New gold-backed cryptocurrency "INNcoin" allows you to mine gold for free
Want to use your computer to mine for gold from the comfort of your own home? A new decentralized gold-backed cryptocoin called INNcoin was publicly released Wednesday by U. S. precious metals dealer Anthem Vault, and it allows you to do just that. Other than the cost of personal resources used by your computer, the entire process is free and largely an educational and promotional experiment that Anthem is conducting in a proof-of-concept fashion - to both raise awareness and demonstrate how alternatives to the fiat system can work. Officially named Independence Coin, InnCoin was developed....
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Gold-backed tokens are getting increasingly popular as a more accessible alternative to investing in physical gold. What is a gold-backed cryptocurrency?A gold-backed cryptocurrency is a type of digital currency that is backed by physical gold. The currency’s value is based on the current market price of gold and can be used for transactions just like any other type of cryptocurrency.Some cryptocurrencies are backed by gold in order to tie the derivative asset (crypto) to a tangible asset (gold), thereby preventing excessive fluctuations in price. Thus, gold-backed cryptocurrency is often....
The debate between Bitcoin and gold is often waged by two opposing sides: those who believe that Bitcoin is the future currency of the world, and those who think gold is the only alternative to fiat. However, there is a third-party in this discussion — although they are a minority in the cryptocurrency community. Disclosure: this author is a paid blogger....
While reserve-backed crypto assets and stablecoin market valuations increased a great deal during the last year, gold-backed cryptocurrencies have also seen their market caps swell. Between the tokens tether gold and pax gold, the market valuations of these two gold cryptos are nearing a billion dollars in value with $742 million today. Tether Gold’s Market Cap Swells Over 19,000% in Less Than 2 Years, While Pax Gold Increased by More Than 15,000% On February 21, 2020, the market valuation of tether gold (XAUT) was $2.1 million and 23 months later, the valuation has increased by....
While stocks and cryptocurrency markets have floundered during the last week, the price of the precious metal gold has increased in value by 3.85% during the last seven days. An ounce of fine gold jumped from $1,826.92 on February 10, to $1,897.36 per ounce on February 19. Additionally, the top gold-backed crypto coins today have seen a significant increase in demand alongside premiums above the spot market price of gold.
Gold Shines During Economic Uncertainty
The world’s economy has been shaky and many are blaming the turmoil between Russia and Ukraine, and the....
The "Gold Standard" was so far applicable only to fiat currencies. It means, that the currency in circulation in a country is backed by its equivalent worth in gold. Gold was chosen as a standard because it is universally accepted as a standard, and it still continues to be so. Recent days have seen the world gradually deviating from fiat currency to digital currency. Bitcoin and other altcoins are on the rise. Bitcoin is not backed by gold, and its value is decided by demand, supply and the number of transactions happening over the network. Thus making it more volatile compared to the....