Crypto-gold fans are celebrating a big win today as the Swiss-based gold exchange Vaultoro announced that they have successfully implemented the Lightning Network protocol. This will allow Lightning Network users the ability to purchase gold directly from their BTC wallet. Vaultoro has been accepting BTC for months but the implementation of the Lightning Network is sure to facilitate more trading as the threshold for buying into the market is now significantly lower.
The Vaultoro Platform
The Vaultoro platform allows users to purchase gold via a blockchain-based protocol. The gold purchased is guaranteed to be of 99.9% quality with the bars coming directly from the smelting companies. The blockchain-based system allows investors to monitor their gold-holdings with more security and increased liquidity.
Users have the ability to buy and sell gold directly on the platform. The peer-to-peer nature of the transaction ensures that you get the best gold prices available by positioning you to avoid expensive brokerage fees.
The Vaultoro firm partnered with Pro Aurum Switzerland to provide users the highest security available for their holdings. Monthly statements are issued similar to a standard bank account for offline tax records and all of your holdings are 100% insured against physical loss.
Vaultoro is the fastest way to buy or sell gold in the market and the addition of the Lightning Network is sure to facilitate the entry of new investment capital. The Lightning Network greatly reduces the network fee for sending BTC; allowing new investors to enter the market on a smaller scale.
One of the most attractive aspects of cryptocurrencies is the ease-of-access in which they can be acquired. The Lightning Network and Vaultoro are transforming the gold industry and making it easier than ever for new investors to begin their journey. Users are now able to buy as little as 0.1 gram of gold thanks to the Lightning Network protocol upgrade.
Buy Gold Fast as Lightning
Vaultoro’s CEO, Joshua Scigala, is hyped about the venture and he has been quoted in an interview with Bitcoin magazine discussing the clear advantages the integration is bringing to the platform. Normally, users need to wait for six confirmations before they get access to their holdings. Joshua explained how these funds are kept in a platform wallet and it is here, that you could potentially be attacked.
The Lightning Network eliminates this risk completely because it is so fast that there is no need to fund the wallet. Your funds go directly to the other party minus a small transaction fee. While very excited about the partnership, Scigala did take a moment to remind everyone that the Lightning Network is still in its Beta testing stages and users shouldn’t send large amounts of BTC until this phase has been successfully completed.
Despite the transaction size restrictions, this is the best way to buy gold on the market. Your gold is stored safely and the firm is audited by BDO monthly. People always call BTC digital gold and while this may or may not be true, one thing is for sure, you can use your BTC to buy real gold.
What do you guys think? Would you rather have gold or those sweet Satoshis? Let us know in the comments below.