Zář 02

Commodities In Fashion: GoldMint Gives Stale Trading A Blockchain Facelift

· September 2, 2017 · 12:10 pm

Commodities were once synonymous with old money and the elite, but in the age of cryptocurrency, they are making an unstoppable comeback.

Commodities in the Age of Crypto

In 2017, commodity trading focused on precious metals particularly is becoming vogue once again – but this time for anyone with Bitcoin holdings.

While commodities naturally come in more forms than metals – energy and foodstuffs, for example – it is gold that has found a natural rebirth as a tandem partner with cryptocurrency owners.

Gold remains stable. Despite its comparatively underwhelming performance versus Bitcoin for shorters, the metal fundamentally serves its purpose as a shield from fiat controls.

“The broad masses of the population are interested in buying stable assets backed by real gold, as most local currencies experience a devaluation against the dollar. Use of Blockchain  technology simplifies this process and makes it more transparent for all participants,” Dmitry Pluschevsky, CEO of Blockchain-based gold platform GoldMint explained to Bitcoinist.

‘Backed By GOLD’

Stemming from the cryptocurrency industry, an increasing array of startups are offering investors exposure to precious metals through the medium of digital tokens instead of brokers and dealers.

GoldMint is positioning itself as a advancement which will revitalize the tired pawnbroker industry and its reputation, offering trading and storage of gold assets combined with a gold-backed digital asset, GOLD tokens.

The ecosystem is designed to be self-sufficient, swapping human links in the chain for Blockchain-powered automation, principally in the form of a so-called Custody Bot which creates an immutable record of every operation.

The machine functions are an automated pawnbroker, storing, inspecting and weighing gold while remaining independent of third parties using Blockchain-backed data.

“We think it is very important to have direct proof of the commodity backing tokens,” CTO Konstantin Pichugin continued.

“Let’s imagine there is no any proof-of-assets protocol. It means nobody really understand how much commodity we really have. In this case nobody will trust us. Such token will be the same as USDT and only people who love huge risk would use it.”

Marrying Digital Tokens With Commodity Support

The concept of a commodity backing digital tokens is already not entirely new. Bitcoin holders have long been able to use their digital assets to hold gold and even take physical delivery of ingots to cut out third party storage altogether.

Like legacy commodities trading, GoldMint also uses exchange-traded funds (ETFs) to facilitate investor exposure.

As Blockchain technology progresses at a record pace, however, so are the solutions it can support, making the GoldMint Custody Bot a newcomer to the gold industry.

“GOLD cryptoassets have to be considered as a hedging instrument,” Pluschevsky added.

“While almost all cryptocurrencies are very turbulent, GOLD cryptoassets backed with real gold bullions and ETF have extremely low volatility.”

The project is still in its infancy despite the technology rollout, however, and an ICO (link to the ICO page) on September 20 is intended to launch GOLD onto the world stage and fund the roadmap for the next few years.

Participants will receive bonus token allocations for early participation.

What do you think about commodity trading’s comeback on the Blockchain? Let us know in the comments below!


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Úno 25

When Bitcoin Price Passes Gold, Which One Will Really Be Worth More?

· February 25, 2017 · 10:00 am

Bitcoin’s legendary February ‘bull run’ has created an uncomfortable, but inevitable fact. There will be a day in the very near future when Bitcoin price will exceed an ounce of Gold. At that point, which will truly be worth more? Bitcoin or Gold?


Bitcoin vs. Gold

The answer may depend on which side of the tracks you are from. The two commodities share a lot more in common than one may think. Bitcoin is called “digital gold” because it is so similar in concept to the precious metal. Gold is known for its scarcity, but Bitcoin is considerably more scarce. Both are used as a hedge against inflation and both represent the pinnacle of their asset class.

Gold is currently on a “bull run’ of its own, passing $1,250, after starting the year at around $1,150, but Bitcoin price started the year at around $970, so it is only a matter of time before the more volatile digital currency reaches its next benchmark.

It is not a matter of if, but when. And when this does take place, the mainstream may initiate another run at Bitcoin, fueling more demand and growth. Bitcoin may then be considered a worthy alternative to Gold.

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Bitcoin is not designed to replace the dollar anytime soon, but it may end up replacing Gold as the most valuable commodity of the future. Its value has been said to be headed for  $1 million (said Business Insider) in the future if it does gain traction in the global e-commerce market as a preferred mode of payment. 

Gold hasn’t shown any such potential for such growth versus the global reserve currency in all of its thousands of years because it is definitely not as finite in supply as BTC is. There are far more than 21 million ounces of gold on this planet, and gold is still being mined to this day. Gold supply may never run out.

The Romans used to add copper to gold coins to dilute its value, and basically scam the populace.  Could you tell pure Gold from not? 8k from 14k from 24k? 

Bitcoin’s Downside Risk Not For All

Bitcoin does have some downsides when compared to gold or the USD, like its volatility. Bitcoin generally shows ‘upward volatility,’ but it is volatile all the same. In January alone, it rose from $968 to over $1,100 and fell down to less than $780, all within one week. This never happens with Gold or fiat currencies, which makes Bitcoin a less than desirable replacement for money.

Bitcoinist_Gold Price Declining

“Bitcoin’s downside deviation is still several orders of magnitude higher than that of gold or currency,” says Tyler Durden of ZeroHedge. “Over the past two years, Bitcoin experienced a downside deviation of >45%. Since the beginning of data in 2010, it was >100%. The volatility – or to be precise, the downside risk – makes it difficult for Bitcoin to be more widely adopted as money. What speaks for Bitcoin is that it has shown stellar performance over its short lifespan, but this stellar performance comes with considerable downside risk.”

This Gold Has Plenty of Flaws

So Gold is definitely more stable, but Bitcoin is definitely more useful. Ask the people of Venezuela right now how useful Bitcoin is when their national Bolivar is virtually worthless. Many in Venezuela are using Bitcoin to shop on Amazon (you can buy Amazon gift cards at Gyft and other online retailers) and have food into the country.

Bitcoin is literally saving lives. Gold not so much, as there is little food to be had in the country, and even if there was, you couldn’t use gold effectively to get it. Plus, have you ever tried to move gold across national borders? This is child’s play for purely digital Bitcoin, but the drones at your crossing are trained to dissuade you from moving your personal wealth in metal so easily.

You will be limited in how much wealth you can take with you on your trip, and you will end up on somebody’s list for attempting this level of financial freedom. Bitcoin owners never have that problem, at least in transit.

Gold is a shiny construct of value, most sent in ETFs or other digital forms representing its quantity and value. They should both prove to have a greater shelf life than any fiat currency since there has never been a fiat currency that hasn’t eventually reached its true intrinsic value, which is zero.

Bitcoinist_Convert Fiat To Bitcoin

In closing, I have never actually held a piece of 24k gold in my hand, and many of you reading this have not either, and never will. So again, the gold shares more with Bitcoin than you may realize. Even if you were one of the 1% that did physically hold some gold, what could you really do with it?

So in these uncertain economic times, all I can say is pick a side and start investing. If you can, buy both. Governments have tried to curtail Bitcoin use and the digital market adapts and grows like a virus, actually getting stronger and more diverse with each attempt at control.

Neither Bitcoin nor Gold, are going anywhere, so get it while it’s somewhat affordable. This may be considered a ‘Golden Age’ in wealth investing. What’s in your (digital) wallet?

Do you prefer gold, Bitcoin or both as a store of value? Let us know in the comments below!


Image courtesy of ZeroHedge, Shutterstock

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Led 02

Bitcoin Price Starts 2017 Right; Conquers $1,000 on Day One

· January 2, 2017 · 12:30 am

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A New Year means new goals and new possibilities. Everyone should have a goal to reach for the year to come, and we hope you reach your goals in 2017. Bitcoin has its own goals, but Bitcoin tends to be ahead of the curve when it comes to what it can do, especially when it comes to the Bitcoin price. 2017 has proven no different.


Bitcoin Hits $1,000 For the First Time Since 2013

Bitcoin spent New Year’s Day reaching its first watershed moment, eclipsing $1,000 USD in market value after a record period of Bitcoin trading in many markets around the world. Bitcoin began the day, in the West, valued at less than $970 USD, but as midnight struck in Beijing for the first time in 2017, one could clearly see that the Chinese market was ready to carry Bitcoin to its highest point since the first week of December 2013.

Within the first hour, values started to rise steeply.

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Every January 1st in China, the world’s largest Bitcoin trading market, represents the start of a new annual $50,000 quota to convert the yuan into foreign exchange resets in China. Every year, Chinese investors can legally take $50,000 worth of Yuan and invest it elsewhere. It doesn’t take E.F. Hutton to see where China is putting their investment capital these days, or in the days to come.

btc-china

Liu Dongliang, an analyst at China Merchants Bank Co., noted earlier this month,

In the new year, the new foreign-exchange purchase quota starts, so we expect yuan positions in January to drop significantly.

It was clear that there were many, many investors in China, and around the world, who were waiting for New Year’s Day to go on a Bitcoin buying spree. Unlike in the Mt. Gox bubble of 2013, this current “Bull run” is not built on the events of one centralized Bitcoin exchange, but demand at several exchanges both inside and outside of China.

What happens now?

In my opinion, there is little to stop this run from continuing. Hell, Sunday wasn’t even a business day and Bitcoin gained over 3%. Monday is going to be an observed holiday for many, but Tuesday can be more a huge day, much more lucrative than a $35 push on a Sunday holiday, with all bankers open for a full business day. I expect this run to last all week, if not all month, particularly in China, where regulations and Bitcoin’s increasing value in a declining market are spurring demand.

Bitcoin China Money

So, what’s next for Bitcoin?

Now that Bitcoin has reached its first goal of the New Year, the community can focus on Bitcoin eclipsing the value of Gold, which is currently trading at about $1150 USD. Mind you, Gold has been dropping in price over the last sixty day. It was trading at over $1300 USD in early November. That Bitcoin could reach $1,150 in value by the end of the month is certainly not out of the question. One bitcoin was selling for less than $850 USD just ten days ago, and now it’s bigger than silver already. So why can’t it gain another $150 in the next month?

The mainstream media can only watch in awe as the free market economic system works its magic on a global scale. It’s a new year and Bitcoin is picking right up where it left off in 2016, when it grew 132% in value, its best year since 2013. A smart investor might want to put a call in on Bitcoin this week. Early this week.

Will the Bitcoin price remain above $1,000 in 2017? Share your thoughts below!


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Kvě 15

Vaultoro Celebrates Anniversary With 50% Trading Discount

Source: bitcoin

Bitcoinist_Gold Bar

Vaultoro is celebrating their anniversary today, and platform customers can enjoy a 50% trading fee reduction for the next month. Trading between gold and bitcoin at discounted prices is always a bonus and an excellent way to celebrate this company’s service.

Also read: Will the Bitcoin Price Hang Where It Is for a Little While?

Trading Bitcoin And Gold At Vaultoro Becomes Cheaper

Ever since the Vaultoro platform launched – back in May 2015 – there has been a considerable interest in exchanging between gold and Bitcoin. For the average investors not involved in cryptocurrency, this platform provides an easy way to diversify one’s portfolio through Bitcoin without jumping through too many additional hoops.

At the same time, the platform gives Bitcoin users relatively easy access to gold, which is still a  very valuable commodity in the world today. With the gold value going up again in the past few months, the concept of investing in precious metals has become a lot more appealing to cryptocurrency enthusiasts all over the world.

Vaultoro CEO Joshua Scigala stated the following:

“With Vaultoro, clients are outside of the banking system. People buy physically allocated gold that is secured in their names as their legal property. All clients gold is off Vaultoro’s books, so if Vaultoro was to become insolvent then people still have access to their gold through the Pro Aurum Vaulting facility. Allocated gold means that even liquidators do not have access to clients property.”

Similar to most trading platforms, Vaultoro charges trading fees based on the amount of volume traded. For example, trading between 0 and 500 grammes of gold is subject to 0.5% trading fees, whereas anything above 5,000 grammes is subject to a 0.2% fee. However, given the anniversary of this platform, all of those fees will be cut in half.

This is pretty exciting news for people looking to explore the correlation between gold and Bitcoin trading. Even though the platform has been the cheapest and fastest way to hold physical gold in one’s portfolio for a while now, cutting the fees in half during the anniversary period will only attract more customers. At the same time, this makes the platform an even cheaper option to buy physically allocated gold with Bitcoin.

What are your thoughts on the anniversary and their reduced trading fees? Let us know in the comments below!

Source: News Tip Via Email

Images courtesy of Vaultoro

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Dub 30

OpenLedger Strikes Gold: DigixDAO Asset Trading Now Supported

Source: bitcoin

OpenLedger DigixDAO

Cryptocurrency exchange OpenLedger has added gold-backed crypto-token DigixDAO asset (DGD) to it’s list of supported tokens. Now, users can trade DGD for ether, bitcoin and all other digital assets supported by OpenLedger.

Disclaimer: This article was provided by Bitcoin PR Buzz. Bitcoinist is not affiliated with the firms represented by Bitcoin PR Buzz and is not responsible for their products and/or services.

DGD is branded as “a gold standard of cryptocurrency.” Each token is “hedged against a specific amount of real gold stored in the company’s [DigixGlobal] reserve.”

The crypto-token works like any other cryptocurrency, enabling users to transact in “digital gold” across the DigixDAO platform. Each DGD token represents ownership over 1 gram of real gold, which has been recognized as a reliable store of value for centuries. Furthermore, each token is “highly divisible,” which CCEDK says will allow people “to buy and transact as less [sic] as one-thousandth of a gram of gold.” The DigixDAO platform charges a a 0.13% fee on each DGD transaction, and users can redeem their tokens for the equivalent in gold on demand.

DGD coin trading launched on April 29, 2016, and currently can only be purchased with ether, the token fueling the popular Ethereum platform.

CCEDK says that that DGD is a “perfect fit” for its OpenLedger exchange,” since DGD trading is made possible on OpenLedger’s platform specifically designed for Ethereum-based assets.

Although DigixDAO currently uses OpenLedger’s Ethereum Assets listing feature for the DGD coins, it plans to independently list the tokens as DGX on OpenLedger in the future.

About OpenLedger

OpenLedger is a decentralized financial crypto-platform created by CCEDK, a well-known Danish cryptocurrency exchange. It allows users to covert bitcoin to fiat pegged SmartCoins which can then be withdrawn in multiple ways. OpenLedger is powered by Graphene blockchain technology, based on BitShares 2.0 MIT License.

About DigixDAO

Digix is an Ethereum based decentralized platform for gold backed peer-to-peer digital assets. The platform leverages upon Ethereum smart contracts and InterPlanetary File System hypermedia distribution protocol to facilitate the creation of transferable crypto assets on the blockchain.

Learn more about Digix platform at:

Learn more about OpenLedger DGD trading on bitcointalk:

Trade DGD with ETH, BTC or any other cryptocurrency at: o Users can also trade DGD with any cryptocurrency they like on OpenLedger’s innovative platform

Read more about DigixDAO and OpenLedger on Forbes at:

To view an introduction video about OpenLedger decentralized smart trading please go to:

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Dub 23

Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

Source: bitcoin

Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

In our previous look at the bitcoin price, we observed that everybody’s favorite coin had hit a barricade in its attempts to reach the top. The price was being described as stagnant, and everyone began wondering if Bitcoin had found itself a nice little hole to lay in for the time being before continuing its trek to the final point of the financial mountain.

Also read: Bitcoin Price: Stagnant or Satisfactory?

The Bitcoin Price Rollercoaster Returns

But just when we all thought things weren’t likely to change from here, bitcoin has pulled a trick from its sleeve and surprised us once again. At press time, the price of bitcoin is equal to about $443, a jump of nearly $13 since our last publishing, and everyone is taking notice.

Such a rise hasn’t been witnessed in some time, so what’s behind it all? Some claim the ongoing negative hype consistently surrounding bitcoin may be dying down. No doubt several of us still read about digital currency in the news and think to ourselves, “I could never get involved in something so dangerous” (things like last week’s hacking of digital exchange ShapeShift don’t help when it comes to changing perspectives). As time has gone by, however, the idea that bitcoin is somehow a nasty seed that harvests criminals and financial abusers has been disproved through the efficiency and safety of the blockchain.

The technology witnessed in the blockchain can be labeled as near-perfect in the sense that it prevents problems one might encounter in a traditional banking world, such as statement fraud, from ever occurring. Transactions are recorded in real-time through a ledger system that’s nearly impossible to be tampered with by a single hand. As more have come to terms with this idea, our mutual trust of bitcoin and its respective technology has also grown.

Now the time is arriving where people are beginning to look at bitcoin as more stable than gold. It’s a day that many investors likely never thought would come, but now the day appears nearer than ever. Presently, the bitcoin industry is estimated to possess a value of approximately $6.6 billion. Of course, gold still stands in the high $100-$200 billion range, but the bitcoin industry is clearly marked with the word “billion” in its description. That’s “billion” with a “b.” Not an “m,” and things can only get stronger from here.

So if bitcoin still has you worried, the time to overcome your fear is now, before the price gets too high and you find yourself unable to join in all the fun.

How high will the bitcoin price get? Do you predict another massive rise? Post your comments below!


 

Image credit: Insidebitcoins.com

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Úno 17

itBit to Expand Blockchain Operations Abroad

Source: bitcoin

itBit to Expand Blockchain Operations Abroad

Last summer the blockchain company itBit announced a secret project called Bankchain. The private digital ledger-based system is a clearing and settlement solution for financial institutions. Now the company has announced it is expanding further to streamline its services in London, the Middle East, and Africa. The Wall Street-based firm has hired Jason Nabi from Societe Generale to the itBit team’s EMEA sector.  

Also read: Tokken Puts the Legal Marijuana Industry on the Immutable Bitcoin Blockchain

“Bringing Faster Settlement Finality to Existing Financial Infrastructure. Bankchain is an innovative clearing and settlement system that leverages private permissioned distributed ledger technology to revolutionize how financial institutions operate post-trade.” — Bankchain Website

itBit’s Global Expansion Brings New Team Members 

Nabi is said to have extensive business leadership by spending over 20 years in securities services and post-trade operations. The blockchain company’s latest advisor has spent his career working for firms such as IBM, Bloomberg, and BNP Paribas security services. The startup reveals Nabi is an “established thought leader in market infrastructure, regulatory developments and blockchain, having helped the London market establish a focus on blockchain in capital markets post-trade.” itBit’s press release says the EMEA will initially focus on the United Kingdom markets and expand its services from there. Nabi says in the announcement that he is pleased to join the firm stating:

“I look forward to working with itBit to establish a leading presence for the company in EMEA, while driving initiatives to enhance and accelerate post-trade processes using our blockchain technology. The industry is at a turning point with distributed ledger technology, and I believe that itBit is the best-positioned firm to be a leader in this area with its Bankchain offering.” — Jason Nabi, ItBit

The FinTech startup ItBit told the IBTimes that the Bankchain project would initially focus in on the gold markets in London. Nabi tells the UK publication that they are working with gold traders and vault operations. Gold the new EMEA director says will be the Bankchain’s first use-case trial, but there are a vast array of other applications. Founder Charles Cascarilla has told the press many times that the business will offer a whole suite of products that utilize blockchain tech to leverage traditional capital markets. Hiring Nabi and working with the London gold markets the CEO of itBit says he is pleased to expand its company. Cascarilla states:

“London is a major financial services hub, with a concentration on blockchain innovation, technology and transforming fintech services worldwide. We are pleased to bring an industry veteran like Jason Nabi onto the team, given his leadership in blockchain applications for post-trade services and his deep understanding of financial markets globally.” Charles Cascarilla, CEO itBit

The itBit development has been ongoing since the company’s inception in 2012 and has had two offices located in New York and Singapore. It’s one of the first blockchain-based operations to comply with the New York State Department’s digital currency laws. In May of 2015 the company launched its first Bitcoin exchange after receiving a trust company charter from New York. Since 2012 itBit has been given over $28 million in funding from investors like Blockchain Capital, The Digital Currency Group, and other venture capitalists. Last year the company also took on new staff and board members including Danny Alter from Credit Suisse, Jim Manzi from Lotus, Kim Petry from American Express, and a 30-year veteran of NSA, Ed Giorgio.

The new expansion into the gold market in Europe is just the start of the business focus venturing out into global regions. The Wall Street-based firm says adding Nabi to the team who previously worked with London before and has a strong background in distributed ledger technology will give itBit an edge when it comes to innovation.

What do you think of itBit’s expansion into the London Gold Market industry? Let us know in the comments below.   


Images courtesy of Pixbay, Shutterstock, and itBit’s affiliated websites

 

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Úno 10

Diamond Market Meets Bitcoin Through Bitcoin.de

Source: bitcoin

Diamond Market

February 10, 2016,There’s a way to purchase diamonds now with cryptocurrency using the exchange Bitcoin.de. The Deutschland-based Bitcoin service has just launched an internal diamond store within its platform. Now customers can use bitcoin to participate in the diamond market and the precious metals scene through the company’s marketplace.

Also read: Online Gambling Made Easier by OnlineCasinoGuide

Entering the Diamond Market With Bitcoin

The business is pleased to announce this new feature saying:

“Bitcoins are scarce and have an innate mathematical beauty – properties they share with diamonds. If you prefer your beauty to take tangible form, you can now use your bitcoins to buy diamonds on Bitcoin.de. The bitcoin exchange is the first platform on which customers can spend their bitcoins on diamonds.” 

Bitcoin.de explains in its blog that gold, bitcoin and diamonds are valuable because they are rare. Because these three items are so scarce, the company thinks it is “only natural” that the exchange integrates diamonds into its peer-to-peer market. Bitcoin.de has teamed up with the diamond-seller Lieblingskapital to offer several choices of stones. They say people should be able to take the beauty of Bitcoin and turn it into a tangible form if one desires. The exchange states in its blog the current precious gemstone offerings:

“Buy diamonds in several sizes and colours. There are diamonds of 1/3, 1/2, 3/4 and 1 carat, and as many as five different colours. Clarity and cut – the most important of the so-called 4 Cs – are of highest quality.” 

Bitcoin.de says that all of the diamonds are delivered with an official certificate from the Gemological Institute of America. Lieblingskapital says that all of the gemstones meet the provenance legal policy and the company also claims the sales do not fund foreign wars. The business says they operate with the “highest ethical” standards and stay consistent with the “Kimberly Process.” The company offers luxury item portfolios via their online platform like Rolex watches, rare wines and classic automobiles. The Lieblingskapital website states, “We create and manage your individual asset portfolio.”

Bitcoin.de has been a reputable exchange in the region since its inception on August 26th, 2011 and has enabled peer-to-peer exchange for the Bitcoin/Euro market. The company made headlines in 2013 with its relationship with Fidor Bank and was one of the first Bitcoin businesses to establish this type of partnership. In February 2015, the exchange implemented collaborated with Fidor to speed up the EUR/BTC trading process. With the integration of the Fidor Smart Giro Account clients could exchange close to instantly due to the collaboration.

The exchange also has a gold market, offering both bullion and coins through the platform. The gold comes from BitcoinCommodities.com, which has specialized in precious metals since 2011. Bitcoin.de says the gold market has seen success, and this has caused the company to partner with Lieblingskapital. Oliver Flaskämper, managing director of Bitcoin Deutschland states:

“After the successful implementation of the gold store two years ago, we now offer our customers the opportunity to buy another attractive investment product with their bitcoins. Our customers buy the diamonds directly from the merchant, but on a platform they can trust – Bitcoin.de. Our customers have trust in us, we have trust in the merchant – this circle is closed with the integration of the diamond store on Bitcoin.de.”

Bitcoin.de believes that introducing diamonds to the digital currency marketplace should be just as natural as precious metals. The exchange is excited to be able to offer rare stones for BTC and will be starting the service in Germany. The platform will expand to the rest of Europe later on. The blog also explains that delivery will take roughly ten days for the diamonds, and delivery costs are more in line with value. The exchange believes BTC and gemstones go hand-in-hand saying, “Bitcoins are scarce and have an innate mathematical beauty – properties they share with diamonds.”

What do you think about a Bitcoin marketplace that offers diamonds? Let us know in the comments below!

Disclosure: Bitcoinist is not affiliated with any of the above-mentioned companies


Images courtesy of Shutterstock, Lieblingskapital, and Bitcoin.de web pages

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