What Is GoldCoin? A Cryptocurrency Review | UseTheBitcoin

GoldCoin is an ERC-20 coin that is backed by gold that prides itself on being the “ Digital Gold Standard. ” As an ERC-20 coin, the token is built on Ethereum and uses the ( GOLD ) heart symbol. The mind behind the coin is to offer a secure method acting of buying gold that provides all the benefits associated with cryptocurrency .
Why Gold?
gold has been one of humanity ’ mho universal joint currencies throughout history. Over the years, it has maintained a repute for preserving purchasing power even if government-backed currencies fall or fail.

This stability and preservation of purchasing might come to Gold Coin. The project team knows those characteristics are particularly relevant since the earth is dealing with fiscal imbalance. At the same meter, aureate has been historically inaccessible to the general populace, and the token has respective features that help overcome this .
It Is Fractionalized
While ( GOLD ) is not the first gold-backed cryptocurrency, it is the first matchless that is fractionalized and available to buy directly with cryptocurrency or decree .
By being fractionalized, the token makes it possible to buy the quantity that you want, without dealing with a large minimal purchase. This results in a very low threshold for introduction .
Highly Affordable
As mentioned, the fractionalized nature of Gold Coin means that you can buy incredibly belittled quantities that would not typically be possible to purchase in real gold. buy good one ounce of gold is normally challenge, but that individual ounce of physical gold is the equivalent of 1,000 Gold Coins .
This price structure and the ties to physical gold average that Gold Coin ’ sulfur price depends on that of the precious metal. When you divide the price of a single snow leopard of gold by 1,000 to get the price of just one cryptocoin, it is easy to see how this cryptocurrency can make buy and owning gold more accessible .
To show precisely how accessible it is, at the time of writing, a single Gold Coin was just $ 1.92 .
liquid for buy
To increase handiness, the project besides acts as a fluidity provider. Higher liquid helps ensure that you get the best prices from the marketplace, careless of the size of your purchase. In other words, the liquidity helps keep costs down .
Low-Effort Entry
In addition to being a more low-cost method of owning gold, Gold Coin requires less effort. You do not have to spend time and energy filling out paperwork to buy amber then find a dependable localization to store it. The gold is physically stored in the project ’ randomness vault, but you even own it .
Backed by Physical Gold
speaking of the vault, the amber ( which is 99.9 percentage pure ) that backs the cryptocurrency is securely stored in the project ’ s vault. This ensures that it is authentically backed by actual gold and, therefore, should be more stable than cryptocurrencies due to the metal ’ second stability .
For transparency, anyone can view the project ’ s gold holdings on-line, and they are fully audited .
You Can Redeem the amber
If you always want to redeem your Gold Coin for the physical metallic that backs it, you can do sol. Anyone who redeems their crypto for 99.9 percentage pure gold gets one ounce for 1,000 GOLD, the real prize of the coin.

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To redeem the gold, start by making an bill on the official Gold Coin web site, then sending the project the appropriate amount of cryptocurrency to redeem. You will then see a pending purchase orderliness in your history. At this point, you will need to validate your identity, as this allows Gold Coin to ensure it gives the physical gold to the right person at the storehouse adeptness. Your account will besides display the reach information and cover for the storage facility at this orient. You can visit the facility to redeem the gold, along with your leverage order number and identification .
The Tech Behind GoldCoin
now that you are familiar with the approachability of the project, we can explore some of the engineering behind it .
security
As mentioned, GOLD is an ERC-20 stablecoin that uses the Ethereum network. Ethereum smart contracts developed by the team ability Gold Coin. Because the coin is built on the Ethereum blockchain, which is immutable, it is impossible to limit or block payments .
further security comes from the fact that you must use two-factor authentication. This helps prevent the larceny of your gold .
privacy
The nature of the blockchain besides supports privacy by hiding your information. For farther privacy, you do not need to show identification before buying Gold Coin. All you need is your Ethereum wallet address .
The lack of information required to purchase the cryptocurrency is a sharp contrast to that needed to buy gold, particularly because there are no limits to the quantity of GOLD that you can sell or buy. Selling or buying larger quantities of physical aureate would require special forms for tax reasons .
Smart Contract
The following are some key features of the fresh contract :

  • The token symbol is GOLD.
  • The minimum transfer amount is 0.001 GOLD.
  • There are eight decimal places for the token.
  • The recommended gas limit is 25,000.

For security, GDA Capital audited the GoldCoin Smart Contract .
Where to Store GoldCoin
If this information has piqued your matter to, you might be quick to make a purchase. therefore, where do you store your new cryptocurrency ?
Because it is an ERC-20 token, you can store it in any crypto wallet that supports ERC-20 coins or is Ethereum-compatible. The project suggests some of the popular wallets, such as MetaMask, MyEtherWallet, Atomic Wallet, Guarda Wallet, Exodus, Ledger, or Trezor. however, any Ethereum-compatible wallet works .
In Conclusion
GoldCoin is a gold-backed ERC-20 stablecoin, and 1,000 GOLD is equivalent to an snow leopard of forcible gold held in the plan ’ s vault. As an ERC-20 coin, it can be stored in any Ethereum-supported wallet, making storage accessible. The cryptocurrency itself besides is accessible, as there are no limits to buying or selling GoldCoin.

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