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Video: Inside the Offshore Vault Where Gold Trades for Bitcoin
CoinDesk's Kadhim Shubber visits the offshore vault where Bullion Bitcoin trades digital gold for the real thing.
On the tiny and semi-independent island of Guernsey there is a new type of bitcoin exchange, one that trades 'digital gold’ for the real thing.
STORY CONTINUES BELOW
Around 60,000 people live there, around 70 miles off the south coast of England. Although closely linked to the United Kingdom, its direct relationship with the Crown, instead of the government, means that it is virtually autonomous, particularly with regards to financial issues and tax.
The island is home to Bullion Bitcoinhttps://bullionbitcoin.com/, a unique exchange that trades bitcoin for physical gold. Launched earlier this year, the company says it wants to aid the easy transmission of gold while providing a solid store of value for bitcoin. The link between gold and bitcoin also lets the exchange’s users avoid the fiat currency system altogether.
Bullion Bitcoin’s regulated vault operator in Guernsey, Bullion Rock, gave CoinDesk exclusive access to their gold and silver vault.
Reporting and editing by Kadhim Shubber, footage by James Mossahebi.
Kadhim Shubber
Kadhim Shubber is a freelance journalist who first bought bitcoins so that he could buy a beer at The Pembury Tavern, Hackney’s bitcoin pub. He has reported for Slate, Wired, The Daily Telegraph, The Sunday Times and Ampp3d. He is currently studying for a Masters in Journalism at City University London.
