come. But just as gold’s value remains constant, so does (to a degree) its price. It takes something really big, like an international crisis or a new policy by a major global power, to move this precious metal moloch. That makes gold a very safe investment – you can easily expect to walk into a dealership in 2029 or 2039 and get a good amount of cash for your bullion.
However, if you’re looking to get rich quickly, then gold is not your friend. Can the opposite be said about Bitcoin? Yes. But only to an extent.
When selling gold for Bitcoin, you’re exchanging safety for a high-risk-high-reward type of thing. The thing is, precious metals will never lose their value. It may fluctuate slightly, but the likelihood of them becoming obsolete is extremely improbable. Bitcoin, on the other hand, can blow up at any moment, doubling, tripling or even quadrupling its current price. It can also drop without warning, diminishing the value of your investment by hundreds or even thousands of dollars.
So, when should you consider selling your gold for Bitcoin? Is there a good moment to do so? Generally, the best moment to buy is when the prices are low – that’s obvious. But with Bitcoin, it gets tricky, because its value is not stable. And by not stable, we mean, REALLY not stable. Have a look at a daily price chart. The value of the cryptocurrency often changes by several hundred dollars per unit within a couple of hours. It’s risky when the price drops, but offers a high reward when it increases. What’s the way to know? Stay glued to the screen and scan the charts!
Sell gold for Bitcoin when you need quick cash
Gold is the type of investment you pass down from generation to generation. A golden ring your grandmother had in her youth will still be worth money today – you don’t need to worry about it losing its value. When it comes to Bitcoin, that security is not there, as its value is determined by how many people are willing to use it to trade. The more transactions in a given moment, the bigger the price.
Given the fluctuations, buying and selling Bitcoin can be a great way to see a significant return on your investment. Yes, it is risky, but as long as you stay on top of the price changes, you should be able to identify the best moment to buy and sell.
Sell gold when Bitcoin prices are low
With price fluctuations, Bitcoin is a very of-the-moment type of thing. You can be rich today, but poor tomorrow. In this unstable environment, you need to carefully track the price trends to recognize the right moment to buy and sell your BTC.
Another good piece of advice is to sell your gold at the best price possible. Compared to selling crypto, this can be a longer process, but doing your research is guaranteed to get you a better price (and more money to spend on Bitcoin!). Also, given how often the BTC market changes, it’s good to have cash on hand and buy instantly when you see a good price.
When selling gold, remember to always make sure you’re getting the spot price, or the price closest to it. If you decide to buy gold or silver with Bitcoin, Spot4Coins always offers the spot price, which means you’re getting the most out of your bullion!
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