Why you should invest in gold with the digital gold platform

bookreviews (11)in #gold • 4 years ago

As global inflation takes with course, it is paramount that wise individuals have diversification in their investment.

Though it's very good to invest in real estate, lands, properties like the rest of them, cryptocurrency is another option. It is essential that one invest tangible asset that has proven their worth over the course of time. An example of them is gold.

Gold has been there for thousands of years and with even sparked stuff like the gold rush and all that. Now, there are many people who have heard about gold but have not really seen gold in its pure form, though they have had one or two chances of encountering gold, either a form of jewelry or probably some other means. Few people have actually had gold. But gold is something that is substantial, and there are gold mines that you can actually go visit and explore, and it's here for you to make money with.

But not everybody can actually bear access to gold due to some the encumbrances or will I say hurdles one will have to skip before they can actually be able to lay their hands on gold. And that is where the issues of brokers come in, there are brokers who are also brokers to brokers,so its like a whole chain of command. But with the blockchain, a platform like a digital gold platform takes away all those hurdles and now you could have a derivative of gold.

What that means is that the digital gold platform has a coin or a token that is a digital representation of the gold token, so what this means is, as whatever affects the price of gold affect this coin.

So when you are having it, you are not just having it like every other conventional cryptocurrencies where they are not backed by anything. Let’s take for example, most cryptocurrencies out there, they are not backed by anything, people only put their faith in them based on certain factors like okay they are built on blockchain which every other platform is built and they put their faith in them the community or there is most positive sentiment toward this currency so they put their faith in them.

There is no real substantial value to say this currency or this coin that we have invested in has underlining of a physical asset that is backing it that we can actually trust and say this asset is actually true. And that is what is happening in blockchain from now on many of the assets that we’ve been ported to the blockchain they are tokens they are actually coins that have world underlined assets backing them. So probably for example now we talk about real estate one could literarily buy a portion in real estate let’s say in a state like California, maybe in silicon valley, there is a plot of land that even though you’ve not been there you can actually own a plot of land.

Features

So what are some of the features of this digital gold platform. One of the features is that there is low cost, The cost of buying this is very very low in the sense that it takes away the bureaucratic presences and now you deal directly with the platform. There is nothing like you have to pay commission or the rest no.

The second benefit is that it's secure. So it's built with blockchain and blockchain as proven to be secure and next year now Bitcoin will be 12 years old and it has shown that we can actually build a system that is actually secure. The next thing is that it is private, private mean nobody knows that you have possessed gold though you don’t possess a physical gold nobody knows that you possess gold itself. That is a huge advantage for you that is actually transacting in this platform.

And then for the security platform is that at low cost is that unlike the normal gold where you have to ask the question of custody, so it is one thing to have gold in your possession and it's another thing to talk about security. So will you have gold, you still have the same kind of security. So imagine your home doesn’t have any gold now you can have gold that worth much more. Are you going to bring the gold home or are you going to keep it in third party custody like banks and all that?

So if you are keeping it with them, there is an issue with confiscation. So recently we heard that the government of Venezuela, they said they wanted to take the gold reserve that they kept with the bank of England and the judge in the UK made a pronouncement and said that the gold will not be released to Venezuela and imagine this is their own property and because of government policies or whatsoever the original owners are been restricted from it.

Then number two is that the cost of it. So apart from regulations and the cost of it, there are very very big challenges that the digital gold platform seeks to solve.

So if you’ve seen that you want to get your hand on gold, there are a number of ways you can actually get your own on this platform.

How to purchase gold tokens

You can go to the gold market place and you deposit your coins either BTC or Ethereum and you provide an equivalent ERC 20 wallet and you receive the gold tokens in your wallet in your system. So just like you have something like Changelly it, just you do a business swap on that platform. And then there are a number of supported wallets we have the likes, any erc20supported wallets, myetherwallet, you can use hardware wallets like ledger, you can use metamask, trust wallet and the host of other wallets.