5 Facts and Myths Related to Digital Gold
It is a known fact that there have arisen doubts and unfamiliarity when it comes to investing in digital gold. After all, we have been investing in physical gold all these years. But let us tell you that every new thing, in the beginning, brings with it apprehensions, hesitation, inhibition, and insecurity. Once you give in your conviction and confidence there is no looking back. Digital gold returns are what makes the purchase so profitable.
Questions like is there any risk in digital gold? Is digital gold better than physical gold? What are the benefits of digital gold? keep hovering if you decide to take the step ahead in investing in digital gold. If you plan to invest in digital gold but are stopped by the misconception surrounding the same, let us take you through some digital gold facts and bust those myths.
Myths related to Digital Gold
Digital gold is a relatively new investment option that has gained popularity in recent years. However, as with any new investment, there are several myths and misconceptions surrounding digital gold that can make it difficult for investors to make informed decisions. Listed below are some of the common myths related to digital gold and separate fact from fiction to help investors make better decisions about their investments.
Myth 1- Online Gold isn’t Pure Gold
Spare8 gets you the purest digital gold you can ask for. When you buy digital yellow metal you are not just buying it online but from mediators assisting you in accessing the gold from top-notch companies. All these companies own goodwill and offer no risk. So, when you buy digital gold you are in fact buying it with no impurity risks as the product is high in liquidity.
Spare8 has partnered with Augumont and Paytm to purchase the digital gold. Stay assured that the digital gold you purchase on Spare8 is stored in vaults secured by regulated independent trustees.
Myth 2- Digital Gold is a Bad Investment
Gold can never be a bad investment. Once you plan out a digital gold investment and invest accordingly you can actually get paid off quite handsomely. Falling stock prices can be backed up by digital gold investment as well as investment alternatives. It actually becomes a time to celebrate when gold rates increase and shoot out unexpectedly. Digital gold investment helps against economic downturns and recessions.
Do invest in Spare8 to get digital gold returns. We at Spare8 assure you that gold in comparison to diamonds or platinum has strong resale value and you can always consider it the best investment ever!
Myth 3- Digital Gold has Hidden Costs and Expensive Storage Fee
Spare8 is consumer-centric and believes in transparency. Once you purchase digital gold on Spare8 know that you are actually trading pure gold. No matter the amount you use for the purchase, every penny is invested in gold only! We only charge you GST cost at the time of investing and the digital gold is kept in high-end security storage for FREE with full insurance.
Myth 4- Purchasing Digital Gold Requires Comprehensive Documentation
Buying Digital gold on Spare8 is as simple as ABCD. The only requirement is the Spare8 app/website and an active bank account/UPI. In no time the gold is yours! We do not believe in dragging customers' time with unnecessary KYC procedures. The fact is purchasing physical gold from some jeweller is tiresome and time taking with the submission of all those documents and id proofs.
Myth 5- Digital Gold is not Real Gold
No matter how much you deny it, digital gold is real gold! As soon as your gold balance strikes a particular gram, you can convert it into a physical gold coin or jewellery. You have the flexibility to withdraw your savings and get it delivered at your home.
You don’t get such freedom when you go out to buy physical gold.
FAQs on Digital Gold Facts
You can check the below frequently asked questions on digital gold before investing for your betterment:
Q. Is there any risk in digital gold?
A. Spare8 promises 100% assurance of the safety of purchasing digital gold from our platform.
Q. What are the benefits of digital gold?
No cost of digital gold storage.
Real-time market price.
Investing/Selling at your comfort.
No impurity risk
Q. Can I sell digital gold?
A. Yes. You can purchase and sell digital gold at a fully transparent market rate. Also, you can sell your digital yellow metal back to the platform at your own will without any deductions.
Q. Is Bitcoin digital gold?
A. Bitcoin is often called digital gold owing to the fact that it provides a store of value similar to gold.
Q. Is digital gold a financial product?
A. Digital gold is neither a deposit nor a financial product. Instead, it is a purchasing and selling tool for pure gold in digital formation.
Spare8, an awesome digital gold and the micro-investment app is here to help you invest and convert your spare change into gold without hassles. Enjoy the guaranteed 24K gold by Spare8. Start investing in digital gold if you haven’t and see your money grow in no time!