Ah gold, that shiny yellow metal, a symbol of royalty, and a means of storing and transferring wealth for millennia, and more recently a highly successful speculative investment and hedge fund asset, with a growing value.
Gold is still extremely popular among citizens and governments alike. In fact, a country’s wealth is largely viewed by the amount of gold or other natural resources that it has, and governments around the world are purchasing and hoarding it. You can find out more about that in our article before last, entitled:
Does Gold Still Have A Future In The Wave Of Growing Digital Assets?
When most people think of this shiny metal, they think of physical gold: bullion coins and bars, jewelry, electronics, and even new and emerging nano technology, etc. But there are also gold ETF investments, and more recently… digital gold assets.
Now traditional gold can not only be hard to get a hold of, but it should also be stored safely – which can incur extra costs (and if not done properly runs the risk of being stolen), and that’s not to mention shipping and insurance fees. There’s also the fact that at airports, physical gold can be confiscated, due to undeclared precious metals, unpaid (and sometimes hefty) customs fees, maximum cash limits, etc. Although this can and does happen, the most important thing to do if traveling across borders with your gold is to know and follow the rules for each country, be honest, patient, and good mannered. Here’s an excellent article on the subject of transporting gold through airports safely.
The ‘New’ Gold
However, there is a new way to store, spend, and travel with your gold without all the hassle just mentioned above, and that is: digitized gold assets. In particularly the DinarCoin. The DinarCoin is a recent development in the fintech industry, that combines the actual spot price of gold to each token, which is recorded on the Ethereum blockchain and on the Bitcoin blockchain. Each DinarCoin is worth 4.25 grams of pure gold. They can be stored on a secure digital wallet app, like the secure and advanced blockchains.my digital wallet.
Yes, we know it will never replace your actual physical gold, but it could be an excellent solution for transporting and spending some of your bullion. It’s essentially a gold cryptocurrency, REAL digital gold (move over Bitcoin), and for a certain niche of people, this may be the next best thing since sliced bread (and who doesn’t love sliced bread?)! It’s true you have some people who are hard liners for owning and holding physical gold, and there are people who are all out cryptocurrency fanatics. However, we believe there’s another group of people out there who like owning gold (largely for it’s stability and hedging factors), and they like the concept of cryptocurrencies, BUT they don’t like the extremely volatile environment that has been largely associated with ‘traditional’ digital currencies since their creation and propagation, just a few years in the making.
DinarCoins offer a real solution, with the stability and the value of gold, but with the flexibility, ease of use, and speed of a cryptocurrency. You can use them to transfer digital gold to other users around the world nearly instantaneously, you can make purchases online with your gold, and you can even make cash withdrawals with your gold at an ATM machine near you with a debit card. Plus, by using a debit card, QR Code, or NFC Smart Card, your gold can be used to make purchases at brick and mortar establishments. And did I mention that you can turn in these digital asset tokens for real physical gold at select locations?
And that’s not all we offer, we also offer our Gold Smart Contracts (GSC). These are smart contracts on the Ethereum blockchain. Here’s an excerpt from one of blockchains.my’s latest blogs:
“A Gold Smart Contract offers five products, namely Gold 1 Gram, Gold 100 Gram, Gold 1 kg, Silver 100 Oz and Silver 1 kg. Users can procure GSC from other traders by using DinarDirham’s platform or from DinarDirham’s approved bullion providers. Bullion providers can create new GSC upon payment of physical gold. The GSC created proves the ownership of an amount of bullion, which can be redeemed as physical bullion at any authorized bullion provider. When a GSC is created, it is automatically registered on both the Ethereum blockchain and Bitcoin blockchain.”
The GSC allows you to invest in both digital gold and digital silver, and in greater single unit values than with a single gold-backed DinarCoin.
Gold comes in many different shapes and forms. DinarDirham hopes to transform the way people view and use their gold through the use of our DinarCoins and Gold Smart Contracts. Experience the freedom of using and transporting your gold anywhere, without hassle. To immediately start your experience with DinarCoins or GSCs, you can sign up for our original Universal Bitcoin Wallet, and read this article for help on getting started. For more options with your digital gold, (after it’s at full capacity) sign up for the blockchains.my digital wallet app. It’s currently available at the Google Play Store. Use the referral code: 279408. You can learn more about the blockchains.my digital wallet app with this informative infographic. Remember, the wallet can currently only accept Bitcoin and Ethereum, but it’s still in development with Zcash, Ripple, DinarCoins, and GSC’s in the works.
We hope you enjoyed this week’s article, and be looking out for the next one.
Have a great weekend!
The DinarDirham team.