Bitgold & Bitcoin
- You cannot redeem physical gold.
- You cannot "transfer" physical gold to another vault.
- You cannot load your prepaid Mastercard.
- You cannot buy bitcoins back.
If I want to convert an amount of Bitcoins into fiat in my bank account, Bitcoins exchanges exist for this purpose. I see absolutely no point in paying 1% fee to buy gold with it, then another 1% fee (+ .5GAU fee in my case, EURO SEPA wire) to sell it and have the money transferred to my bank account.
Therefore, the only reason I can see right now to credit a BitGold account via bitcoins is to "secure" a certain amount of crypto currency in gold, with the plan to convert it later to fiat (if I wanted it now, I'd go with an exchange). That's definitely a use case, but it's quite limited IMO.
I guess the all "locked in Dubai" situation is either due to regulatory or practical constraints. Can anyone from BitGold be a little more explicit about what is currently preventing you to transfer physical gold bought by users (and now their property, that's the all point) from Dubaï to another vault or to be redeemed physically? Are such features planned? If so, do you have a roadmap for it?
Multiple websites are selling precious metal in bitcoins. I've already used some but I really wait for BitGold to fully support it. The multiple vault locations is a real killer feature. As a European, gold delivery from the US comes with a prohibitive cost. With BitGold, I could just buy gold in London or Zurich vault and redeem it without paying too much in delivery fees. Or at least having it stored in a bit closer than in another continent.
Furthermore, trust is of the essence when handling large amounts of money, and I can't think of a service or company in Europe currently selling gold in bitcoins that I would trust with 5 figures amounts. I would definitely consider BitGold if the service was fully available.