Will gold backed blockchain currencies be more enticing than a pure fiat, backed by nothing, cryptocurrency / blockchain currency? Is this a pure use for blockchain technology or is this another way of getting more people on the blockchain.
We have previously reported on ZenGold, OneGram, RMG and several others including Orocrypt, BullionCoin and the recently announced Sprott offering. All of these cryptocurrencies are backed by physical gold. This is an amazing number of gold backed cryptocurrencies.
We are happy to announce the latest gold backed cryptocurrency and this one is coming from Australia and the Perth Mint.
Australia’s biggest precious metal refinery, Perth Mint, is developing its own cryptocurrency backed by physical commodities like gold. It expects to bring investors back to the traditional market of precious metals.
According to CEO Richard Hayes, the mint wants to provide a transparent offering that would allow investors to buy and sell with confidence, knowing that what they are buying is completely traceable.
Perth Mint has an online trading platform where traders can buy and sell precious metals around the clock.
Investors won’t dump gold for #bitcoin – Goldman Sachs https://t.co/HQpdnvwnnJ pic.twitter.com/Bubl6j439q
— RT (@RT_com) December 17, 2017
New oil-backed cryptocurrency aimed at ending market volatility https://t.co/bWzOtV7pov pic.twitter.com/UXcgntQmt9
— RT (@RT_com) January 21, 2018
“There’s nothing in terms of cryptocurrencies that actually back the currencies. If you use precious metals to back something on blockchain or something that is allied to blockchain, it retains its intrinsic value, unlike the offerings from bitcoin and ethereum, which really rely on everyone believing that there’s something behind it,” he said. Source
Are you planning on going the movement? Do you think these are the future of gold or will gold in your hand still be the way gold bugs wish to deal with gold?
As a receipt, I like the blockchain. If I were going to use gold as currency, in our current system, I would use GoldMoney and wouldn’t even consider any of these other forms of payment. GoldMoney offers physical gold as currency, physical gold for savings, physical gold as an investment vehicle and physical gold as payment that actually works within the current system with nothing more to do than sign up for an account. I don’t have to be worried about the IRS or some other rogue government agency shutting down all of my accounts or coming after my wealth through draconian laws like civil asset forfeiture. Blockchain as a receipt that says I have X amount of physical gold that has been shipped and will arrive in my hand on a specified date is a beautiful thing. It also accounts for the entire system as to how much physical gold is moving around from each source. This, supposedly, keeps the system honest which is sorely lacking in our world today.
