Future of Gold Backed Cryptocurrency

In a very short period of time, the digital world has changed into the world of cryptocurrency. In few years, it has weaved its magic all around that people got attracted towards it, it has become the best platform to exchange and the best tick of cryptocurrency is most digital currencies have no physical backing and are transferred from peer to peer, via a computer.

Cryptocurrency is also a wide field, with time it is increasing day by day and nowadays Gold-Backed Cryptocurrency is ready to mark its presence. So basically before going further, it is imperative to know about Gold Backed Cryptocurrency from the core.

What is Gold Backed Cryptocurrency?

As the name indicates, this cryptocurrency is backed by the gold, it is backed by the precious metal and meanwhile, it has all the benefits of being on a distributed ledger and on the other hand, they are easy to trade. By using a precious metal to back something up on a blockchain, which doesn’t really have intrinsic values

History of Gold Backed Cryptocurrency

Gold backed cryptocurrency is linked to an E-Gold, It is a first digital currency which is entirely backed by the gold and it is launched in 1995. It was very popular and many people have used it but later it come to an end and it was shut down. After it, many attempts held but there not able to be successful. After the craze of backed gold cryptocurrency was ended till a particular period of time.

But the desire in people has come up again in 2015, after the launching of Bitcoin it gave life to Gold Backed Cryptocurrency again. In 2015 it has been observed that many companies started dabbling in gold-backed cryptocurrencies again. Even a Xaurum launched the gold backed cryptocurrency but it didn’t work out.

In 2017 again the hopes have been this currency has come back in the market and it gets the boom and renewed the interest in people. Even the U.K.’s Royal Mint, the institution responsible for producing all of the U.K.’s physical money, has launched its own gold-backed cryptocurrency.

How can you buy gold with Bitcoin?

If users want to purchase the gold with Bitcoin so the easiest and safest way is to open the account at Vaultoro. This allows you to buy and sell gold with bitcoin and other altcoins.Perhaps, the gold is 100 % yours.

Directory of Gold-Backed Cryptocurrency

Deal in right currency while seeing the trend many fake cryptocurrencies has also launched in the market. So deal in the faithful ones after research and planning. Some of the cryptocurrencies didn’t give its information so always just go with the quotation.

Here is the list of some coins which are ready to deal in :

Pre-ICO

It is a token sale which is offered initially by the official ICO campaign. There are limited tokens which are offered on this point.

GoldCrypto

This token is officially known as Gold crypto ((AUX) and is backed by the gold. It will progressively increase.

XGold

It is backed digital cryptocurrency option, The price of one XGC Coin at initial pricing is based on a single gram of Gold.

KaratBank

It is a blockchain based cryptocurrency, which is related to the physically deposited gold in the form of so-called cash gold. The main motive behind the CashGold is to implement the small gold bars on a particular paper which relatively. Looks same as a bank note.

BaselBit

It is tangible gold value and silver reserves will be equal to one troy ounce of gold while the silver BaselBit will be equivalent to 50 grams of silver

So, here we have provided you all the info about the second stage of cryptocurrency and that is Gold Backed Cryptocurrency, in future no doubt it is going to touch the sky and people will going to deal in goal via it.

Jayniferson is the Employee of BR Softech - web and app development company. Likes to share his opinions on IT industry via blogs. His interest is to write on the latest and advanced IT technologies which include IoT, VR & AR app development.