Over 1300 bitcoins and most are backed by nothing, except investors jumping in and pumping up the prices. Time will tell if companies like this and others will add gold & silver or a physical commodity, that will be backed by each cryptocurrency created. SLVR will be an interesting concept, if it makes it out of the gate!
Whether we like it or not, cryptocurrencies will likely replace paper money in years to come.
International wires can be sent within seconds, countries like Pakistan and others, who don’t use Paypal, will be able to get around this rule. Currently, wires can take close to a week, for money to show up in a bank account, not to mention transaction fees charged by each country.
This can change many ways of residential lending, title companies transactions & of course wires coming through, that are controlled by the Fed! Many wonder how this profession will be like 10 years from now, if this actually happens!
Question will be: If this cryptocurrency will be easier to use, obtain & most importantly understand. As the Winklevoss twins, who became billionaires with current price of bitcoin, created a website known as Gemini, where you can sign up and purchase bitcoin.
Will the mining be already done, or will prices be subject to future mining, which is a huge difference!
A good Steemian should always do our best to upvote before comment. It’s call peer-to-peer support.
Anyways, I’m not sure if it’s necessary but this is a different approach to decentralize. Aloha!
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thank you, I am also following you, appreciate the support, please follow if you like my content. I will have all sorts of blogs come out, on health, the market, my life, brick staining, Himalayan salt and much, much more.
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I've been saying for a while that a gold backed crypto-currency will ultimatley replace the other crypto's as a defacto standard. Primarily because gold satisfies the requirements of money perfectly except for the convenience of transactions. The crypto element could provide that. As for silver - interesting idea but I think silver is used too much in industry to be of use as currency these days.
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either precious metal will be adequate, but I know what you mean about Gold. Bitcoin could have easily backed its 21 million coins by gold and silver, at the same time it would still destabilize central banks and hedge funds who naked short the metals.
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Quite a fantastic idea !!
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please upvote if you like the article
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Indeed, I will also resteem and follow as well!
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interesting post, greetings
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