BitSilver?

I'm new to the community, so maybe I've missed some discussions. However, I sure would like to see BitGold also deal in silver.
Here is just a quick look at gold verses silver. If both would go back to there previous highs of about $1,900 for gold and $48 for silver, gold will have gone up only about 50% while silver goes up 278%.

Comments

  • UvasUvas Posts: 680 Silver ✭✭✭✭
    edited June 2016
    Silver is not good for physical payment system. Its value per weight is too low and would cost a lot to move around, making costs too expensive to be competitive.

    It really doesn't matter what the price of the metal is for the payment system. That only matters to the users. :)

    You can redeem in physical silver if you like.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @Warrenives Welcome to the community. There has been a few threads on the community board in regards to a suggested "BitSilver" but unfortunately it would not be economical to do and has been confirmed that there will not be a BitSilver in the below video at about 30:30 into the video. If you are interested in silver you can use the physical redemption option on the BitGold platform to redeem some of your gold to purchase physical silver that can be delivered to your home. I have used this option myself as I agree with you that there is good potential for a significant rise in the price of silver. I hope this information helps. Cheers.

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited June 2016
    @Warrenives

    However, there is always the bespoke high end service Goldmoney Wealth, formerly known as GoldMoney.

    https://www.goldmoney.com/what-we-do/dealings-and-executions
  • ShadowsRevealedShadowsRevealed Posts: 83 Copper ✭✭
    edited June 2016
    @Warrenives I would highly recommend reading : http://community.bitgold.com/discussion/175/posting-tips :) you can also search the forums, chances are you will find people have asked similar questions which are answered by the knowledgeable community, and members of the GoldMoney team.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Hi and welcome @Warrenives Yes indeed your post was deeply discussed earlier as most think due it low prices and bulky that make Silver only appreciated by small number of people.
  • MacMac Posts: 13 Tin ✭
    edited June 2016
    @Warrenives Here is an extract from our faq page:

    "The issue with silver is that it’s much more abundant in the earth’s crust than gold. This leads to silver being less dense. Put differently, silver has a lower ratio of value per space. This, in turn leads to higher storage cost. Another way to think about this is if you have $1 billion worth of gold it’s about the size of a dinner table. Conversely, that same $1 billion of silver occupies a massive warehouse.

    Because BitGold is not only a savings platform but also a payments platform (we want people to also use their gold and transact with it) we had to do away with storage costs. We actually take care of the storage costs for our customers metal. With gold, the storage cost plus insurance is extremely low. In fact, gold has the highest ratio of value per storage cost of any other element or compound. If we were to introduce silver, the storage costs would be too high and we would need to pass it on to our customers. This would mean an added layer of friction preventing our customers from utilizing the other."

    Read more here.

    Hope it helps. Cheers.
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