So I'm a noob when it comes to cryptocurrency. The cryptic being the operating word here. But recently I read about OilCoin , which will be a cryptocurrency linked to the price of oil.
Aside from the fact that the crude oil commodity trading has been a mainstay for many traders, this coin is "The world’s first legally compliant cryptocurrency backed by oil reserves", according to it's site.
But the recent fluctuations in the price of oil mean that it is not as stable as the promoters assume. Moreover, politics plays a huge role in this phenomena.
So on the one hand, this coin seems safe since it's linked to a commodity, on the other hand with the political scenario changing and a world war III in the offing for oil, it's a dangerous gamble.
Will it be the black gold equivalent to bitcoin?
Let me know your thoughts!!!
burn it all down....or wait that will create smog. Ok, store it all away!
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