GODcoin: How Gold Based Crypto Is the Future

godcoin (58)in #money • 5 years ago

In recent news, it is no surprise that gold is taking the spotlight. Major countries are buying in bulk and investors are adding the illustrious metal to their portfolios. This is primarily to protect themselves against the uncertainty of the global economy. However, when was the last time you saw someone trading a bar of gold for a candy bar? Probably never, because "up until 1933, gold and silver coins were considered currency through the developed world. People would go into stores and purchase goods with gold and silver coins." The same article describes in detail the main definition of what money actually is and what it should be able to do.

Money is principally a unit of exchange. Other characteristics of money include the need for it to be portable, durable, and divisible. Money also needs to act as a store of value over time, as well.

Since the early civilizations in recorded history, society relied on the use of precious metal coins in gold and silver to drive their economy. The Chinese, the Greeks, and the Romans all used gold and silver as the foundation of their monetary systems.

It was only in recent decades that the dollar became a solely paper-backed currency with no gold value attached to the note. Throughout history, people have always relied on gold and silver for completing transactions, and gold still retains its value today.

Since 1971, we entered the time where fiat currency had no gold standard thanks to President Richard Nixon. Meaning, the dollar became essentially a worthless piece of paper. Sure, the paper-baked note is portable and divisible, and somewhat durable, but we know it has nothing backing it except people's faith in it that it holds value. The article stated:

With the end of the gold standard, and the launch of the Fiat dollar, Richard Nixon and the Federal Reserve began the great credit expansion of United States monetary policy. The US started issuing government debt at record rates, and consumer spending went through the roof, before ending in financial calamity.

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We have seen time-after-time, in 1997, 1999, and most recently in 2008, financial woes and calamities. You can thank the government for the ridiculous amount of global debt. This is a chain reaction of dominoes. "At the moment, we are at the peak of an extended bull-run like no other before it in history. Continuing growth at this pace is impossible, and sooner or later, equity markets will experience a violent collapse." The article continues to state:

When collapse does arrive, it could spread systemically throughout the entire financial system. Credit markets will freeze, banks will shut down, and the population will lose most of what they own in savings and investments.

Today, money is not even paper – its digits on a computer screen. Did you know that less than 4-percent of the world's money supply exists in physical cash? The rest of it is accounting entries on a ledge held by a bank.

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Clearly, we will see a collapse of the current monetary system, there is no doubt about that, and yes, everyone will lose their savings and fiat investments. The governments have set it up for failure and have been limping their ever-increasing problems along with temporary but deadly fixes. Of course, there are many scenarios of what can happen in a global financial collapse, but when it happens, for a period it will be a dark and trying time.

After the smoke clears, there will only be one thing that remains... Digital currencies, like cryptocurrencies, but only those backed by tangible assets, mainly gold and other precious metals. However, as we have seen throughout history, gold will retain its value even when paper printed fiat has been turned into ashes. "The US Mint frequently experiences shortages of silver to meet rising demand, and gold is a similar story. Gold and silver coins will always retain their value over time, making them the best store of value in any asset class." This is why GODcoin is going to be the future, cryptocurrency backed by gold, not some paper fiat that has no value. Invest today for a brighter future before the next bubble bursts.

This article was authored by Judith Monte, @belovebelight

There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:

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