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Gold July 29, 2014 03:34:27 AM

'Gold for Bitcoin'- The New Trading Trend

Paul Ploumis
ScrapMonster Author
'Gold for Bitcoin' trade is now the upcoming trend in the world of online transactions. The new fad has considerably increased the appetite for virtual currencies among traders.

'Gold for Bitcoin'- The New Trading Trend

NEW DELHI (Scrap Monster): ‘Gold for Bitcoin’ trade is now the upcoming trend in the world of online transactions. The new fad has considerably increased the appetite for virtual currencies among traders. As due to its high volatility and demand, Gold companies are rushing towards Bitcoin traders.

Anthem Vault of Las Vegas recently made an announcement that it was going to launch gold backed crypto currency known as 'Independence Coin or INNCoin'. Also, DNA precious Metal has started DNA Crypto Corp for mining and trading gold in exchange of Bitcoin through online.

At present, count of virtual currencies in the market is heading closer to the $500 mark. The price of top ranked Bitcoin now has a stable value in between $500-$600. The stabilization of Bitcoin price is making them stronger for exchanging for gold, which was trading currently less than $1,300 per ounce.

Market value of Bitcoin is about $8 million, i.e. one Bitcoin is equal to 582.87US$, now. In earlier time, there were many controversies relating Bitcoins. For example, a Tokyo based Bitcoin exchange group, Mt. Gox faced a loss of 8,50,000 Bitcoins, valued at about  $450 million in one night in February 2014.

Every day new websites and web portals dealing with virtual currencies are coming up. Traders and some firms have increased their Bitcoin sale in exchange of gold. For instance, recently BitPay has allows the investors to purchase gold and silver by using virtual currencies through Euro pacific.

Bitcoins industry is now focusing nations like India and China as these are the largest gold consuming countries every year. Simon Hamblin, the London-based CEO of Netagio Ltd said that gold was considered as the ultimate store of value, while Bitcoin was considered as the ultimate modern medium of exchange.

Various virtual currencies other than Bitcoin are Litecoin, Ripple, Darkcoin, Peercoin, Bitshares X, Dogecoin, Namecoin and Maid Safe Coin. However, Bitcoin is the top ranked crypto currency.

 

 

 

 

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