Perth Mint to Create Gold Backed Crypto
For believers in physical silver and gold, the Holy Grail of cryptos has been a trustworthy silver or gold backed crypto. Will the Perth Mint deliver on this exciting announcement?
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https://www.ccn.com/australias-biggest-gold-refiner-plans-gold-backed-cryptocurency/
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I would just buy gold instead.
Amen, good to see some people are still awake :)
Gold has less volatility and is considered the primary form of money, but silver is way undervalued compared to gold and other assets
I have both, but 90% in my metals portfolio is silver
I am about 90% silver, but gold is my goal. If banks and government hold it I want it too.
So i could change one perth mint coin in for one whatever in gold as it will be backed by gold?
:O
That's what is sounds like!
would the ammount of gold or whatever its backed by go up or down with the price? like if the coin goes up 130% in 2 days in value would i get 130% more gold for cashing it in or would gold have gone up 130% in value and the coin is worth the same amount when chashed in?
O.o
I still like the idea of gold for crypto
xD
I think it's the other way around. If the coin is backed by gold, the coin's value will move with gold.. Gold would have to go up 130% for the coin to do the same. Unless I missed something..
Hell its better then fiat.
:D
The big question is.. Can you REDEEM it for physical gold?
Its nice to be backed by gold, but they don't mention anything about redeeming the gold itself. I'd look for redemption/physical delivery policy before throwing more money into the crypto-fiat vacuum lol
Seems much easier to buy gold or silver directly.
Gold is a very dense metal.. Average 1 oz gold bar is really not that big (really). Look up 1oz gold bar dimensions... 20 of those bars are still smaller than a bar of soap... can be stored anywhere!
Silver is less dense and takes up more space... but also much much cheaper. For every 1oz of gold you get aprx 75oz of silver in today's price. 75 oz can fit in a personal bible.
... And when your internet isn't working for whatever reason or you can't access your account for whatever reason simply reach into your little hiding place & VOILA! Money at your fingertips!!
ps; by the time this coin is out 12-18 mths, Gold & Silver would have shot up already. Get Now while it's still VERY CHEAP.