How to Store Silver Coins Digitally?
The advent of digital technology has turned the traditional way of living upside down. While some 15 years back, people timed the estimated arrival of a guest at their home, people can share their locations with their friends and family members through their phones. Since, everything from communications to shopping, and work to payments are getting digital, technologists thought of why not introduce a digital way of storing assets? As a result, digital wallets emerged as a way to store silver coins digitally, without worrying about their safety or oxidation.
Traditional Way of Storing Silver Coins and Bars
Traditionally, people have been buying gold in the physical form from jewelers in the offline markets. After buying silver coins and bars, the investors had to figure out a safe place to hide their investments of precious metals. They used to bury their silver coins and bars in their backyards, lockers at home, haystacks, and bank lockers. On the other hand, some people chose to leave it in plain sight to fool the thieves into searching for silver in secret places. However, these ways of storing silver coins and bars posed a variety of threats to the quality and safety of these precious metals.
In addition to this, buying physical silver just for investment purposes didn’t make much sense to the investors. This led to the emergence of digital silver which could be easily stored in insured vaults without any safety or quality concerns. They successfully overcame the drawbacks of physical silver coins. Before we jump into discussing the way to store silver coins digitally, let’s first have a quick look at the limitations of traditional wallets.
Drawbacks of Traditional Wallets
- Storing silver coins in lockers didn’t assure complete security as there were always concerns for thieves breaking in the homes and stealing away the coins.
- When silver and gold coins were stored in traditional ways, they led to silver and gold coins getting tarnished because of exposure to air containing oxidation. This resulted in silver and gold coins losing their luster.
- If the users chose to store their assets in bank lockers, they had to pay an extra annual fee or locker maintenance charges. These expenses were quite high. On top of that, the bancks didn’t guarantee the security of the assets.
- Storing silver and gold in backyards or hay stacks was prone to raids by the income tax departments, in case the silver assets weren’t declared.
What are Digital Wallets to Store Silver Coins Digitally?
Digital silver wallets are online wallets where you can store your digital assets and make payments from them. There are many digital wallets in the market through which you can buy digital silver. You can begin investing in silver for as little as Rs. 1. In addition to this, these digital silver wallets providers store your silver assets in insured vaults on your behalf. Most importantly, they do not charge any fee for storing your silver.
How Do Digital Silver Wallets Work?
The digital silver wallets work just like other online wallets. For example, if you buy digital silver through OroPocket, you need to enter the amount of gold you want to buy, or the amount of money that you would like to invest in silver. Then you are directed to choose a payment method among the various options available like BHIM, UPI, Net Banking, etc.
Once you complete the payment process, the digital silver reflects in your OroPocket wallet. Now you can send digital silver to your friends and family members sitting around the globe instantly. Moreover, you have to pay the lowest transaction fee as compared to other digital silver sellers in the market. If you wish to sell your silver assets, you can sell them in a few clicks. No questions asked. Alternatively, if you want to convert your digital silver into physical form, you can get silver coins and bars delivered right to your doorstep.
Advantages of Silver Wallets By OroPocket
When buying digital silver from OroPocket, you enjoy a range of benefits that no other digital silver provider in the market can offer. Here are some of the most important advantages that you obtain by investing with OroPocket.
Asset-based Debit Card
Our asset-based debit card allows you to make payments anywhere in the world and spend your digital assets. You can also use your debit card to withdraw cash from ATMs.
Store Silver Coins Digitally: Fully Insured
The silver that you buy from OroPocket is 100% insured and safely stored in physical vaults located in different countries. This lets you stay relaxed and unworried about the potential threats to the safety and quality of your assets.
Instant Global Transactions
With OroPocket, you can send digital silver to your friends and relatives located anywhere in the world instantly.
Convert Digital to Physical: Store Silver Coins Digitally
OroPocket allows you to convert your digital assets into a physical form such as coins and bars easily. We deliver your assets to your doorstep at any time you want.
OroPocket has introduced an Auto-Investment Plan where busy investors can keep investing in silver on a frequent basis. This plan helps people invest in silver and accumulate a large amount over time by spending small amounts of money. With OroPocket, you can set up an AIP within five minutes. All you need to do is download the mobile app, sign up, select the amount of gold you want to invest in and the frequency of your investments, make the payments, and set up the plan.
Store Silver Coins Digitally: Invest with Rs. 1
OroPocket makes buying silver accessible to people coming from all kinds of financial backgrounds. You can start buying silver for Rs. 1. Thus, it helps you in trusting our platform to fulfill your silver needs.
Not only, storing silver coins and bars digitally is a revolutionary step in the world of precious metals, but also, it has opened great avenues for people to invest in silver and diversify their portfolios. Since silver is gaining popularity and taking the world by storm, it is the right time to start investing in silver and hedge your portfolio against market downturns.