This is a fearless prediction that needs no further evidence. With the resurgence of digital forms of payment and assets even making credit cards obsolete we are at age where apps are slowing taking over. Not only that we are now slowly going back to gold as the main medium of such transactions. Digital currencies nowadays are still backed up our bank accounts or credit cards. But the rise today is now rewiring back to the gold standard.
Instead of relying on fiat money, startups are now slowly realizing the power of gold (with Bitgold as the pioneer.) By liquidating ones current asset to gold you are protected by the up and downs of the economic turmoil as you are protected by gold standard. Quoting Bill Cunningham “It is a situation where the currency itself is never going to default because if anything were to go wrong you are in the position where you can liquidate the gold to convert to currency to convert back to a national currency…that is a very strong provision of the system and distinctly different than any of the cryptocurrency.”
For those who are not in the loop who is Bill Cunningham, he is the CEO of COEPTIS the new kid in town when it comes to virtual currency backed up by gold challenging the heavyweight Bitgold. And there are many more to come as the competition will sprout this year. COEPTIS takes the same concept as Bitgold albeit a more formal approach in terms of branding and marketing.
But a word of caution though, with the rise of virtual currencies backed up by gold it is very easy to get fooled and blinded with all the advertisements and promise of low rates. So how do we protect ourselves from such possible threat? We can do this by being more vigilant and reading the fine print. By being more investigative and doing our research. Focus the research on security and ease of liquidation, do they offer mobile apps? How quick and efficient is their customer support? In terms of security where do they secure their gold? Who manages the vaults? What’s the encryption? A company should be transparent in their terms and conditions as well as very strict when it comes to handling transactions in an era where fraud and hacking now norms when it comes to a volatile situation such as online banking.
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