Blockchain And Gold Like Peanut Butter And Chocolate?
Authored by Mike Shedlock via TheMaven.net/MishTalk,
Even before the emergence of the growing plethora of cryptocurrencies, several attempts had been made in the past to create digital currencies based on gold, but none of them gained widespread support. Will blockchain and Bitcoin succeed where other attempts failed?
One of the common criticisms and challenges of bitcoin and other cryptocurrencies is their price volatility which renders their consideration as a store of value nearly impossible.Some believe that gold backed cryptocurrencies may hold the key to solve these key challenges.
There are already several cryptocurrencies, otherwise known as altcoins, backed by gold that have been launched. Several of the leading online bullion exchanges have implemented or are also implementing blockchain to create more efficient mechanisms for managing transactions. Each month it seems like there are more and more players joining the fray.