A Review of - Better Than Other Gold-backed Currencies?

(Credit: A Review of - Better Than Other Gold-backed Currencies?) A Review of - Better Than Other Gold-backed Currencies?
December 7
8:34 PM 2020

While the rise of Bitcoin and other cryptocurrencies has been great for the future of money, many other projects are looking to harness blockchain technology for their own use.

One such project is the gold-backed cryptocurrency is the creator of the Goldcoin stablecoin, which ties itself to the value of, well, gold.

Making Gold Easy

Based on the Ethereum network, Goldcoin makes it easier for you, the investor, to purchase and store physical gold bullion. As gold is considered humanity's safe-haven asset, this platform making it easier for you to acquire is well worth your time and attention.

For one, Goldcoin ensures anyone can purchase gold, as it allows you to buy the asset in fractional amounts instead of a whole bar at a time, as is the case with some more traditional gold buying services. Every Goldcoin is worth 1/1000th of a pure oz. of gold.

Remember how it's built on Ethereum? This means you can purchase Goldcoin without going through an intermediary, either. Simply lock your funds into a smart contract, and the appropriate amount of Goldcoin is released in return.

On top of this, Goldcoin doesn't require you to give away your name and personal information. This is one of the only legal ways to buy into gold while remaining anonymous. Plus, the storage and other fees are included in the initial purchase, circumventing the need for you to pay for an expensive storage solution.

All of Goldcoin's physical bullion is stored away in secure vaults with "the highest security measures." For proof of this, the platform offers a 24/7 live stream of the gold in place and even brings in a third-party auditor from GDA Capital to report on the amounts. 

Plus, Goldcoin allows you to request the actual physical bullion whenever you'd like. However, it's worth noting that to give you your gold, the platform requires you to reveal some personal information, ensuring that you are the gold's genuine holder. All you need to do is redeem your Goldcoin cryptocurrency at 1000 per physical oz. Then, bring your order number to the storage facility, and the gold is yours.

Speaking of security, Goldcoin provides secure two-factor authentication whenever you log into your account, making sure nobody else can gain access to your assets.

Why Invest in a Gold-Backed Cryptocurrency Over Other Stablecoins?

One may wonder why they should invest in a gold-backed cryptocurrency over actual gold or even another cryptocurrency. The main reason is anonymity and ease of access, though there are a few other reasons.

Other stablecoins, like the USD-pegged Tether, provide what they consider to be a valuable service. However, Tether is owned by the company behind Bitfinex, and they refuse to be transparent about the dollars backing the asset.

This year, Tether-Bitfinex was accused by the Supreme Court of the State of New York of hiding a loss of nearly $850 million in funds. Not only this, but it allegedly used the funds that supposedly back the Tether cryptocurrency to try and cover it. Tether holders should be understandably suspicious.

Thanks to Goldcoin's transparency, you can be sure it's a better investment than other stablecoins. Not only does it have the 24/7 live stream of its physical assets, but the third-party audit should also reassure you.

Does Goldcoin Have a Future?

It absolutely does.

Goldcoin is looking to add the asset onto more cryptocurrency exchanges as the years go on, making it even easier to access the asset and bring in more investors. They also plan to make Goldcoin available at certain ATMs, making it even easier to buy. Plus, as the global economy's state continues to fluctuate, many are sure to flock to gold and other safe-haven assets to safeguard their funds.

The easiest way to do that is with Goldcoin, so users can rest assured that their future is safe by investing in it. 

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