Coinabul, the first and only dedicated website for selling gold and silver using Bitcoin, is marking its six-month anniversary by offering exciting discounts. Customers can now enjoy a 1% discount on gold purchases and a 3% discount on silver purchases. Since its launch on October 10 last year, Coinabul has provided investors and collectors with a wide selection of gold and silver coins and bars, adding more diversity to the world of currencies.
The founders of Coinabul, Jay Shore and Jon Holmquist, brought valuable experience from their previous ventures into the Bitcoin community. Jay had a background in e-commerce, while Jon excelled in customer support and marketing. Money had always been a passion for Jon, who expressed his fondness for precious metals and responsible saving. Both founders saw Bitcoin as the perfect combination of their interests. According to Jon, the strong entrepreneurial drive within the Bitcoin community was a significant factor that drew him to the digital currency. Jay, on the other hand, found Bitcoin more user-friendly compared to traditional e-commerce applications that involved fees.
Jay was the mastermind behind the idea of creating a platform for selling gold, driven by his own desire to save his Bitcoin earnings in precious metals. He recognized the limitations of existing options, which involved substantial trade fees and difficulties in withdrawing to bank accounts. Additionally, the time-sensitive nature of gold dealers' cancellation policies and the rapidly fluctuating markets hindered smooth conversions. Jay's market analysis revealed that many members of the Bitcoin community shared his frustrations, solidifying the need for Coinabul.
With Jay's vision taking shape, Jon eagerly joined the venture, and on October 10, 2011, Coinabul became a reality. The website experienced rapid growth and held its first major sale on October 27. The introduction of silver products in early November further expanded the site's offerings, leading to a significant increase in trading volume. By December 3, the platform witnessed over 1000 BTC worth of transactions within 24 hours, which grew to 2000 BTC in just two weeks and reached an impressive 6000 BTC in April.
Coinabul also dedicated efforts to promote Bitcoin through various means. The website released merchandise such as T-shirts, stickers, and a poster that highlighted the dual nature of Bitcoin – its practicality for easy and secure online purchases on one side, and its potential for privacy from governments and banks on the other. While experiencing steady growth, Coinabul continued to enhance its services gradually. Price charts were introduced, and they even unveiled Teleticker, an underrated service that allows users to call or message to receive live quotes of gold or silver spot prices.
As Coinabul celebrates its successful six months in operation, customers can take advantage of the special discounts on gold and silver purchases, further solidifying the website's position as a pioneer in the Bitcoin gold and silver market.