GoldCoin Becomes the First Gold-Backed Cryptocurrency Which can be Easily Bought with Fiat Currency

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • GoldCoin is the world’s first ERC-20 token that is backed by gold that is built on the robust Ethereum platform.
  • Currently there are many projects which capitalize this valuable asset by creating gold backed cryptocurrencies.
  • There’s even a possibility that some popular coins may outshine the value of the underlying gold assets.

GoldCoin is the world’s first ERC-20 token that is backed by gold that is built on the robust Ethereum platform. In addition, this gold-backed cryptocurrency can be immediately purchased using the conventional fiat currency in a safe and secure way. As per its official website, the virtual currency gives you the freedom and control over the asset and at the same time users can maintain their anonymity. Gold has always been considered the most precious metal on the planet and the asset is leveraged by many companies owing to store of the value property. Moreover, the narrative of the Bitcoin being considered digital gold is not unknown to us. 

The Value of the Asset Will Always be Above the Spot Value of Gold

Currently, there are many projects which capitalize this valuable asset by creating gold-backed cryptocurrencies. But how can a gold back cryptocurrency be any different? On what basis should people invest in these crypto-assets where there are a handful of other options. Since GoldCoin is backed by gold itself, the value of the cryptocurrency will always be above the spot value of gold even though the crypto asset starts depreciating in its price. There’s even a possibility that some popular coins may outshine the value of the underlying gold assets. 

GoldCoin Ensured Security for the Users in Their Platform

GoldCoin was launched back in 2010 and claims at offering ‘the best of both worlds’. By both worlds it means its access to 99.9% of physical currency and its ability to convert the gold assets into a functional and usable currency. The value of each GoldCoin asset is 1/1000 of an ounce of gold and can be redeemed to physical gold as per user’s choice. Moreover GoldCoin takes appropriate measures to maintain security in its platform. It has also released an audit report of physical gold holdings that was conducted by GDA Capital.

Expansion Plans of the GoldCoin Development Team

As mentioned above GoldCoin is an Ethereum based protocol hence all its smart contract addresses are available for scan in Etherscan. It has provided with the necessary information regarding gas limits and compatible Ethereum wallets. The GoldCoin team has plans of listing the asset in CryptoExchange.com in 2021. GoldCoin is the world’s first fractionalised gold-backed digital asset. Although it may be in its infancy it has a huge potential to change the normal payment systems.

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