Frequently Asked Questions

How is my bitcoin amount I will be receiving calculated?

The current spot exchange rate from the reliable and world renowned Kitco (http://www.kitco.com/market/) and Bitcoin exchange rate from Blockchain.info (https://blockchain.info).

Is www.gold2bitcoins.com secure?

We care about the safety and security of your information. We use SSL (Secure Sockets Layer) to in all the transactions you make on our website. All the information you enter is encrypted over the Internet to protect your privacy. SSL is the industry standard security protocol, which makes it extremely difficult for anyone else to intercept your credit card or other information that you enter on our website.

The value I get for my gold is not exactly the spot price I see online. Why?

By exchanging through us, you save by NOT going through multiple exchanges (one for Gold and one for Bitcoin). Each exchange would take a transaction fee or percentage of the transaction. Gold exchanges typically pay from 30% to 60% of the value of the gold sold to them and Bitcoin exchanges take only from 0.5% to 8% but also take a considerable amount of time through identification requirements to open an account on. We aim to be offer the fairest value on the market and that is why you would usually get above of 10% the value you get from trading your gold to Bitcoins through other methods.

How come the amount I receive is less than the price the item was purchased at?

The original price of purchase includes worksmanship, which has no value since the gold will not be resold in its original form (which is why we call it "scrap" gold). Secondly, there is a high cost (electricity, equipment) to transforming (smelting) gold to make it available for other uses. For those reasons Pawn shops and other retailer that will purchase gold will typically pay 30% to 60% of the current spot price.