Tether may not look like the most trustworthy cryptocurrency available today, but USDT served an important role in the markets for years, and was an inspiration for other (better) actors, especially as Tether started to look sketchy. Numerous other stablecoins have emerged, many of which are linked to one asset or other.
While it’s perfectly natural to back a stablecoin with fiat currency (Dollars, Euros, etc.), there are those who complain that a fiat-linked crypto defeats the purpose of decentralized, virtual money. This motivated people to try to find other assets with which cryptocurrencies could be linked, and it was only a matter of time before gold was one of the assets used for this purpose.
However, backing a currency in gold is no easy feat. Gold must be mined, purified, and stored in a safe location or locations. It must be insured, transported in armored vehicles, and carried through many different international jurisdictions. There’s a reason why it’s hard to succeed as a gold business, particularly one appealing to international customers.
This has led many industry analysts to write off the early examples of gold-linked cryptocurrencies. The companies backing these projects are simply too young and small to promise security to their customers. After all, these companies become trusted third parties, exactly the kind of organizations that Bitcoin was created to cut out. At the very least, if a trusted third party for gold is necessary for the space, this entity must be truly trustworthy.
That’s why we like KaratGold Coin. KaratGold Coin was introduced to the market by Karatbars International, a gold seller, and miner with a decade of experience in the international market. Even before KaratGold Coin was introduced, thousands trusted Karatbars International for its excellence in high-quality gold currency products.
This excellence as a gold provider enables Karatbars to offer something that no other gold-linked cryptocurrency has yet been able to deliver. Starting July 4, 2019, KBC holders will be able to swap their KBC for CashGold (physical banknotes inset at gold, available at ATMs during promotion period). The ability to exchange these two assets, one digital and the other physical, is a unique property of the KaratGold Coin ecosystem.
The KBC ecosystem will have a hardware home in the IMpulse K1Phone, a unique device for the blockchain generation.
KaratGold Coin ownership is therefore equivalent to gold ownership. Furthermore, by being able to spend KBC online, the owner is essentially able to use gold for web purchases. This has never before been possible. The world of internet purchases has long been well outside the jurisdiction of the world’s most ancient form of wealth.
Together, it’s a perfect system that makes KaratGold Coin the most compelling stablecoin in today’s market, at least among those linked to physical assets.