Russia’s Finance Ministry to Allow Bitcoin As Foreign Currency
News has come out today from an official in Russia’s Ministry of Finance who stated Bitcoin could be used as a foreign currency. The change to the proposed law would not allow Bitcoins to be used domestically, but deputy finance minister Alexei Moiseev said this move is to help limit ruble alternatives domestically.
Even though domestically Bitcoin cannot be used, this would help remove uncertainty that is associated with the ledger technology blockchain. Moiseev spoke about Bitcoin to the state-owned newspaper Rossiyskaya Gazeta. This is a huge change for the organization which has been pressing for years for a ban of all digital currencies and also wanted to make using digital currencies as a punishable crime. The Russian Central Bank has maintained a more positive look at digital currencies, however, and it looks like the organization is softening up to the idea of these currencies.
There is still a ban on the Bitcoin use within the country of Russia as that is believed to be part of the Constitution. The Russian Constitution says that ruble has to be the sole currency used for national commerce, which means Bitcoin would still never be allowed to be used domestically. Moiseev is still saying that laws might be adjusted in order to allow citizens to profit from Bitcoin when used as a foreign currency, but it has to be in locations where that is legal. Russian citizens would then be able to buy Bitcoins and keep them in their wallet and then sell these Bitcoins for profit in those foreign countries.
There is currently nothing really preventing Russian citizens from using Bitcoins domestically, but the threat of Bitcoin overtaking the ruble is what people are concerned about. This concern could lead to punishment if used domestically, which is what the Russian finance minister is trying to figure out. There might be a new law coming into the state law-making body before the end of this year to allow the use of Bitcoin as a foreign currency according to Moiseev.
Buy Silver with Bitcoin in 2016!
Enabling millions of users to process payments online without the intervention of banking institutions or needing the use of a credit card since the year of 2008, the popular currency known as Bitcoin provides a great gateway to purchasing goods without the need of keeping track of all of the different foreign exchange rates. Bitcoin, understandably, has become extremely popular due to its security, allowing users to transact without being tracked and recorded by their bank.
With an estimated to-date worth of more than $400 per Bitcoin, Bitcoins have been a source of payment that many websites have begun accepting from their users in just the last year alone, and for good reason.
Commodities that can be purchased using Bitcoin are, in theory, endless. However, one of our customers’ favorite products to buy with Bitcoin has been silver. That’s right, good ole, silver bars and coins. Purchasing silver using Bitcoin is easy, and if you find yourself with a single Bitcoin in your personal online wallet you will be able to purchase a good amount of silver (depending on the spot price, of course!) for your keeping.
As you normally would using any other payment method, please feel free to browse Veldt Gold’s silver stock, and add desired products to your cart. Once enough silver has been added to your shopping cart you can proceed by clicking the checkout/Place Order button to finalize your order.
Like any other method, as you buy silver with Bitcoin, you will also need to provide us with your shipping information so that your silver products can be sent to you.
Once you have successfully completed your Bitcoin to silver transaction you will notice a decrease in the Bitcoin amount in your wallet, indicating that funds have successfully been transferred to us. Your order should be with you shortly. Thank you for buying silver with Bitcoin at Veldt Gold!
We would like to apologize to our customers about the delays in shipping. This has happened due to circumstances outside of our control.
Due to the recent (August/September 2015) precious metals spot price drop, everyone, including ourselves and our suppliers sold out of all metals, including even the most common gold and silver quicker than you can say “Bitcoin!”, and there is still a huge imbalance of supply/demand when it comes to buying precious metals. We would like to assure everyone that we are getting the orders out as quickly as we can.
When ordering please keep in mind the following delays: silver is delayed at least 30 days; and as of 10/08/2015 gold is delayed 1-7 days. If you need a particular item urgently then please do not hesitate to contact us to get an ETA.
As usual you can buy your gold and silver with Bitcoin, Wire Transfer, and Check at Veldt Gold. We will do our best to ship your orders out as soon as possible.
The team at Veldt Gold would like to thank all our customers for their patience and continued business!
Fake PAMP Gold Bars have recently arrived at our facility from “sellers” wanting Bitcoin for gold. We feel that by providing this information, we strengthen the Sound Monetarist Community by alerting them before they are harmed, and also because awareness of a scam inhibits a counterfeiters ability to profit, thus nullifying the scam in its infancy.
These fake gold bars are being made to look like the 1 oz PAMP Suisse Gold Bars. However, with the right knowledge it should be easy for you to tell the difference before you get scammed.
Look for the Color
As you can tell from the pictures, the authentic product is lighter than the counterfeit. For obvious reasons, PAMP does not advertise the exact color code of their tamper-evident certicards but you can get an idea of the color difference by comparing the photos we have included in this post.
The color of the gold matters as well. While one of the bars received seemed to have authentic gold luster, upon closer examination of the serial number there was a copper hue in the numbers which would not have shown if the whole bar was 24 karat gold. This indicates that the the fake PAMP gold bar was plated.
Look at the Plastic
The fake PAMP gold bars that we are receiving look like cheap blister packs. The same ones that threaten to cut your skin should you open them incorrectly. You will not see any blister packaging on authentic PAMP gold bars. The authentic gold PAMP bars are fully encased and sealed in plastic as opposed to the fakes that look like the items have been enclosed and then the plastic sealed around them.
An Authentic PAMP product will also not appear as if the gold bar was raised from the surface. If you look at the picture we have provided, you will see that the fake bar is significantly higher than the authentic gold bar
Look at the Gold Bar Itself and Color of the Gold
The dimension of an authentic PAMP 1 oz gold bar should measure 41mm x 24mm x 2mm. The fake shown in this photo does not. Remember, PAMP will measure every gold bar before it leaves their facility to ensure that each product is up to standards. If it does not it is possible you are holding counterfeit items.
24 Karat gold has a very unique color. If you look at the etching in the authentic PAMP gold bars there should not be any difference between the surrounding gold color and that of the lettering.
Veldt Gold is Here to Help
Veldt Gold checks every item that arrives at our facility for authenticity regardless of if we are buying from a known distributor or private individual. If you have concerns about the legitimacy of the gold that you own please contact us immediately. Our experts will make every effort to determine the trustworthiness of the gold in your possesion.
Raleigh, NC – Authorities are reporting that over $4 million (or around 14,500 Bitcoin) worth of gold has been stolen off the I-95. The truck was traveling northbound from Florida to Massachusetts when it had to pull to the side of the road due to mechanical issues.
The two security guards employed by Transvalue Inc. of Miami have told police that while they were pulled over at around 6 p.m Sunday, 3 armed men in a white van came up to their vehicle and ordered the guards to lie on the ground. The armed robbers then tied the guards’ hands and moved them deeper into the woods off the interstate where they were left.
The robbers returned to the truck and unloaded barrels filled with gold according to a police statement. No description of the suspects or vehicle has been released. The Federal Bureau of Investigation is currently determining whether or not this is a federal crime.
Most people could hardly imagine a practical use for the Internet until AOL came along. At its peak it was a very useful instrument that offered daily access to the Word Wide Web. Coinbase recently launched an exchange that may have a similar impact on Bitcoin. If you need further proof then compare the early growth of the AOL user database with the same parameter of Coinbase. Coinbase has even higher implementation rates than AOL in the early 90s. Here is a look at as to why this is happening.
Bitcoin’s growth has slowed down considerably, especially in comparison to 2013-beginning of 2014, and a lot of people are used to the fact that leadership and innovation usually come to us from venture companies. From a venture company point of view Bitcoin has matured considerably in the past year and became something from nothing – an industry dominated by heavyweights such as Coinbase, BitPay, Circle, BitGo, ChangeTip, BitFury, BitNet, OkCoin, Blockchain and many others. It would have been easy to miss this transformation if you didn’t follow the Bitcoin industry very closely.
Recent news of Coinbase launching their own Bitcoin exchange and receiving record investment of $75 million has been widely publicized. However, not everyone noticed that the company has implemented dollar accounts in addition to existing Bitcoin accounts. From a pragmatic point of view this means that you can now sell your Bitcoin and keep the funds in your Coinbase account. This means that Bitcoin is no longer a philosophical/technological promise, but a convenient payment method.
Thanks to the $75 million investment you can now open an account from countries like Poland or Greece, wire money or send money via Bitcoin into the said account, and store money in it in US dollars. Your money is completely isolated from your local currency, but can be easily spent in your country of residence. Coinbase has taken the best of both worlds: all the functionality of a bank without major risks or commission. In addition to traditional banking services Coinbase created the easiest, cheapest and the least corrupt way of buying US dollars.
The company has also recently expanded the list of countries it works with, and added Czech Republic, Hungary, Bulgaria, Norway, and Croatia. The banking service is now available in 24 countries, while the Bitcoin wallet function is available in 166 countries.
All that Coinbase needs right now is debit cards. They have created a truly global bank with possibilities that traditional banks are yet unable to offer unless they start using Bitcoin. Coinbase’s market mechanism is, in essence, access to the US dollar even for the most regulated and repressive jurisdictions.
The global retail precious metals industry continues to experience consolidation, and lower gross margins for dealers. Digital Tangible has recently organized a private webinar for a limited number of precious metals dealer professionals. Agora Commodities founder Joseph Castillo was proud to be one of the key speakers at the webinar.
During the Bitcoin for gold webinar, we introduced Bitcoin, talked about how it works, and how gold dealers may leverage it to dramatically increase their revenues.
Happy Super Bowl XLIX weekend, everybody!
Everybody knows what the famous Super Bowl trophy looks like – it depicts a football in kicking position (of course!) on a three concave-sided stand. It is named after the legendary NFL football player, coach, and executive Vince Lombardi, who was the head coach of Green Bay Packers in the 1960s, and lead them to win two Super Bowls following the 1966 and 1967 NFL seasons.
7 lbs of Sterling Silver = 95 ozs of Pure Silver
Here’s something that you may not know about the trophy – it is made out of 3.2kg (7 lbs) of sterling silver. Since sterling silver is 92.5% by mass, a simple calculation can help a silver-savvy football fan come up with a number depicting the total pure silver content of the trophy. 3.2 kilograms equals 3,200 grams. Divide that number by 31.1, which is how many grams there are in a troy ounce. Then multiply the result by 92.5% and voila! Just over 95 troy ounces of pure silver! Now, a 100 oz. silver bar may not look as flashy, but it’s definitely easier to store and transport!
Let’s hope this game is a good one, and remember – you can still shop for silver in the dark!
When the US Dollar gets stronger, it takes fewer dollars to buy any commodity that is priced in $USD. When the US Dollar gets weaker it takes more dollars to purchase the same commodity.
The price of all US Dollar denominated commodities, like gold, will change to reflect the fact that it will take fewer or more dollars to buy that commodity. So it’s quite possible, in fact it’s almost always the case that a portion of the change in the price of gold is really just a reflection of a change in the value of the US Dollar. Sometimes that portion is insignificant. But often the opposite is true where the entire change in the gold price is simply a mathematical recalculation of an ever-changing US Dollar value.
When the dollar gets strong, gold appears to go down, and vice versa. That accounts for part of the fluctuations that we see in the value of gold.
The other part is an actual increase in the supply or demand for gold. If the price is higher when being measured not only in US Dollars, but also in Euros, Pounds Sterling, Japanese Yen, and every other major currency, then we know the gold demand is higher and it has actually increased in value.
Consequently, if gold is higher in US Dollars while at the same time cheaper in every other currency, then we can conclude that the US Dollar has weakened, and that gold has actually lost value in all other currencies. But the price, because it is being quoted in $USD will be higher and give the illusion of gold becoming more valuable. In such a case the devaluation of gold, due to increased supply on the market, is camouflaged by a weakened US Dollar.
Joseph Castillo of Agora Commodities talks about Bitcoins and how they’ve changed his business, the one thing he hates about the precious metals retail business, and his philosophy about what money is and who defines it. Click the link below for audio!