Gold as you know it with a twist. Debunking myths around digital gold.
Digital gold is a novel concept for most Indians. As digital adoption multiplies in India, buying gold online is surely picking up pace as an acceptable way of saving money in gold. However, there is still a fair degree of apprehension and misinformation surrounding gold savings among Indians. They are yet to see it as a reliable alternative to actually buying gold in its physical form.
In simple terms, online gold savings is essentially a way to invest in actual physical gold, in no way different from the ones you buy at gold stores, but with several additional benefits. For example, with the SmartCoin app, you can buy digital gold without worrying about the amount of money you will need to save before you can actually invest. You have the option to buy digital gold worth the money you can spare in this investment.
In this blog, we tackle this and other myths that are doing the rounds around online digital gold to familiarize you with what saving money in digital gold really entails.
Digital gold is intangible
With the rising popularity of digital currency and the understanding of the concept deepening in India, a lot of us have ended up believing that buying digital gold means you will never be able to actually see the gold you have bought. This is far from the truth. Unlike digital currency, digital gold can be turned into tangible physical gold once your gold balance reaches upwards of 1 gram. Most apps or web-based platforms dealing in gold saver accounts allow you to keep track of your gold balance and buy 22-karat gold coins, depending on your balance at any time of your need.
Need for substantial documentation
A lot of people believe that buying digital gold will require extensive documentation and paperwork. This is one of the major reasons why people shy away from this form of investment. So here’s the truth. Investing in online gold schemes may even be easier than buying physical gold from jewelers. The online process is smooth, swift, and seamless. All you need is an operational smartphone, the gold saver account app of your choosing, a working internet connection, and online banking provisions. You can even have the gold delivered to your place.
No guarantees of purity and authenticity
One of the most common misconceptions around online gold savings is that the gold you buy will not be authentic or pure. With apps like SmartCoin, you can do away with these worries. What you buy here is 99.9% pure, 24-karat gold that can be sold for cash, which gets disbursed directly into your bank account when you need it. Thanks to the app, your gold will be stored in a reliable and secure way with their third-party aggregator, Augmont at high-grade vaults.
More complicated than buying physical gold
This misconception is actually a collective of several other notions a lot of us have about digital gold. Some Indians still believe that with an online gold saving scheme, the gold we buy is not easily retrievable without going into extensive paperwork. They are also unsure about the safety of storage. It must be understood that players dealing in online gold saving schemes have robust systems in place to ensure the protection of customer interest. As a customer, you have the liberty to sell your gold for cash, via your bank account, through a live 24/7 market-linked rate.