![]() ![]() ![]() When I called APMEX to enquire, support staff said APMEX has no record of that order, but she will forward the information to their accounting department and get back. Not only that, the APMEX system had incorrectly calculated the fees involved, so even if completed during the time window, APMEX would cancel the order due to underpayment, which is exactly what APMEX did except… except… APMEX could not verify that the order even existed! However the underpayment was accepted by Bitpay anyway. ![]() Because crypto transactions are slow, by the time the BCH transaction went through, the window had expired and the spot price of silver had risen slightly, causing the order to fail. Placing an online order with APMEX for the silver Kruggerands, at the time, resulted in an amount due of $155.50 including shipping with that price locked-in for ten minutes. We decided to purchase five one-ounce silver Kruggerands from APMEX using bitcoin cash, via a hardware wallet called Ledger S using bitcoin cash (BCH ). Holding some physical silver as an asset is attractive to many, and JM Bullion and APMEX are two sellers in the physical metal market we occasionally buy from. (Recall that bitcoin is a fiat derivative not a product, commodity, or coin.) For such reason, it seemed to us that bitcoin cash might experience less volatile impact overall (if used as currency) even though such volatility occurs in tandem with exponentially larger swings in bitcoin dollar price. Bitcoin cash varies from $400 to about $800, while in recent months bitcoin has varied from $30k to $65K per so-called coin, depending on market mania. Here is one example.īitcoin cash (BCH) is far lower in fiat value “per coin” than bitcoin (BTC). Much is written about Bitcoin’s famous volatility and how that prevents bitcoin’s practical use. ![]()
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