Silver Investment as a Cryptocurrency?
Everyone here is interested in Bitcoin, Ethereum, Litecoin, etc. Have you thought about Silver as a cryptocurrency?
Silver has been around for thousand of years. Like gold, the use of silver in commerce dates back thousands of years as a store of worth in the form of jewelry, coins, and religious objects.
Early Matl Matilde Poulat Mexican Silver Necklace
In ancient Rome, the use of silver was highly used in commerce by the common citizen, it was not totally reserved for the ruling class. The use of silver in Rome transcended many cultural boundaries, similar to the cryptocurrencies of today. Silver was used as money, and could be accepted anywhere in the known world of that time. First as a Roman republic, then later as the growth of the Roman Empire captured the world- the use of silver as money dominated in commerce. The Roman Denarius , made of silver, was usually stamped with the current monarch of Rome. See below:
Silver has other applications in addition as a form of monetary value: From Wikpedia:
"Silver is the metallic element with the atomic number 47. Its symbol is Ag, from the Latin argentum, derived from the Greek ὰργὀς (literally "shiny" or "white"), and ultimately from a Proto-Indo-European language root reconstructed as *h2erǵ-, "grey" or "shining". A soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal."
And this most important paragraph from wikpedia:
"Silver is used in numerous applications other than currency, such as solar panels, water filtration, jewellery, ornaments, high-value tableware and utensils (hence the term silverware), and as an investment medium (coins and bullion). Silver is used industrially in electrical contacts and conductors, in specialized mirrors, window coatings, and in catalysis of chemical reactions. Silver compounds are used in photographic film and X-rays. Dilute silver nitrate solutions and other silver compounds are used as disinfectants and microbiocides (oligodynamic effect), added to bandages and wound-dressings, catheters, and other medical instruments."
Is silver greatly undervalued? Many investors think so....
From Andy Hoffman:
"In other words, not only is silver’s supply/demand balance more bullish than at any time in the post-War era – certainly, since the abandonment of the gold standard in 1971 (let alone, given its exploding industrial “use cases”); but the monetary reasons to own silver have, unquestionably, never been more urgent."
"The odds of the gold/silver ratio materially declining in the coming years is as high as at any time in recent memory – yielding a significant, potentially historic silver investment opportunity, given the aforementioned political, economic, mining industry, and monetary fundamentals."
And how does a person invest in a silver cryptocurrency: see article below:
https://www.indiegogo.com/projects/world-s-first-silver-secured-crypto-currency#/
If you have found other silver cryptocurrencies, please post it in the replies. Thank you!
I think silver is undervalued but will really only have its value accurately valued if our economy crashes again. What do you mean by crypto silver?
Also side note, I followed after seeing that you were a nurse, I'm also a nurse :) let's follow each other?
Hello cryptounicorn! In my personal definition, I see crypto silver as a token backed by the actual metal. An example would be a bullion vault, where you can hold your silver- but would be issued a crypto token based on the amount of silver that is held for you in the vault (a private bullion vault). I have researched the idea- it seems to be gaining attention. I would happy to follow you!
I'd definitely be interested if there was a silver-backed crypto, although wouldn't it end up being more directly tied to the price of silver itself?
Hello again! It would end up tied to the price of silver, based on the comex (or other precious metal market). Good point!
Would it be directly tied, or would the crypto be somehow leveraged? Because silver hasn't exactly been making too many major moves in recent times. I feel the price of silver is artificially suppressed.
I think that the crypto would be directly tied to a live, existing market. Just my opinion. Silver is greatly suppressed.
I suppose though if the currency itself had a large crowd sale that guaranteed that that the currency would take ownership of a large amount of physical silver, perhaps maybe it could uproot a lot of power from the comex exchanges and end a lot of the corruption in the precious metals market.
I agree. Cryptunicorn- I am signing off for now- have to work a twelve hour shift tonight. I will look further for other posts from you. Thank you for your replies!
I'd love to diversify into silver, I would just want the silver myself rather than in a bank or safety box somewhere else. Knowing myself though, I'm guaranteed to lose it!
On a serious note as well, I'm more into crypto to make money, I feel like gold and silver is largely a defensive investment. It will make/save me money if the economy crashes but not in other scenarios :)
Hello jh! I agree 100 percent, silver is a defensive investment, but what if a true, silver backed cryptocurrency were to appear? I continue to research; still learning the different crypto's out there and how to trade. I have added you to my follow list; and also tipped you. Thank you for your response!
Thanks for sharing this article. I was looking for something linking the industrial uses of silver to a cryptocurrency. Stand by for a tip to your wallet... (even if it is 2 months later...)