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What Cryptocurrencies Are Backed by Gold?

by The Daily Buzz Team
in Business, Finance
3 min read
What Cryptocurrencies Are Backed by Gold?

While Bitcoin and other cryptocurrencies are interesting, the technology has expanded to be backed by physical assets.

One such asset is gold. Why? So investors can buy the asset without revealing their identity or even needing to hold it physically.

In this post, we’ll detail the benefits of gold-backed cryptocurrencies as well as which ones are worth paying attention to.

Contents

Why Use a Gold-backed Cryptocurrency?

Gold-backed cryptocurrencies are great for investors new to precious metals. They provide a way to easily get involved in investing, making the industry more accessible to all.

On top of this, gold-backed cryptocurrencies allow investors to circumvent a lot of the more stressful parts of precious metals.

For example, investing in precious metals requires you to verify your identity, find a space to store the metals, and generally pay additional fees.

You can sign up and purchase a gold-backed cryptocurrency in minutes, especially on platforms like GoldExchange.com.

There’s next to no hassle in doing so. These assets allow you to invest in fractional amounts of gold.

You don’t need to put money into an entire ounce of gold like with traditional investing. Gold-backed cryptocurrencies let you invest as little or as much as you’d like.

Overall, these assets are much less cumbersome and streamline the investment process as much as possible.

What Cryptocurrencies Are Backed by Gold?

Various cryptocurrencies are backed by gold. This list will break down some of the most popular.

Gold Coin

Gold Exchange is a platform that offers Gold Coin – a gold-backed stable coin. The platform utilizes blockchain technology to prevent counterfeit transactions.

It’s also decentralized, not requiring a central party to get involved.

You can invest in Gold Coins anonymously and make private transactions thanks to the platform. It’s built by experts with over 20 years of experience in the trading world.

Finally, you can also take advantage of Gold Exchange’s features like buy stops and limits.

PAX Gold (PAXG)

PAX Gold is a subsidiary of the PAX cryptocurrency.

It’s, of course, a stablecoin backed by gold, though it’s offered by an established exchange.

PAX is a popular brand in the cryptocurrency space, and them publishing a stablecoin is a fantastic endorsement.

The asset is an ERC-20 token on Ethereum, and its price is tied to an ounce of gold, whatever that price is at the time.

All of the gold is made at a refinery in London that is backed by the Bank of England. They’re also stored in vaults at Brink.

Fortunately, you can also redeem your PAX Gold for physical gold whenever you’d like. That and this stablecoin also pairs with other crypto assets on some exchanges.

Trading PAX Gold also doesn’t cost much, with the platform offering lower fees than most other exchanges.

Digix Gold Tokens (DGX)

Considering itself the “future of owning gold,” each DGX is worth one gram of gold. All physical assets are entirely verifiable thanks to the blockchain.

This is especially important as some stablecoins, like Tether, aren’t clear about their physical holdings. With DGX, you can be absolutely sure your assets exist.

That, and similar to PAX Gold, you can redeem DGX for physical bullion, validating the group’s holdings even more. This platform is also government-regulated – ideal for the future of such projects.

Otherwise, you can trade DGX on exchanges if you’d so prefer. That makes it have some utility alongside being a way to invest in gold. However, it’s worth noting that sending DGX costs a 0.13% fee.

You’re also charged a 1% fee for converting tokens to physical bullion. However, the 0.6% fee it would cost to store this gold is covered by the company.

Once signed up, you can store your DGX in any ERC-20 compatible wallet such as Metamask or Trezor, among others.

Digix has been around since 2014, making it an early business to start in the crypto space.

Conclusion

Now you’re aware of the best gold-backed cryptocurrencies on the market. While there are many, many more on the market, these are the ideal ones to invest in.

Of course, do your research before investing, and make sure you’re only getting involved in projects you trust.

The Daily Buzz Team

The Daily Buzz combines the pursuit of interesting and intriguing facts with the innate human desire to rank and list things. From stereotypical cat pictures to crazy facts about the universe, every thing is designed to help you kill time in the most efficient manner, all while giving you something to either laugh at or think about!

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