Ivugeo Coin - the Gold Standard of Cryptocurrency Is Here
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....
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Bitcoin is not a gold standard as it is independent, without the intervention of any central bank or government agency. There has been a lot of comparison between bitcoin and gold in the recent times. Bitcoin has been compared to gold in many aspects. In fact, bitcoin is also called digital gold for a reason due to various similarities it shares with the yellow material. However, referring to bitcoin as a gold standard may not be relevant. The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard....
50 years ago yesterday, on August 15, 1971, United States President Richard Nixon changed the world with a monetary policy that also led to the creation of Bitcoin. It seems like a stretch, but it all began with the depegging of the dollar from the gold standard. Losing its peg to gold has led the […]
How would a bitcoin standard fare for a monetary system? An analysis by the Bank of Canada examined that scenario, conjecturing how a bitcoin standard would perform based on the performance of a gold standard that existed from 1880 to 1913. The gold standard was a monetary system in which nations’ currencies were tied to gold. The 37-page paper [PDF] is written by Warren E. Weber, research consultant at the Bank of Canada, visiting scholar for the Federal Reserve Bank of Atlanta, and adjunct professor at the University of South Carolina. The paper claims that because....
Bitcoin is a return to sound money after the government overreach that led to the end of the gold standard.
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....