World's First Silver Secured Cryptocurrency
Hi everyone. My name is Bill Murray, I am the CEO of Silver Phoenix Resources Inc., a Canadian junior mining exploration company listed on the Canadian Securities Exchange [CSE] in Toronto Canada under the symbol SP.
Due to the difficult times in the mining industry it is very onerous raising funds, so I thought I would create a cryptocurrency and secure it with future silver production.
In the mining industry it is common for companies sell a Net Smelter Return [NSR] or streaming royalty against part of the property in order to raise funds for exploration and or development.
A Royalty Company may purchase a set amount of silver in the ground from the mining company [before it is mined] at a discounted price.
Rather than selling 2.5 million ounces to one Royalty Company we are dividing our 2.5 million ounces of silver into grams, naming them Silverbits and offering them to a large number of people.
Each Silverbit is represented by 1 gram of silver in the ground, secured by a Royalty.
When the property goes to production the Silverbits could be redeemed for physical silver or cash.
The day is coming when your funds will be safer in the ground then in a Bank.
The Silverbits will be sold at a discount to the price of spot silver. Todays price of one [1] ounce of silver is about $19.30 USD and is expected to rise considerably in the near future as demand for physical silver increases.
The added advantages of Silverbits is that they may be traded on the crypto-currency exchange, where the Silverbits could be bought and sold with a computer or a cell phone for very low fees. No trading accounts or brokers are needed to buy or trade crypto-currencies.
To learn more about silverbits and to buy silver at 80 % discount goto www.silverbits.ca
Silver is a cold, hard investment. It is how I do most of my saving. It is harder to spend as well which makes it easier to save. Silverbits seems like a good way of securing funds for getting the mine in production though is also risky for the investors. An 80% discount would be a score though if production came through. Do you have a general idea of how many years it will take until the purchased silver bits can be redeemed?
It would take about 10 - 15 years to start a mine but as the price of silver rises, so should the silverbits. Also once a NI 43-101 is completed on the property this would add value to the silverbits, bringing the price closer to the daily silver spot price. They could also be sold on the cryptocurrency exchange.
Thank you for this post I found it interesting as if Im not mistaken Judas would not accept a payment in any currency unless it was backed by silver :)
This is actually a good idea if it can be properly implemented. Of all the precious metals I believe Silver probably has the biggest upside besides maybe Rhodium. Everyone knows that chipsets and electronic connectors are gold plated. But most people don't realize that almost all electric switches have silver buttons of various sizes, then you have silver oxide batteries, and a couple tons of silver a year go into the exploding snaps that kids play with. The majority of this silver is simply discarded...how many people really recycle their watch batteries or pry the silver buttons out of an old hairdryer before they throw it away. As silver becomes harder to mine, expect sharp price increases in a few short years.
you are correct silver is one of the rarest metals out there according to USGS as silver comes mostly as a byproduct from other mines.
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