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This article was originally published at BlockCubed.com
While Bitcoin as a mechanism of exchange continues to gain acceptance in the global marketplace for retail products, many investors and traders still face difficulty converting their holdings into real world assets. Save the occasional real estate deal or Lambo purchase conducted via a digital transaction, most have no way to exchange their holdings other than to withdraw their money back to their bank accounts, a process that often involves exchange delays and withdrawal limits.
This poses a significant problem, especially during major market moves such as the 50% pullback in the price of Bitcoin that we’ve seen since the beginning of 2018.
While traders and investors can seek some level of safety by converting their holdings into dollar-pegged cryptocurrencies to ride out any potential market disruptions, there are questions as to their stability amid recent regulatory inquiries. One of the key issues is that dollar-pegged cryptos themselves could be suspended by governments or exposed as being backed by no real-world dollar assets, a situation that could well lead to mass panic across the entire cryptocurrency sector, leaving investors with no way to exit their positions.
But options are rapidly entering the marketplace.
JMBullion.com, the world’s leading online gold and silver dealer makes it possible to instantly convert cryptocurrencies into real-world physical assets that you can hold in your hand.
Highlighting the fact that Bitcoin and other cryptocurrencies are becoming serious contenders for global payment transfers, JM Bullion spoke with BlockCubed about why they’re one of the few major precious metals retailers to provide Bitcoin payments as an option to customers:
Cryptocurrencies are a huge market with investor interest building daily. Many of our existing customers have diversified their investment portfolios into digital assets and they need an easy way to convert their trading profits into gold and silver.
Some have also expressed concerns about cryptocurrency market volatility and how the process of converting cryptocurrencies into traditional currencies and then back to gold is time consuming and costly.
Our aim is to provide investors with not only a way to turn their cryptocurrencies into physical gold and silver assets, but to give them a way to exit their digital positions as a cryptocurrency trade of last resort during market turbulence.
Our platform lets a customer use Bitcoin to instantly purchase gold or silver online, and to take physical delivery of these assets within a matter of days.
While cryptocurrency investors often shun central bank backed paper money, gold and silver have been the assets of last resort and maintained their purchasing power for the past 5,000 years.
In a digital asset world where market “corrections” often see 30% to 50% price drops, the level of stability provided by precious metals gives investors and traders another option for portfolio diversification, especially when panic selling and herd mentality is the order of the day.
Visit JMBullion.com for up to date gold and silver prices.
This article was originally published at BlockCubed.com
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Hmmm rather interesting…
BS
You don’t hold it in your hand you don’t have it!!!!!!!!!!!!!!!!
Sgt.
I lucked out in 2017 when my Bitcoin went up a lot. I then sold a lot of my BTC for gold (the logical end-point of a crypto investment). Enough so that the BTC I have left is all “house money”. Most of my BTC for gold purchases were with jmbullion.com, they gave me very good service.
BTC is so volatile, and does have a case for being of value into the future, that I can suggest those with the stomach for dabbling in crypto feel free to do so, provided that they limit crypto to 1% of their net wealth (and gold, silver and platinum to 10% or more).
I am still stack’in. No way I would ever buy bitcoins to begin with…
This is good news for bitcoin.
_
and real bad news for those idiots giving over gold or precious metals if Bitcoin’s real value becomes fact. Zero.
If you want to live in the palace, you have to take the road that has the dragon on it.
(Not always. But sometimes. Depends on the palace. The important thing is that if you insist on always avoiding every dragon you’ll never get anywhere worth being. You’re a man, you can learn to kill dragons.)
When I think of Bitcoin and all the ramblings it reminds me of the old saying there is a sucker born every minute and two to take him. But then that would be the entire system so business as usual.
Thank you JM! Been a miner for the last few years having fun without looking for any reward until last year when cryptos went beserk. Mind you the exchanging cost me a bit. JM exchanged Bitcoin for gold, then I cashed the gold at a gold dealer locally. Saved me in the long run from losing my house and ruining my credit as my emergency funds ran out.
The economic collapse won’t be brought on by revolutionaries like Castro, Lenin or Mao Tse Tung. Instead, it’ll be by people who know the system well enough to milk every dollar, yuan, ruble, etc. out of it as possible. It’ll be capitalists in the financial sector who bring it down.
This is somewhat of a FUD piece. One sentence is especially striking however, “But options are rapidly entering the marketplace.” This is certainly true.
You can off-ramp from crypto to fiat at pretty much any exchange (coindesk, kraken, gemini, etc). You can change from crypto to PM at jmbuillon.com, vaultoro.com, goldmoney.com (they offer PM backed prepaid debit cards) etc.
A major game changer is the crypto-crypto wall coming down via Binance working a deal to open in Malta and the fiat to crypto bank access that comes with it.
See: https://cryptoslate.com/binance-malta/
See: https://www.ccn.com/malta-wants-to-become-the-blockchain-island-with-worlds-largest-cryptocurrency-exchange/
If you need to exit quick, drop your crypto to prepaid debit cards. Way too many to count. See: https://cryptoslate.com/category/cryptos/debit-cards/
Educate yourself. Caveat Emptor. I was never here.