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Precious Metals vs Crypto: Round 1

You do not have to throw away $49.99 to view the unofficial battle between Cryptocurrency’s like Dogecoin (DOGE), and Precious Metals like Silver. But if you happen to be going back and forth on picking a winner, here are some pro’s and con’s to each.

Precious Metals

“If he dies he dies…”

When you think precious metals you most likely think about Gold and Silver. However Platinum, and Copper are in the mix, with the latter being the most affordable, but has the least value. I have never met anyone who collects copper however in a dark-humor kind of way I hope I never do. But today the focus will be on the precious metal, Silver.

What is it? ,

Silver is a precious metal that can be found in coins, jewelry, electric conductors and flatware and the list goes on.

How much is it worth?

Silver as in .999 Fine Silver is attached to it’s spot price, which is the current dollar amount that silver is worth at any given time. You can check the silver spot price here: Kitco.com

Where to buy?

Silver can be bought at your local coin dealer, online bullion dealers, pop-up markets, social media like Instagram, and even sites like betonsilver.com.

Pro’s

  • Easy to Purchase
  • For the most part stable
  • Can be melted and poured
  • Can be used for long-term investment
  • It takes extra steps to sell (people most likely will not spend it)
  • Maybe the future trade currency when the USD tanks

Con’s

  • Physical Silver must be protected and is at risk of being stolen

Cryptocurrency

Depending on who you listen to, cryptocurrency, or digital currency will be the currency of the future, on Mother Earth and on Mars! When you hear the word Cryptocurrency there is a very good chance you think of Bitcoin. However today there is plenty of Altcoins like Dogecoin (DOGE) to invest in with a click of button on your smart phone.

What is it?

Cryptocurrency is a digital currency that can be bought, traded, used, and transferred online.

How much is it worth?

Cryptocurrency ranges from under 1 cent, to over thirty-thousand dollars per digital token or coin.

Where to buy?

Unlike silver, you can not walk into your local crypto dealer and buy coins. Crypto purchases are done online at website exchanges like Gemini.com or sites like Robinhood.com.

Pro’s

  • Cryptocurrency can be bought with as little as $1. to get started.
  • Cryptocurrency has the potential to rise overnight increasing your value in the digital asset.
  • Cryptocurrency is decentralized you do not have to go though a bank to obtain, save, or transfer.
  • Cryptocurrency is being accepted at places of business as payment for goods or services
  • Cryptocurrency does not require you to retain a stock broker.

Con’s

  • Cryptocurrency is extremely volatile and you can risk losing money
  • Cryptocurrency is complicated to understand thus again putting you at financial risk
  • Cryptocurrency can be stolen from your crypto wallet by hackers
  • Even though places of business are accepting crypto as payment, there is still a lot business’ that do not
  • Cryptocurrency may lack the fundamentals to be truly be considered a long-term investment

Ring the bell!

There is so much more information on precious metals and cryptocurrency it’s not really fair to compare the both off basic tidbit information. My hope is that you get pointed in some type of direction to do your own research. Remember this is not a financial blog, or a place for financial advise. We at Bet on Silver dabble in both precious metals and crypto and love sharing our experience with you. On that note, the winner is: Drum roll please!!!!!!!!!!!!

Silver!!!!!! (1-0)

This entire website, blog, podcast, and shop is here and funded because of silver! In the past two years silver has either held it’s value or increased. Silver today is stable, affordable, and can be easily purchased. You have to keep it safe, however that’s nothing a durable home safe can take care of.

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