Gold Coin (GLC) is an ERC-20 coin developed by Digital Gold LTD. The cryptocurrency was built and maintained by a group of volunteers who believe in promoting economic freedom. With our finger already on the pulse of traditional cryptocurrencies, let's take a look at the list of the top 5 gold-backed cryptocurrencies. Similar to establishing reliable traditional gold providers, finding a reliable gold-backed cryptocurrency may require the same effort and evaluation.
We have lightened the load and have chosen 5 of the best gold stablecoins on the market. The world of commodity-backed cryptocurrencies is flourishing, and as you can see from this list of the top 5 gold-backed cryptocurrencies, so are they. Get your hands on everything related to cryptocurrencies through the simplified trading platform Oobit. Gold-backed cryptocurrency is a type of stable cryptocurrency in which each token is backed by physical gold.
With the price of the token linked to the current price of gold, there is less price volatility compared to Bitcoin or other altcoins. The largest stablecoin is Tether (USDT). A Tether token is backed by a USD. The largest token by market capitalization is the gold token Perth Mint (PMGT) for gold-backed cryptos.
This helps to reduce the volatility aspect that is usually present in cryptocurrency markets such as Bitcoin and Ethereum. Since Tether is backed by the US dollar, it was only a matter of time before the cryptocurrency revealed a cryptocurrency backed by gold. Some of the cryptocurrencies listed here also don't detail how they store and account for gold, so proceed with caution. EAU-COIN (pronounced “O-COIN) is a crypto token backed by gold on a blockchain smart contract based on Ethereum.
It says they're a cryptocurrency, but it doesn't seem to be on any exchange (and CGC is another token). AssetBase offers five different cryptocurrencies of precious metals (gold, silver, platinum, palladium and rhodium). I like cryptos backed by gold and silver, but I probably wouldn't invest too much in HGF, it seems too bleak, so the price of your token is going badly (other investors are thinking the same thing). Gold-linked cryptocurrencies are designed similar to stablecoins, but instead of being backed by fiat money, they are backed by the value of physical gold.
This gold-backed cryptocurrency is one of the most popular on exchange platforms, as it is linked to the gold blocks of the Perth Mint of Western Australia. Secured Gold Coins (SGC) is a hybrid cryptocurrency backed by 60% gold, 40% utility and completely decentralized based on Blockchain technology. Crypto is designed in an open source way to allow new projects to create a “revised version of the original blockchain”. Therefore, the token itself is not backed by gold, but gold is sold to the Reserve Bank and Ether is bought with profits.
Technically, any asset could be used as a backup for a cryptocurrency, but gold is the most obvious option after fiat currency. I know it's not quite the argument, but so much talking about Crypto triggering gold as a long-term asset makes those investigating their investment portfolios shudder against AABBG is an anomaly in the crypto space, since the founding company has no previous experience in cryptocurrency or finance. If gold is not legally owned by the cryptocurrency developer, then they can't keep the gold if they go bankrupt.