#BTCVSGOLD
In Binance, you cannot buy "gold" (like the physical metal) directly on the centralized exchange (CEX), but you can buy tokenized digital gold such as PAXG (Paxos Gold) using the Binance Web3 Wallet and a decentralized exchange (DEX), or by exchanging stablecoins (like USDT) for it within the Web3 wallet. The process involves funding your Web3 wallet with stablecoins and then using the "Swap" function to exchange them for PAXG, gaining exposure to gold in a digital and secure manner, avoiding the risks of physical gold.
How to buy tokenized gold (PAXG) on Binance
Set up your Web3 Wallet: Create a Web3 wallet within the Binance app if you don't have one yet.
Get Stablecoins (USDT/BUSD): Buy stablecoins (like USDT) on the Binance CEX with your card or transfer them to your Web3 wallet.
Access the Web3 Wallet: Within the app, go to the Web3 wallet section.
Use the Swap function: In the "Trade" tab, select the stablecoin you have (e.g., USDT) and choose PAXG (Gold) as the token to receive.
Exchange: Enter the amount and confirm the exchange ("Approve & Swap"). The PAXG will appear in your Web3 wallet.
Alternatives and Considerations
ORO (Token ORO): There is a token called ORO that cannot be purchased on the CEX, only via Web3 and DEX, but PAXG is more common and backed by physical gold.
Security: PAXG is backed by physical gold, but its possession is digital and depends on the issuer (Paxos), so researching and considering self-custody wallets (MetaMask, Ledger) is a good practice.
Diversification: Investing in digital gold like PAXG is a way to diversify your cryptocurrency portfolio, as gold is a store of value with less pronounced drops than other cryptos.
