Quint: Innovating the Future of Cryptocurrency With the Past

in quintric •  6 months ago

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For the large part of history, our mediums of exchange and stores of value have remained the same. Though a lot has changed in hundreds of years, our money and gold follow the same rules and principles as the day they were first introduced.

But major breakthroughs have lead us, for the first time, to the dawn of a new kind of currency, just as widely accepted as the existing systems and assets in place.

First, it’s important to understand how we got there.

Legal Tender: The Money Used To Buy and Sell

In technical terms, legal tender is “any official medium of payment recognized by law, that can extinguish public or private debt, or meet a financial obligation.”

Legal tender, also known as currency or money, holds a value created by the issuer. For example, the U.S. dollar is one of the most popular and powerful currencies and is issued by the U.S. Treasury to act as national currency. The dollar is used to buy goods and services, whether it’s a bite at a local restaurant, or to finance a mortgage. Money has opened up opportunities for many disadvantaged people and runs the entire country’s economy.

For all the good it has created, money has also been the root of many ills. Banks and other financial institutions can hold your money for not following their rules and has created significant inequality for many years. Some countries, such as Greece and Venezuela, have witnessed recessions and revolutions as the value of their currency plummeted.

When periods become turbulent and uncertain, people move to invest in alternatives, sometimes called “stores of value”.

Precious Metals: Rare and Valuable Investment Vehicles

Precious metals are self-explanatory — they are rare metals with high value. The most popular precious metals are gold, platinum, and silver, and can be bought by purchasing futures contracts, mutual funds, or bullion, which are physical bars or coins.

Whenever a currency experiences volatility, precious metals become attractive assets. Not only are they universally accepted as valuable, but their store of value holds consistent over time, compared to national currency.

Similar to legal tender, precious metals can fall short as a valuable asset. Significant handling and processing fees and a steep learning curve to investment make precious metals difficult for the common public to rely on.

Which brings us to cryptocurrency and crypto tokens, a radically new form of digital currency.

Cryptocurrencies: The Currency of the Future

Cryptocurrencies have made headlines in the past few years as more companies and nations recognize the value of bitcoin, the most popular cryptocurrency. Bitcoin and other altcoins have witnessed value soar exponentially since it was first introduced in 2009.

Created by the anonymous Satoshi Nakamoto, bitcoin and other cryptocurrency use some novel technology that helps secure it from some of the same pitfalls that money and gold experience.

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Cryptocurrency is digital, it exists only on a digital wallet that resides on a computer or phone, so every transaction and balance is maintained on a public ledger. Cryptocurrencies are not issued or controlled by a third-party. That means no corporation or nation can set or define the value of cryptocurrency. And with cryptographic encryption, cryptocurrencies cannot be duplicated or forged.

Quintric: The Cryptocurrency of the Future

The last piece of the puzzle is an idea that combines legal tender, precious metals, and cryptocurrency in such a novel way that its impact is yet to be realized.

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Quintric is a new monetary system that offers crypto tokens that 1) use the same technology used by other cryptocurrencies, 2) store value backed by gold and silver, and 3) can be used as legal tender and a medium of exchange.

The Quintric system consists of five tokens: Quint (backed by five U.S. gold cents), QuintS (backed by five U.S. silver cents), iQuint and iQuintS (for international gold and silver), and Quint X, (a special asset available to early Quint creators and investors). None incur any vaulting fees, can be used as legal tender, and should satisfy requirements to be tax-compliant. Unlike other cryptocurrencies which can take hours to transact, the Quintric tokens run on the Bitshares platform, offering unparalleled speed and efficiency.

When Quint launches, it will become a unique economic experiment, a paradigm shift from the centuries-old ways of commerce and investment. Learn more about Quintric on their website or sign up for a Quintric account here..

A Future Worth Believing In

The evolution of technology combined with the shifting global economic landscape has lead to this moment - a new way of doing business with each other, from purchasing a product from another country to investing in reliable assets.

There are bound to be challenges along the way, from national regulations to cyber threats, but for the most part, cryptocurrencies have continued to revolutionize people’s lives around the world. While the future of cryptocurrency remains uncertain, cryptocurrency will lead to an exciting and promising future.

The author is not an attorney or financial advisor. The author would like readers to note that he is a co-founder and board member at the Quintric. None of the content presented should be construed as investment advice or as legal advice.

Originally posted to Medium here: https://medium.com/datadriveninvestor/legal-tender-precious-metals-and-the-currency-of-the-future-404efd363c6c

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Since I had not the opportunity to pay for your last drinks in Greece, I instead promoted that post. Cheers! ... Γεια μας! :)

wine.jpeg

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You will have the opportunity for that again soon @liondani - Your hospitality is very appreciated.

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That last evening driving us around in Athens far exceeded any round of drinks, my Friend!

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The older the friends and the wine, the better.

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Well, you've definitely got an old one here!

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iy, that's it. may i be one of your steemit friends @stan

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Γειά μας καρντάσι!

The reward of this comment will be added to the postal prize for a reputation for you.
It's amazing, I agree with you, this is a great post, and you deserve a nice reward.
Keep your mission.
Thanks from @razi04

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Following along as close as I can with quintric, I'd imagine there will be a large demand for what is being offered here!
"Peace does not appear so distant as it did. I hope it will come soon, and come to stay; and so come as to be worth the keeping in all future time."

I have been waiting for this. Is the the Quint going to trade on BTS before July 4th?

You know that I had been stacking silver and watching gold for years while reading from Schiff, Mahoney, the Gold money group. Can't even call their names. I was looking for a better way to use my silver in the upcoming wealth reversal when I stumbled across UPMA.

That lead me to look at the upgrade link and, it emerged out of the shadows.

Quintric.

I am hooked. This crypto is THE game changer.

I'm all in!

This is a great idea sir I really think that we all should invest in crypto because it will bring better income

that's drizzling beauty......i am amazed

that's drizzling beauty......i am amazed

Congratulations @quintric!
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I've always love the age I found myself... The age of digital coin... Thank God I was not born during the time when I will be carrying cash on me!

Hey @, great post! GOOD
I enjoy your content Keep up the good work! It's always nice to see nice content on Steemit! :)

Cryptocurrency is born of information, and information can ruin it. So at the moment you can not be sure exactly what the future awaits cryptocurrency. But the fact that it has already become part of the economy and is a prospect for the development of the payment system is undeniable. What will happen to bitcoin development, or collapse, time will tell.

So important to study history and apply it to current situations. Thanks for sharing!

If Quintric is meant to be backed by gold and silver, who has both gold and silver? I think that means a third party in the transactions, not a public third party (like US Treasury) but a private (the owners of backing assets).

My intention is not to question the credibility of Quintric, I just do not understand very well why is the future of crypto if it seams to involve a third party, when the idea of crypto ir P2P transactions.

Promising concept, need to understand the role of multiple coins. will go through whitepaper.

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Great post but does the value of cryptocurrency like bitcoin will keep on increasing?

Can I invest in quint with Roth IRA funds?