Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
In the last couple of decades, the world has witnessed the emergence of new asset classes. Ones that update the traditional system of finance to make them more digital and, in many ways, more convenient. This has piqued the curiosity of many to earn optimal returns on their portfolios by diversifying them through the addition of these asset classes. Among these assets are cryptocurrencies and precious metals, both of which present an ideal opportunity for investors to acquire those coveted returns.
From this, the world of finance has witnessed the essential merging of the two popular and coveted assets. This collaborative effort resulted in a unique arrangement, that being the metals backing the crypto. This union has resulted in the creation of a new brand of digital currencies: stablecoins.
With this crypto type escalating in popularity, whether it be for use or a topic of discussion, it only makes sense that a trading platform be available. It is here that https://goldexchange.com/ comes into the picture.
Backed crypto
Precious metals like gold and silver have been sought-after by many civilizations over the years for their utility as well as their beauty. Bullion has been and continues to be accepted all over the world for the purposes of buying and selling. In a similar vein, though not having years of history to serve as clout, cryptocurrency is gradually being accepted by the public for its innovative approach to finances and investments.
A stablecoin is a class of cryptocurrencies that offer stability in price and receive backing from a specific asset. Since its creation, stablecoins have gained substantial steam as they provide users with crypto’s instant processing and privacy of payments. At the same time, they provide the stable valuations of fiat currencies, free of volatility.
The ideal stablecoin should be capable of performing primary functions. It should be able to act as an exchange medium to allow holders to buy and sell goods. Moreover, it should serve as a saving asset (without value loss) and serve as a unit of account to compare goods and service costs.
Stablecoins that are backed by precious metals are unique for several reasons, one of which being its stronger level of stability. Fiat-backed cryptos are the most renowned class of stablecoins. However, a lot of people are understandably cautious about fiat currencies’ stability in the long run. This was especially prevalent in 2020 due to national governments pursuing an array of artificial stimulus as a means to preserve economies during the COVID-19 outbreak.
What is GoldExchange?
GoldExchange is a digital currency exchange that gives its users the ability to buy, trade, and sell stablecoins, particularly its native token, GoldCoin. The platform is known for being the largest trading platform in the world and has over 20 years of experience in trading.
With GoldExchange, traders can establish levels of profit and loss by either using stop loss or taking profit limits whenever they trade. They can determine the maximum amount that they are willing to risk when speculating the price – or setting a price – at which they could make a profit. The platform provides various future orders, including Buy Stops and Buy Limits.
What the future holds
The team behind GoldCoin is taking steps to ensure the validity of reserves. Bullion is 99.9% pure and is put into vaults for storage, and a well-thought-of third-party assesses stored bullion to make sure that enough reserves are backing the coin. Moreover, a live stream running 24/7 allows coin holders to view stored reserves whenever they please. This effort is putting GoldCoin in a decent position, setting itself apart from projects that rely on audits and reviews to verify reserve backing.
GoldCoin’s – and by extension GoldExchange’s – has a vision that is, all things considered, clear. The objectives are realistic, especially in light of what occurred in 2020. GoldCoin adheres to meticulous security measures, a smooth process of redemption, and transparent bullion authentication, qualities that the average eager investor seeks out. Only time will tell if this vision has enough staying power to preserve the platform’s stability in the long run.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.