Gold for bitcoin new fad as e-currency count nears 500-mark
By GCRU Gold News on Sunday, July 27 2014, 23:59 - Permalink
In a fresh possible headache for regulators, including in India, 'gold for bitcoin' trades are emerging as a new fad in the world of anonymous transactions, fuelling further the appetite for virtual currencies.
This comes at a time when the count of virtual currencies available in the market is fast moving closer to the 500-mark, although the price of top-ranked bitcoin has begun showing signs of stability at around USD 500-600 level after remaining highly volatile for most part of its half a decade existence.
According to bitcoin traders, the stabilisation in bitcoin rates is making the case stronger for exchanging them for gold that currently trades at less than USD 1,300 per ounce or about Rs 28,000 per 10 grams in India.