How much Gold = 1 BTC? Check out this trade I made today...
This is a follow up to a post I did a few days ago. I had posted that a good friend and fellow "Gold-bug" called me the night Bitcoin finally blew through $3000 into new high territory and basically said "Goddamn it!!! I give up, I can't stand it anymore I want a Bitcoin... how can I get one?" Of course I told him how to open a Coinbase and Bittrex account, but since that takes some time I agreed to sell him one of my Bitcoins if we could lock in the current BTC price, which was $3173 at that moment, if he would lock in Gold's closing price as of Friday August 4th, which was or is $1258.40 per ounce of Gold. So as I mentioned in my other post at that time 1 Bitcoin equalled 2.5 ounces of Gold. So we had a meeting today to make the trade. Here is what I got in return for 1 BTC. He walked in with this:
Which out of the bags looked like this when I attempted to stack it for @bullionstackers
and in a pile looked like this
Overall to summarize I received everything at "melt value" for Gold, except for the 1903 $5 Liberty Head Gold coin in AU (Almost Uncirculated) condition and a very small premium (about $4 over melt) for the (2) Gold Panda 1/10th oz coins, 1983 and 1988.
I received mostly "Gold Ignots" that are embedded and most of them sealed into credit card shaped packages. There were a few loose ones. I received
(1) 10 Gram Gold Ignot
(2) 5 Gram Gold Ignots
(4) 2.5 Gram Gold Ignots
(2) 2 Gram Gold Ignots
(30) 1 Gram Gold Ignots
So that equals 64 Grams of Gold Ignots
While I love the Ignots because they are fractional amounts of gold that theoretically could be used to transact business if "all hell breaks loose" in the economy and the Dollar goes upside down - that is a worst case scenerio that a lot of Gold-bugs see coming, but I certainly hope things never do actually come to that for that situation would be very bad for everyone.
The best score was the 1903 Liberty Head $5 Gold piece in AU condition - Old American Gold pieces are some of my favorite coins to collect, as they are relatively scarce, especially in AU, Almost Uncirculated Condition
![IMG_1350[1].JPG](https://steemitimages.com/640x0/https://steemitimages.com/DQmYM4HYdLUt8e1gDJX5BUwocsS7YTokn7i7xdc587zjBqT/IMG_1350%5B1%5D.JPG)
![IMG_1349[1].JPG](https://steemitimages.com/DQmXQzSJisoVGpAgW45FR4ab8sbJbKqpANaVLAGcXcc1XhJ/IMG_1349%5B1%5D.JPG)
**Also good scores were the (2) 1/10th ounce Chinese Gold Pandas - these are coveted by collectors and have a fairly low mintage depending on the year
![IMG_1351[1].JPG](https://steemitimages.com/640x0/https://steemitimages.com/DQmWTA5pU2dR1VaRB41KTwKUFMbbrHRXdS9VswhCeCBWL4A/IMG_1351%5B1%5D.JPG)
![IMG_1352[1].JPG](https://steemitimages.com/DQmbhMu8QDsBGNm29xhmbbr53YQzXsFJkvUYzazErYEYQ9n/IMG_1352%5B1%5D.JPG)
Here are a few more pics of the entire lot...
So overall I felt like I got a really good deal and he also was happy with the trade. Let me know what you think??? Are you a coin collector? Do you feel Gold at current Spot price is Overvalued or Undervalued??? I am interested in your opinions. Thanks for taking the time to check out my post and my first Bitcoin trade or direct BTC transaction, Thanks all my fellow Steemians, I love and appreciate you all. Take care and I will look forward to seeing your posts and getting to know all or at least most of you. Peace, Cryptoted
And follow this link and become connected with #whalepower, they are the coolest group on Steemit in my opinion, and I highly reccommend you check them out...
And please check out our friends at #steemsilvergold, I need to introduce myself to them, i am very interested in a group of Precious Metals "stackers"
Awesome deal bro!! Nice write up too good post.
Absolutely interesting post @cryptoted
Cryptocurrencies is the future and GOLD had GLORIOUS PAST, I must say that !!!.
But this whole new world is dramatically changing when it comes to the currencies, trading and peer to peer payments. Everyone wants it Fast and hassle free which is actually leading to this change with cryptocurrencies taking the lead and will definitely have a significant advantage over GOLD and every physical currencies in the near future.
Cheers!
hey thanks my friend for the upvote and the comment, yes I tend to agree with you that Crypto is basically the new gold - and will serve us all well as an alternative asset class that may ultimately replace fiat, as well as sort of "re-do" the internet 2.0. But there is nothing wrong with a bit of diversification, and I paid much less than the $3170 that I traded it for, plus I recently scored over $2 grand on my Bitcoin Cash - and lastly I introduced one new person to the crypto space, as most people just glaze over and don't get it at all... it's going to be baby steps over the next 3,5,10 years getting people to understand and begin investing and eventually using crypto as a payment form. So I got a great deal in my opinion, and I got a new person into the space, plus I am a hustler and love doing deals... I couldn't pass this one up. take care
Wow, you got a steal.
Then again, I don't think I could do this do a friend, I would have just told him to make a coinbase account and wait for a dip. Because they always happen with this market. But to each their own.
I don't think gold will ever go away. Gold is something physical. If something goes off and the whole world loses power. Gold will be worth much more than bitcoin.
Theres a funny youtube clip where a guy walks around offering people a candy bar or 100 ounces of silver. I'll spare you the searching for it. NO ONE TAKES THE 100 OUNCE SILVER. NO ONE.
Maybe he wanted to make a point so never shared the video of everyone that said yes to the silver.
well maybe... maybe not, nobody can predict the direction of the market. he is already up $100 bucks on his investment. And he was the one who really wanted in quick before it rockets higher. I don't feel I took advantage of him, he is a professional coin trader and he came to me looking for this trade. And yes I saw that video too... people can be clueless, they don't understand gold and silver and they REALLY don't understand crypto, so 1 new person is now interested and invested in the crypto space. that is a good thing for all of us.
I agree. upvoted and followed thanks to the comment.
Cheers
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Man the guy gave you a sweet deal on those gold coins. Was he from the United States? Or was he leaving the United States? Maybe he's going to China or some other country where you can't bring that kind of wealth without it being confiscated.
It looks like you got ripped off buddy. Bitcoin is gonna be worth way more gold one day :P
naww, this guy is one of my best friends. I wanted to introduce him to Crypto - and well HE really wanted a damn BTC quick - new high breakout means.... get in quick. So I actually grabbed some cash made a midnight run to the bank and bought him one that is still pending on Coinbase (but price locked in). I didn't want to sell him any of mine,,,
I love gold. I normally buy 1oz or 1/2oz sovereigns but I would take that stash for sure :)
thank you for support
Oh my god the mother load!
I'm a bit paranoid with gold pieces. I love the fractionals besides their premiums. Even in silver I hate big big bars. Wouldn't be able to make the most of my money if the shit hit the fan with a big bar even an ounce of gold is scary. lol
right? the fractionals are great especially if you can get them at melt, he is a professional coin trader and came to me with this offer, I don't feel I took advantage of him, and I introduced a new person to crypto. I couldn't pass up a good deal, and he felt like it was a good deal for him as well. thanks for the comment and upvote take care
you scored with those pamps. I just resteemed this post. have a nice night.
thanks bro, you too