Bitcoin Gold was a hard fork of the original open-source cryptocurrency which took place on Oct. While hard forks take place for a number of reasons—including to scale as a cryptocurrency customer base grows, or because of developer conflict and differences of goals—Bitcoin Gold's stated purpose has been to "make bitcoin decentralized again. On the surface, the idea of "making bitcoin decentralized again" may seem counterintuitive. Like all other cryptocurrencies, Bitcoin is designed to be decentralized already; it is not linked with any central bank , a particular country, or government body.
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For the past several years, Bitcoin and other decentralized cryptocurrencies have grown in popularity. Even so, many are still unsure about trading these digital tokens.
This apprehension is primarily due to the high volatility cryptocurrency is infamous for and the risk of loss. As a result, some want their virtual currency to be pegged to a more stable asset, like dollars or gold. Stablecoins are linked to various assets like dollars or precious metals. These include gold, silver, platinum, and palladium, and these unions create entirely new crypto-like Platinum Coin or Silver Coin. Because they are pegged to these metals and dollars, they experience less market volatility than cryptocurrencies like Bitcoin often do.
Those who trade stablecoins do not typically suffer a huge loss when trading because stablecoins never drop below the underlying asset price. Crypto backed by precious metals are gaining more attention and appreciation, which means that it is essential to understand what they are. A separate asset often backs Stablecoins with a stable value, but they can also be supported by an algorithm. Consumers who want to buy or sell non-currency goods and services could see a significant price change either during the transaction or after it.
Stablecoins provide everyone with an equal chance of success without a need for either party to return to fiat. There are a wide variety of gold-backed cryptocurrencies available on the market. The latter is fractional, which means that one coin is worth a fraction of 1 gram of gold. This is different from other coins — and gold itself — where the buy-in can be pricey. Silver Coin is a fractionalized crypto whose first-rate security measures and inclusive nature make it the leading option for many investors.
Those who invest in this stablecoin can redeem for A single LKNS token is equal to 1 gram of 0. The concept behind this particular silver-backed crypto is to allow investors to purchase digital silver as easily as any other cryptocurrency.
When it comes to Silver Token, each coin represents the ownership of silver at a rate of with a single ounce of investment-grade bullion. This crypto creator holds While gold and silver are the more popular precious metals, they are not the only ones to back stablecoins.
Most precious metals have a stablecoin that is pegged to their value, which means that investors are not restricted to just gold and silver. The articles include press releases, announcements, targeted content, product promotions, and other forms of corporate communications targeted at our readers.
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Why cryptocurrency may be on its way to becoming the new gold
You can unsubscribe anytime. No Thanks. You can use Bitcoins to buy gold and silver bars and coins for Swiss vault storage or delivery on SuisseGold. Since Bitcoin was launched in , its value has grown more than any other investment opportunity worldwide. Today its acceptance as a payment method has increased due to its increase in value.
Where Bullion Meets Blockchain
However, the latter is valuable because it is issued by a monetary authority and is widely used in an economy. Bitcoin's network is decentralized, and the cryptocurrency is not used much in retail transactions. One can argue that Bitcoin's value is similar to that of precious metals. Both are limited in quantity and have select use cases. Precious metals like gold are used in industrial applications, while Bitcoin's underlying technology, the blockchain , has some applications across the financial services industries. Bitcoin's digital provenance means that it might even serve as a medium for retail transactions one day. There are six key attributes to a useful currency: scarcity, divisibility, acceptability, portability, durability, and resistance to counterfeiting uniformity. These qualities allow a currency to find widespread use in an economy. They also limit monetary inflation and ensure that the currencies are secure and safe to use. Currency is useful if it works as a store of value or, to put it differently, if it can reliably maintain its relative value over time.
1 oz Silver Bullion Cryptocurrency Bitcoin Round .999 fine
Both assets, experts say, are often seen as ways to diversify a portfolio or as a hedge against fiat currency inflation brought about by what some observers see as unsustainable fiscal and monetary policies. Yet, until recently, it was rare to see Wall Street analysts, chief executives, or established investors seriously compare the two assets. Bitcoin, commonly referred to as digital gold, has historically been seen as a risky speculative investment for those looking to profit in the short term. Gold, meanwhile, has always been considered a safe-haven asset.
Bitcoin cryptocurrency has taken the world by storm. It has made incredible fortunes for a lucky few, and has fueled wild speculation. Bitcoin has been called the future of money by some, and a total scam by others. Whatever you think of Bitcoin, the cryptocurrency is here to stay. To acknowledge and salute this new reality, Kitco has created a pure 1 oz silver round dedicated to Bitcoin.
Buy Gold in Bitcoin
For the past several years, Bitcoin and other decentralized cryptocurrencies have grown in popularity. Even so, many are still unsure about trading these digital tokens. This apprehension is primarily due to the high volatility cryptocurrency is infamous for and the risk of loss. As a result, some want their virtual currency to be pegged to a more stable asset, like dollars or gold. Stablecoins are linked to various assets like dollars or precious metals. These include gold, silver, platinum, and palladium, and these unions create entirely new crypto-like Platinum Coin or Silver Coin. Because they are pegged to these metals and dollars, they experience less market volatility than cryptocurrencies like Bitcoin often do. Those who trade stablecoins do not typically suffer a huge loss when trading because stablecoins never drop below the underlying asset price.
A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency — part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith. The global surge of interest in bitcoin, ethereum and other cryptocurrencies extends into the Gulf and Southeast Asia, the main centres of Islamic finance. But because they are products of financial engineering and objects of speculation, cryptocurrencies sit uneasily with Islam. Islamic law principles, in addition to banning interest payments, emphasize real economic activity based on physical assets and frown on pure monetary speculation.
The idea that cryptocurrency could change in a mere decade from a baffling computerized oddity to something akin to gold seems crazy. Or maybe something out of a fairy-tale fantasy like the Grimm brothers' Rumpelstiltskin. For most of us, using a magic spinning wheel to create gold from straw in exchange for the promise of a first-born child is no easier to accept or comprehend than transmuting a string of numbers in a computer into something of real and lasting value. As bitcoin and its many competitors go more mainstream, cryptocurrency appears to be passing through a transformation from something weird to an accepted financial tool with real value. Bitcoin, while the best known, is just one of many cryptocurrencies based on a similar principle: they're digital, rather than existing in a physical form; they're encrypted, using advanced mathematics; and they're decentralized, meaning they're unregulated and not government-issued.
Money makes the world go 'round. We are a monetary society. But what is money? And who controls it? In Money Revolution , author Shaun M. Rowles cracks open the treasure chest of history to show us why "money" as we know it is the result of frequent technological disruption.
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