In 2017 the price of bitcoin reached parity with gold (by ounce) which grabbed the attention of gold investors around the world. With cryptocurrency going mainstream there has been a surge in interest with the concept of gold-backed cryptocurrencies.
The idea of a gold digital currency has always had an appeal for those looking for an alternative payment system. Not long after the internet went mainstream E-Gold emerged as the first digital currency backed entirely by gold in 1995.
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Many bitcoiners are former gold bugs who believe in “hard money,” so one crypto company is hoping digitized gold will attract more traders.
Paxos, the New York-based exchange and stablecoin issuer, just launched a gold-backed crypto asset called Pax Gold (PAXG), with each ethereum-based token encapsulating the legal title to a physical bar of gold stored in the Brink’s London vault.
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(Kitco News) — China’s big move for the 21st century is to pull a “trap door” on the U.S.
by launching a gold-backed crypto currency that will devalue the U.S.
dollar to “zero,” this according to Max Keiser, host of the Keiser Report.
“[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold.
It’s a two-pronged announcement.
Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast,” Keiser told Kitco News.
A view of Bitcoin and Litecoin physical token and U.S.
Dollar (Photo by Manuel Romano/NurPhoto via …
[+] Getty Images)
The idea that crypto coins can be used for everyday goods and services is not a reality, yet. Stablecoins offer the potential for crypto to be used as day-to-day payments because their value is pegged to an underlying asset, where price stability is more consistent. Still, the middleman sitting in-between buyer and seller exists to exchange digital assets into traditional fiat currency. Typically, stablecoins, like Paxos or USDT, are used in the crypto market as hedging instruments or as value stores. Payment pipelines for everyday purchases are essential, and only when seamless integration is a reality can the public reap the benefits of a more streamlined infrastructure, as some blockchain purists promise.
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In this digital era, everyone well known about cryptocurrency. It is a never-ending concept because from the start to right now, crypto-based assets are the most valuable commodities in the digital market. While looking at the business market, startups to large companies all over the world fight for two things like grab their end-user attention and change them as a regular user.
If you are aiming to succeed in the crypto industry then you must learn more about the trending cryptocurrency business model because the technology is developing at a high pace and more & more crypto business owners are joining the race.
In the crypto market, we have seen a lot of new crypto coins come out for various business purposes.