Introducing instant orders! Mine Gold With Your Asics!
Introducing instant orders on vaultoro.com
Our members asked for it and so we have delivered. If you switch the instant order option to on (available on the deposit page), Vaultoro will start watching every incoming transaction. As soon as the transaction is confirmed it will issue a buy order with the deposited bitcoin into the order book. This means it is as simple as sending bitcoins to an address and Vaultoro will automatically trade it into physical gold for you (depending on your settings).
This new functionality can be quite useful for bitcoin miners. In practice, a bitcoin miner could simply create a bitcoin deposit address and then mine directly to that address. This would effectively mean that the miner would be mining physical gold with their mining chips. Ponder that for a second.
Current bitcoin miner and Business Development Lead at Coinfinity, Lukas Spitaler had the following to say about the mining for gold,
“The instant buy sounds awesome! Especially if I can point my miners towards it. I have three old Asics; I might just point at Vaultoro to diversify my portfolio a little.”
Instant Order comes with a range of options. The user settings will support four different features:
Lowest Sell Price. This places an order for the amount deposited at the current lowest sell price. If a user doesn’t buy too much, the order is pretty much guaranteed to be fulfilled.
Highest Buy Price. This will place an order at the current highest buy price. This means a user’s order will have to wait for a seller to come down to match the user, and thus the user could miss out on fulfilling an order if the market moves higher.
Middle of Spread. This will place an order right between the highest and lowest price. This makes sure the user’s order is placed above the highest buy price and also gives incentive for sellers to move down a little to sell at a slightly higher price.
Market Order. This will ignore the price and just buy up everything starting with the cheapest gold available on the market. This method guarantees that the user’s order will get fulfilled.
Half Bitcoin / Half Gold
In addition to these order options, there is also a new 50/50 feature. When 50/50 is turned on, the system only place an order for 50 % and leave the other 50 % as bitcoin. Such a feature could be useful for users who are only looking to modify their exposure in bitcoin, and not move it entirely to precious metals.
ALSO WORKS WITH SHAPESHIFT!
Instant Order also works with Vaultoro’s recent integration with ShapShift.io. This means users can send an altcoin transaction once, and then keep that altcoin sending address. From that point on, any altcoin sent to that address will automatically be converted to bitcoin, forwarded to their Vaultoro deposit address. The system will place an instant gold order with the user’s specified settings.
Instantly and globally holding wealth in gold with bitcoins and altcoins is now a reality. All without a traditional bank account!