Bitcoin just broke$28k,why you must own digital gold

bookreviews (11)in #bitcoin • 3 years ago

The mere reason why everyone must own gold is that we are living in uncertain times

You are no stranger to the high costs of products and services around the world, it’s almost becoming impossible to plan a project as the prices of commodities are always fluctuating.

The US dollar is no different, thanks to coronavirus, the government was able to print $3 Trillion out of thin air, we appreciate their efforts in order to alleviate the pains and sufferings of people and businesses but we must live the consequences of that quick solution.

As more nations print more money out of thin air, the worth of people’s money is increasingly becoming devalued and it’s time to turn to an asset whose value has come to be appreciated and found to be tried and true, we are talking about gold.

The challenges of owning gold

While it’s great that one owns gold, we must not downplay the various factors that have mitigated against its ownership by many.

1.Laws
In certain parts of the world,one can only buy or invest in gold if only they are of a particular society or financial class, this restrictions does more harm than good.

2.Custody
It’s not enough to buy the gold,the next question to ask is “can you securely keep this gold?”. It’s not safe to keep gold in ones’ home,so therefore you may need to custody it with a third party and that costs some fee

3.Access
Apart from the various laws,you may need to go to a particular shop before you can buy,you may also need to present some documents for verification purposes,thereby giving up one’s privacy.

Until now,buying,keeping and selling gold has been a hurdle but that is all about to change,thanks to the digital gold project,it’s a stablecoin pegged to real gold that is vaults that are constantly audited and kept in safe custody.

Every 1 GOLD token is equivalent to 1g of actual gold.

Unlike Physical gold that comes with the various hurdles towards buying, ownership,custody, and sale, the digital gold token is a digital representation of gold,you may buy it from the digital gold marketplace or some exchanges that are selling,store it in your wallet and sell whenever you wish to.

Features of the digital gold token

1.Accessibility: It’s easy to lay one’s hand on the tokens,you do not have to walk into a physical location,you may purchase it anywhere and anytime.

2.Secure: It’s a token on the Ethereum blockchain,and Ethereum is the second largest and most secure network.

3.Cheap: It’s cheap and transaction fees are low, it’s easily transferable, unlike physical gold.

4.Liquidity: There is a highly liquid market for your token, you may choose to create and exit out of a position anytime.

How can you buy these gold token

1.You are required to have a wallet: There are various form of wallets ranging from hardware,paper, mobile and web wallet. You can store your tokens in an ERC20 wallet, examples include TrustWallet, Metamask or use a hardware wallet like Ledger, Trezor etc

2.Buy some form tokens from either an exchange(Livecoin, Bitforex etc) or from the gold marketplace