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Continuing the trend of practicality characteristic of the XXI century, paper money is gradually disappearing from our lives, giving way to more practical digital storage. However, the digitized banking that we now use every day is still far from perfect. For starters, it is completely controlled by third parties. No one owns the numbers they see on the screen — control is entirely owned by third parties, such as banks.
Banks create money out of thin air, and credit is a prime example of this. Money is no longer printed when someone takes out an overdraft or mortgage-it is simply created out of nothing. Moreover, these banks charge disproportionately high fees for the services they provide, and these services are outdated and impractical today.
For example, it is impractical to pay a Commission to spend your money abroad, as it is impractical to wait a few days to verify the transfer of a small amount from You to your relative. All this makes no sense in the interconnected and instantaneous world in which We live today.
Thus, the monetary system has ceased to be practical, it is replaced by a higher form of value storage. In this particular case, it is replaced by a faster and safer system that eliminates expensive operations and gives control to the person.
Money that you have in your Bank account can be considered a virtual currency since it does not have a physical form and exists only in the Bank book. If they lose the book, your money will simply disappear. These are just numbers that you see on the screen. The numbers are stored on the hard drives of Bank servers.
Do you open a regular app and think you have money? They are just bytes of the computer system. Today’s global payment infrastructure moves money from one payment system to another through a series of internal Deposit transfers between financial institutions. Since these transfers occur in different systems with a low level of coordination, the calculation of funds is slow, often 3–5 days, capturing liquidity.
How do payments work?When you make a money transfer, for example, from your Bank card to the Bank card of a friend or acquaintance, you see an instant transfer, so to speak, moving numbers from you to the Recipient. For the user, the transfer is carried out instantly, and the exchange of obligations between the participants of the process takes place within 3–7 days, the User does not know about it and hardly ever thinks about it.
When you make a payment at a supermarket or any other point of sale, at the time of payment, information from the POS-terminal is sent to the acquiring Bank — then the acquiring Bank sends a request that passes through the payment system (Visa or MasterCard) and then transmitted to Your Bank, which confirms the operation. At this point, there is no write-off of funds. The funds are temporarily held, and the actual withdrawal will take place within a few days, the maximum processing time is up to 30 days.
Currency transactions and payments abroadYou may have noticed that after making a transaction in a different currency, such as yen or dirhams, or any other currency that differs from the currency of your account or buying an item abroad, the amount charged may differ from the amount that was reflected immediately after payment.
Why is this happening?As soon As you have made a transaction with Your Bank card — the local Bank transfers the information to the payment system: Visa or MasterCard — the payment system converts the currency used into the billing currency.
Billing currency — the currency that will be used for payment with the payment system by your Bank that issued the card. For the US, the billing currency is the dollar, in Europe — the Euro.The billing currency may also differ depending on the issuing Bank — the Bank that issued your debit card. For example, some banks use the billing currency — Euro when making payments with MasterCard cards in the United States, which will lead to additional costs when converting euros into dollars.
If the payment is in other currencies, the payment scheme will become more complicated and, accordingly, its cost will be more expensive. The transfer rate from one settlement currency to another is set by the payment system: Visa and MasterCard.
If the currency of your Bankcard is the same as the currency of the payment system, the payment will take place without additional operations. For example, You have a dollar card, you make a payment in dollars in the United States, and if you make a payment with a dollar card in Europe, your Bank will convert the amount at its exchange rate, which will lead to additional costs. There are exceptions, some European banks can use dollars for settlements, but this is more an exception than a rule.
Also, if, for example, you pay for purchases in China using a Bank card in euros, then double conversion is inevitable.
Thus, payment in dollars is universal all over the world, except for the European Union countries. The dollar is a global currency and is therefore often used for binding in international settlements.
Now we understand that due to differences in the account currency and the differences in the VISA or MasterCard payment system, additional conversions may occur, which will lead to additional bank fees. as a result, the actual payment amount will differ from the amount debited from your card.
In addition to paying for conversion in the payment system and paying for currency conversion in your Bank, some banks charge an additional fee for conducting a cross-border transaction.
Where do we lose money when making debit card payments?
Сryptocurrency exchangesAnd now back to the numbers on the screen, this topic affects not only banks but also centralized cryptocurrency exchanges:
There are many services, both online and apps, that are centralized, regardless of what they will be called: Bitcoin wallet or bitcoin exchange. This means that when you add funds to an account in such a wallet, the funds are stored on the developecompany’s side. In simple words, all your funds are stored in the wallets of the system’s creators.
If you use a centralized app, you have a risk of losing funds. Although the application is called cryptocurrency, it does not affect its main principles — it is decentralization.
In other words, using systems where there is a Central authority, especially in the cryptocurrency market — the risk increases, so we recommend using decentralized systems for storing currency to reduce risks to a minimum.
Decentralization is the process of redistributing, dispersing functions, forces, power, people, or things from a Central location or governing body. Centralization is a condition in which the right to make the most important decisions remains with the highest levels of management.
Peer-to-peer payment systemsThe opposite and standard of security and independence are peer-to-peer payment systems. Using the application-level network Protocol, clients running on multiple computers connect to form a peer-to-peer network.
There are no dedicated servers in such a network, and each node is both a client and performs server functions. In contrast to the client-server architecture, this organization allows you to maintain the network operability with any number and any combination of available nodes. All nodes are members of the network.
Tkeycoin is a decentralized peer-to-peer payment system based on p2p principles and the concept of electronic cash. P2P technology is a fairer means of mutual settlements between users and companies around the world. Modern payment systems are imperfect and may depend on the will of high-ranking officials.
The main goal of Tkeycoin is to create universal products that will make financial transactions more accessible, profitable and secure.
What do decentralized systems protect against?Using decentralized tools, for example, a local Tkeycoin wallet or a Multi-currency blockchain tkeyspace wallet — Your funds belong only to You and only You can use them, which eliminates the risks of third-party bankruptcy, and such a decentralized architecture can also protect against natural disasters. Given that there is no central server that can be damaged in a natural disaster, the system can work even if there are 2 nodes.
In addition to force majeure situations, you protect your funds from theft and any sanctions from third parties-in our time, this is very important. The owner of Tkeycoin does not need Bank branches, does not need additional verifications, and does not need permission to use, transfer, or even transport Tkeycoin. You can easily carry $1 million worth of Tkeycoin in your pocket and even in theory not know any troubles.
Besides, it is extremely convenient and safe to store even multibillion-dollar capital in Tkeycoin. Imagine that you have a lot, a lot of money, and you need a safe place to store it. Where do you apply? Of course, the Swiss Bank, Yes, but it can easily freeze your accounts and you can easily lose your savings. In recent years, many banks are actively fighting against gray non-cash funds (including offshore ones), and every month more and more legal proceedings are organized on this basis.
The fact is that serious money, for the most part, has a gray tinge, and only a tiny fraction of billions and millions are clean for the law. That is why their owners are often called to court, subjected to pressure, forced to leave the country, and so on. If your money is stored in Tkeycoin, you will not be subjected to such pressure and will avoid the lion’s share of troubles that usually accompany accounts with many zeros.
Using peer-to-peer systems — you will not be called by a Bank Manager and require documents or a fraudster who asks for Your card number and SMS for confirmation. This is simply not the case, wallets are encrypted, and using different addresses guarantees privacy.
As for fees for transfers, there are no Visa or Mastercard payment systems, as well as additional fees that we discussed above.
How are payments made in the Tkeycoin peer-to-peer payment system?
As soon as you sign a transaction, it is sent to the blockchain and the miners are engaged in its confirmation, for which they take a symbolic Commission. Let’s look at an example, the key rate is $1, the transfer fee will be 0.00001970 TKEY or 0.00000174 TKEY.
0.00001970 TKEY=$0.00001970 0.00000174 TKEY=$0.00000174Accordingly, commissions are almost zero. In Europe, on average, you will pay $15–20 for a small Bank transfer.
For example, now sending 1 million dollars to BTC, You will pay a Commission in the area of ≈3–8 dollars. Just think, 1 million dollars, without restrictions, risks, and sanctions, and most importantly, the transaction will be the available day today, and you paid an average of ≈5 dollars for the transfer.
Transactions in the Tkeycoin blockchainNow let’s touch on the topic of how a transaction in the blockchain goes. Once you have sent a transaction, it will be available to the Recipient. The transaction takes place instantly and the User sees not” numbers on the screen”, but real funds-cryptocurrency. This is very convenient when you make any transactions and the Recipient needs to make sure that the payment came.
In the full node-there is a choice of confirmation blocks — this is the amount after which you can use the received cryptocurrency. When sending, you can select the number of confirmations:
• 2 blocks≈10 minutes • 4 block≈40 minutes • 6 blocks≈60 minutes • 12 blocks≈120 minutes • 24 blocks≈4 hours • 48 blocks≈8 hours • 144 blocks≈24 hours • 504 blocks≈3 days • 1008 blocks≈7 daysAs we can see, you can also set a weekly confirmation if necessary. The minimum recommended number is 3 blocks. by default, the full node (local wallet) has 6 blocks installed. The presence of this number of confirmations ensures that Your block will not be forged and will be accepted by the network.
Each new transaction that receives network approval is sent to mempool, where it waits for miners to confirm it. When a miner takes a transaction to include it in the next block, it automatically receives the first confirmation.
Generating blocks in the TKEY networkA block in the TKEY network is generated within 6–10 minutes. the network automatically corrects the complexity and time of block formation. Thousands of transactions or a single transaction can be placed in a block.
Transactions work faster in the TKEYSPACE app because we have already enabled new algorithms and this is now the fastest and most convenient way to exchange various digital currencies.
Anyway, using the full node is also one of the safest ways to store and send Tkeycoin cryptocurrency, and most importantly, the full node stores a full copy of the entire blockchain, which benefits the network and provides protection from information forgery.
The more popular the project becomes, the more load is placed on the network itself. For example, 10,000 transactions passed in one block that was processed quickly, while the other 10–20 transactions in another block hung for a longer time, so temporary “pits” may appear. To deal with them, we are working on implementing additional chains-separate chains that are created for cross-transactions, which ensures fast payments under heavy load.
For the global system — we get a shipment around the world in 6–10 minutes, in cross-chains in 10 seconds. In comparison with the global payment system, which processes cross — border payments within 3–5 days, this is a huge advantage. If we add liquidity to this, we will get a perfect payment system.
Also, you should not forget that if you did not sync with the network and sent a transaction, the transaction may hang in its memory pool and you will have to perform several actions to solve this situation. Here we must understand that syncing with the network is an important point because if you have a connection failure in the Internet Bank, the payment will also not be processed. After all, it will not be sent to a specialist for confirmation.
If you are currently experiencing any delays with transactions, this is due to the transition of CPU mining to GPU, as soon as miners switch to new mining methods, the confirmation of blocks will be consistently fast.
In conclusion: blockchain is a new technology and many terms, concepts and how it all works are still difficult for many to understand and this is normal from innovation.
In many countries, the word cryptocurrency and blockchain are synonymous and no one wants to understand the reality, most people believe that if the blockchain, it means it is related to trading on the cryptocurrency exchange. No one thinks about the real usefulness of certain solutions that will become commonplace for Us in the future.
For example, the Internet banking system dates back to the ’80s of the last century, when the Home Banking system was created in the United States. This system allowed depositors to check their accounts by connecting to the Bank’s computer via their phone. In the future, as the Internet and Internet technologies develop, banks are beginning to introduce systems that allow depositors to get information about their accounts via the Internet. For the first time, the service of transferring funds from accounts was introduced in 1994 in the United States by the Stanford Federal Credit Union, and in 1995 the first virtual Bank was created — Security First Network Bank. But, to the disappointment of the founders of the project, it failed because of strong distrust from potential customers, who, at that time, did not trust such an innovation.
Only in 2001, Bank of America became the first among all banks that provide e-banking services, the whole user base for this service exceeded 2 million customers. At that time, this figure was about 20 % of all Bank customers. And in October of the same year, 2001, and the same Bank of America took the bar in 3 million money transfers made using online banking services for a total amount of more than 1 billion US dollars. Currently, in Western Europe and America, more than 50% of the entire adult population uses e-banking services, and this figure reaches 90% among adult Internet users.
Life changes, and in the bustle of everyday work — we do not even notice how quickly all processes change.
We are experiencing a technological revolution that is inevitable.
Trading software is a dime a dozen. If you’ve been trading online for a while, not only do you know cryptocurrency, but you’ve probably have heard of Explus, which specialise in bitcoin trading.submitted by B_Security923 to u/B_Security923 [link] [comments]
Most serious traders are generally open to trading quite a few things, so it’s only natural that they’d trade in the blockchain industry, if they have any.
So, how do this platform works?
This platform isn’t difficult to use, as it uses a trading robot to handle all of the manual exchanges. Having to do everything yourself can be a bit laborious, so having an option to take care of the necessary legwork is generally viewed as favourable, allowing the user to focus more on making big profits buying and selling their bitcoin.
The application software is basically designed for people to easily make great money through trading bitcoin when it was created in 2018. It is a project being joint ventured by both the UAE royal family members and the European Rothschild Family, which its operations are overseen by the national financial authority of Saint Vincent and the Grenadines - Commonwealth of Nations. Most of this is due to the fact that some users see about one thousand dollars in daily profit.
Let’s face it, there are still more than a few people who aren’t sure of bitcoin, much less trading it. It is still relatively new and too volatile for some, as well as its unregulated nature can turn people off. It is for this reason why I recommend Explus as my trusted bitcoin trading software and explain some of its benefits of using Explus.
1. It is easy to use whether you are a novice or experienced bitcoin trader.
There are 5 trading options, i.e. trend and digit options for novice traders; boundary, aggregated and condition options for more experienced traders.
2. There is a free trading simulation for you to invest like a millionaire!
The starting capital for the simulation is 1,000,000E, which is equivalent to USD 1,000,000. It allows you to practice your trading skills and to see your potential profit on a larger scale!
3. The startup trading capital is as low as USD 30.
You can top-up your account with a range of USD 30-7,000 per deposit.
4. You can invite your friends and families to join as partners with your personal link to enjoy affiliation benefits!
For Lv1 traders, you can enjoy the profits from 1st generation partners. To enjoy the benefit of 2nd and 3rd generation partners, you can either upgrade though frequent trading or through a USD 1,000 deposit, which will be returned when the partner status is deactivated.
With this being said, every benefits are laid out as references for your decision.
Start investing now!
In January, US President Donald Trump called for tougher economic sanctions against Iran amid a worsening conflict between the two countries. Pressure from America has been affecting the economy of former Persia for over 40 years, starting with the Islamic Revolution in 1979. But it seems that in 2020, the Iranians found a way to reduce the impact of many restrictions. In late January, journalists from the Arab international publication Asharq Al-Awsat told the world about Iran’s new bitcoin strategy, whose main goal is to circumvent international sanctions. At the same time, not only Iran, but also a number of other states are interested in the opportunity to deal with economic restrictions using digital money. Why do cryptocurrencies see salvation from sanctions? What role will CBDC play in this? And how do regulators imposing economic sanctions respond to the new movement?submitted by affilcoin to u/affilcoin [link] [comments]
Iran and US exampleSanctions imposed on countries may differ in terms of severity and scope, but they are united by one thing — they negatively affect the local economy to a greater or lesser extent. Therefore, it is quite reasonable that many would like to get rid of them. Moreover, some countries, such as Iran, experience them very painfully. According to Asharq Al-Awsat reporters, only in the last two years, under the influence of US sanctions, the Iranian economy has dipped by 10–20%.
The example of Iran today is not just the most relevant. It also perfectly illustrates the severity of the sanctions and how cryptocurrencies help get around them. Under US restrictions, no American companies (including banks) are allowed to do business with Iranian partners. This actually cuts off Iran’s trade force, because the country is losing the ability to enter into profitable agreements with many of the world’s largest corporations. This situation is especially critical given how much Iran could earn from the US oil trade (just take a look at the UAE).
The second most important economic burden weighing on the shoulders of the Iranians is the ban on the use of dollars and disconnection from the international SWIFT system. For domestic transactions, such a restriction is useless and hits the state in about the same way as against a wall of peas. However, it seriously complicates foreign trade, because any Iranian international company is forced to rely on alternative currencies. This applies to absolutely all transactions with foreign companies, the vast majority of which use the dollar when conducting international business. Only a small part relies on the euro and even more so it is unlikely that any of the large companies will want to conduct transactions using the weak and unstable Iranian rial.
Naturally, pressure on Iran’s foreign policy negatively affects its internal state. In such a situation, bitcoin for the country becomes a kind of messiah, because it can be used to circumvent legal barriers and conduct international trade outside the traditional banking system. A good example: using bitcoin, you can conclude deals with foreign companies, including American ones (behind the scenes), and sell them the same oil.
Bitcoin is used not only by governments, but also ordinary citizens. Cryptocurrency for them is almost the only opportunity to send a transfer abroad and save money with high inflation and devaluation of the national currency.
At the same time, the Iranians consider Bitcoin not only as a payment instrument, but also as a source of income. We are talking about banal mining, which unfolded on a large scale amid cheap Iranian electricity and the constant devaluation of the rial.
Asharq Al-Awsat cites 2019 data:
• Last year, 1,650 Iranians using bitcoin were interviewed. • It turned out that 25% of them earn on cryptocurrencies from $ 500 to $ 3000 per month, including mining.Initially, the idea of mining was not particularly liked by the government, which prefers to punish the locals for the abuse of cheap electricity. However, in August 2019, mining in the country was recognized as a legal sector of the economy. Since then, regulators have issued more than a thousand licenses for the legal mining of bitcoins to local entrepreneurs. At the same time, today, the Iranian authorities themselves produce cryptocurrency and use the received coins to finance the state and carry out trade transactions in circumvention of sanctions.
Cryptocurrencies as a salvation from sanctionsIran’s example is far from the only one when it comes to the use of digital money with the goal of circumventing sanctions in one way or another. For instance:
• At the end of 2018, the Venezuelan government launched its own digital coin, Petro. Technically, this is just another ERC20 token based on Ethereum. But in practice it is a tool for concluding international transactions bypassing sanctions imposed by the American government. When launching the national cryptocurrency, President Nicolas Maduro bluntly stated that Petro would help the country “break the financial blockade.” It cannot be said that the Venezuelan initiative has succeeded at the international level, however, the very idea is a “wake-up call” for world sanctions. • In November 2019, the BRICS countries (Brazil, Russia, India, China, South Africa) expressed interest in creating a single cryptocurrency for trade settlements between the members of the union. This is a certain analogue of SWIFT, the main purpose of which is to protect itself from sanctions in order to avoid situations, as in Iran. A similar question is especially acute for China, which is waging a trade war with the United States and runs the risk of running into serious economic measures on the part of Washington, as well as for Russia, which is under growing pressure from world regulators. • Two months ago, US law enforcement authorities arrested Ethereum developer Virgil Griffith for aiding the DPRK authorities in circumventing sanctions. The FBI claims that Griffith attended a local blockchain conference and talked about options for using cryptocurrencies for illegal international payments. First and foremost, US authorities fear that North Koreans will use knowledge to fund a nuclear weapons program. • A few days ago, the popular Blockchain.com crypto wallet (formerly Blockchain.info) added the ability to quickly convert the Turkish lira to BTC and vice versa. Turks are interested in diversifying their savings, since the national currency is experiencing serious problems and today it is estimated at only 20% of its value in 2008. In many ways, for its problems, the lyre should “thank” the American sanctions imposed on Turkey for its role in the situation with Syria. And even if they were canceled in October, the US Senate in December called on Trump to apply new economic restrictions in response to the fact that Turkey is a member of NATO and does not shy away from purchases of Russian defense systems. Amid these problems, foreign banks are gradually ceasing their activities in the country, exacerbating the unenviable position of the Turks. Meanwhile, already a quarter of citizens are actively using bitcoins and are thus protected from the consequences of sanctions. In an attempt to save the economy, the Turkish government is seriously considering the use of national digital currencies.It is interesting that with the help of cryptocurrencies it is possible to bypass not only international, but also internal corporate sanctions in almost any country in the world. We are talking about the most common state prohibitions on any product or service. The fact is that in almost all countries of the world such restrictions imply a legal backdoor for ordinary citizens, because the criminal liability applies only to service providers, but not to consumers.
Let us illustrate with the example of Norway. The government has officially banned the gambling sector. Under the law, almost everything that remotely resembles gambling rates is prohibited. Nevertheless, the growing number of new online casinos suggests that the ban does not work. Why is that? Because local gaming platforms are managed anonymously, use advanced security measures and implement a cryptocurrency payment system. As a result, the authorities, purely technically unable to track the owners and close illegal sites. But most importantly, the Norwegians are calmly betting on digital money, without fear of the wrath of regulators and any legal consequences. Just because the law says that the consumer is not to blame.
Is this good or badAll of the above looms in a rather controversial picture:
• On the one hand, crypto enthusiasts around the world should be proud that the blockchain technology has turned out to be so powerful and effective that entire countries consider cryptocurrencies as a way to repulse sanctions. In this way, states can gain long-awaited freedom and pursue the policy that they consider necessary. • On the other hand, sanctions are imposed for a reason. For some countries, this is salvation, but for others, problems. In today’s economy and politics, sanctions play an important role. In this aspect, the States see cryptocurrencies as a threat to national security, so every year they tighten the screws on crypto projects more tightly and tighten the noose around the neck of the cryptocurrency exchange.Forbes blockchain expert Jason Brett, a former representative of the American Federal Deposit Insurance Corporation (FDIC), believes that the American authorities are confused and urgently need help from the crypto industry. Talented blockchain specialists could help develop economic sanctions that are effective in the world of cryptocurrencies. But until then, the expert believes, the policy of Americans regarding digital money will remain quite aggressive, and in their attempts to curb technology they will restrain its growth.
The potential overlaps between cryptocurrency and gold continue to stir debate about their respective roles in the financial sector. Gold has a reputation that precedes itself. The most pre-eminent of precious metals has been a valuable standard since the earliest human civilizations.submitted by y0ujin to NovemGold [link] [comments]
In the current investment scene, gold plays the useful role of a safe-haven asset. Investors can hedge a certain amount of gold as a means of portfolio diversification. It might, therefore, seem like an affront to compare gold to crypto. Cryptocurrencies like Bitcoin are synonymous with volatility, which makes traditional investors like Warren Buffet steer clear.
Still, gold can work with crypto in remarkable ways. The similarities, whether in the form of decentralization, inelastic supply, and independence from mainstream stocks, make for exciting use-cases. Add gold-backed stablecoins to the scene, and the conversation is even more engaging.
What Are Gold-Backed Stablecoins?
A stablecoin is a cryptocurrency whose value corresponds to a valuable asset. The valuable asset could be anything from fiat currencies to precious metals, or even oil. USDT, the current leading stablecoin, came into prominence because its value was tethered to the US dollar.
Therefore, gold-backed stablecoins use gold as their base physical asset. Stablecoins offer more stability than a typical cryptocurrency would enjoy and, as a result, they have earned credibility with investors keen on that trait.For gold-backed stablecoins, the typical structuring is that one token of stablecoin equals one gram of gold. The stablecoin’s price cannot fall below the prevailing rates for gold at any time. The physical gold is in the hands of a trustworthy third party.
Top 6 Gold-Backed Stablecoins
Gold-backed stablecoins have off-chain physical gold to back up their native blockchain tokens. This detail is the common thread for gold-backed coins and is the reason behind their stability. Here are some notable entities in this field:
1. Digix Gold Tokens (DGX)
Digix is a notable gold-backed stablecoin from Singapore. The company uses blockchain technology to offer DGX tokens with gold backing. Digix has two types of tokens of offer: Digix Gold (DGX) and Digix DAO (DGD). Each DGX token equals one gram of gold.
The platform uses a unique protocol called PoA (Proof of Asset) or PoP (Proof of Provenance) to ensure smooth transactions. Digix places LBMA-approved gold bullion in its Safe House vaults to guarantee the exchange rate.
Therefore, Digix uses a real asset (gold), transfers its value to the blockchain, and evenly distributes shares among participants. Token owners participate in the platform’s development and can also exchange tokens for gold or any other coin.
Since the tokens are in the Ethereum EIP20 format, investors can also use them for Ethereum contracts. Digix outsources auditing to French certification company Bureau Veritas every three months. With a proven track record since it began operation in 2016, Digix has a prominent position among those who provide asset stablecoins.
GoldMint is a Russian blockchain platform that issues stablecoins backed by 100% physical gold or exchange-traded funds (ETFs). The founders have a wealth of experience in the gold processing industry.
GoldMint founders have connections to an extensive pawnshop business in Russia. A core component of gold ownership is smallholders in items like jewelry. Pawnshops are, therefore, a key conduit for gold movement because of gold’s universal acceptance.
The platform issues two native tokens: Gold and the MINT tokens. Gold is an investment token with full physical gold backing. A Gold token has the value of an ounce of gold by international standards. The GoldMint platform uses a private blockchain and graphene technology.
GoldMint relies on an automatic diagnostic system in its Custody Bot to process information. The information ensures the MINT blockchain issues the correct amount of Gold tokens. Masternode operators earn commissions for every transaction of the MINT blockchain. Owing to the widespread pawnshop access, GoldMint exceeded 5,000 kg of scrap gold trading annual turnover in less than two years of trading gold tokens.
3. Ekon Gold
Swiss startup Eidoo launched its gold-backed stablecoin in late 2017. The Ekon Gold stablecoin came soon after that. This token is ERC-20 compliant, and is tradable on the decentralized hybrid exchange of the project.
Ekon founders made it so that traders could only exchange Ekon for one gram of 999 gold in a special store in Switzerland in insured safe deposit boxes. An independent auditing company, PluriAudit SA, audits the platform every quarter.
Compared to some others, this company is more limited and more precise in its operations. Despite this, Eidoo raised $27.9 million during its token sale in October 2017 and gained a license from Swiss regulators. The company is keen to comply with AML regulations and complete the KYC procedure up to Tier 2.
Tiberius is yet another Swiss stablecoin. Its mother company, Tiberius Group AG, announced the issue of Tiberius tokens in September 2018. Tiberius tokens offer high stability as they boast the backing of a basket of seven precious metals, including gold. This platform is still in its formative stages of operation but is already attracting investor interest.
Just like Ekon Gold, Tiberius ensures its operations are on the right side of the relevant Swiss laws. The platform has delayed the sale of Tiberius Coin.
CEO Giuseppe Rapallo attributes this delay to the desire for more diversification, in order to make the coin even more stable. This coin is looking to anchor its value to a wide range of stable assets.
5. OneGram (OGC) — UAE
The OneGram project aims at ensuring that each token has the backing of at least one gram of physical gold. The choice of gold is deliberate because gold is one of six Ribawi assets that can be freely traded across the Muslim world.
The context is important because the UAE is an Islamic country. Making the coin Sharia compliant will endear it more widely to the native population. OneGram relies on a Proof of Stake (PoS) blockchain to facilitate fast transactions.
Notably, it features a democratic community of OneGram stakeholders who elect delegates and validators. In summary, the coin combines the stability and reputation of gold, the convenience of cryptocurrency, and Sharia compliance. OneGram can be the key that opens up the Arab and South Asian markets to cryptocurrency.
6. Novem Gold (Liechtenstein)
Novem Gold is the final installment in this illustrious list of gold-backed stablecoins. This unique platform stores gold securely in Liechtenstein, which has suitable legal and security arrangements to operate seamlessly.
Novem Gold has two types of tokens: the NNN and NVM tokens. Each 100 NNN tokens correspond to a gram of gold in the company’s storage facilities. Token holders have a convenient platform to trade gold digitally. Traders have the assurance of a stable gold-backed token, which complies with a specific value ratio.
Novem Gold founders have tremendous experience in the precious metals trade. Investors can have digital ownership of LBMA-certified physical gold. Anyone can tokenize their gold at the brick-and-mortar stores Novem Gold intends to open in a number of major European cities.
To ensure that the ratio of NNN tokens to gold remains correct, Novem Gold has partnered with respected auditor Grant Thornton to carry out quarterly audits. Novem Gold conducts regular token burns to ensure the scarcity ratio is intact.
To Sum it Up
Given the fact that cryptocurrency is a very volatile asset, a stable crypto monetary system seems like a lofty ambition. Gold-backed stablecoins have the potential to change this narrative completely. Anyone with a knowledge of finance knows the reliability of gold as a store of value.
Therefore, backing crypto with a tangible asset like gold offers a viable option to those who are wary of crypto’s volatility. You can enjoy the luxury of not having to store or transport the bulky precious metal.
Buying Bitcoin in the UAE is easy, but what matters most is the broker or exchange you select. Open an account at a cryptocurrency exchange: It’s the first step to buying Bitcoin in the UAE. Now, according to Trade Arabia, it appears as if the UAE’s positive stance on crypto and blockchain has also attracted an exchange. Bitex Arrives in the UAE. Bitex UAE launched their services in the country earlier this week. The exchange will be offering their clients a crypto wallet and a trading space. How To Buy Bitcoin Through CEX. Another way to buy Bitcoin in UAE is with something called CEX.io. This is a leading exchange that has gained popularity over the years since 2013. Online reviews suggest that they are a very reliable source of digital currency. You can buy #bitcoin & #ethereum with #creditcards like #visa #mastercard with #cexio ... After that, it will be automatically clear, whether you should trade bitcoin in UAE or Dubai. It should be your decision after knowing the pros and cons of Bitcoin Trading in UAE, whether to trade it or just give it a try. If you decide to give Bitcoin trading in UAE a try then IQ Option is one of the best available options to you. They offer ... Confusion reigns on bitcoin trade in UAE Buying, selling bitcoin is ‘tolerated practice’ in UAE as Central Bank governor warns against it Published: October 24, 2017 20:06 Sarah Diaa, Staff ...
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In this tutorial, you will learn 'Step by step process to buy bitcoins easily in Dubai, UAE, Saudi, Kuwait.' ... Trade Ideas Scanner Live for Day trading Stock Market STOCKS ROCKS 465 watching. In this video i just explain how you can invest in Bitcoin if you are living in UAE https://bitoasis.net This is the address of Bitoasis to open account in d... Bitcoin Dubai Bitcoin UAE Make Money with Bitcoin. Category People & Blogs; ... Bitcoin Trading Reviews 11,437 views. 8:37. Ola Doudin of BitOasis Bitcoin Speech - Duration: 26:46. Tutorial on Buying and cashing out Bitcoins from Dubai and other GCC countries! LuckyCryptoKing. ... Trade from your Phone while your in a public transport or on board an aircraft equipped with ... Today's video is a little different. I sat with a friend of mine who is also a Crypto trader and we talked about all things crypto. How do these guys make money?? He also explained ICO's and the ...