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When you are looking to invest in Cryptocurrencies, there are some things to keep in mind. Some coins are backed by actual gold, which has had value since the beginning of time. You should take into consideration what the coins mean, what, if anything, they are backed by and what they stand for. There are all kinds of alternative coins out there and every one of them has a reason for their existence. Finding that reason will further help you to understand what you are investing in. We are going to take a look at the gold-backed cryptocurrencies you can find on the market. Of course, this will not be an extensive list, but a list of some of the best.
This gold-backed cryptocurrency was to target Muslim nations. This was the very first coin to take on this concept of gold backing. And, they did it because they wanted to appeal to the Muslim nations. Gold is one of the six ribawi commodities. These commodities are gold, silver, wheat, barley, dates, and salt, free to trade in the Muslim world. This is often dubbed as the “Muslim coin” because of its history.
Gold Bits Coin (GBC)
This is a gold-backed cryptocurrency out of Australia. This particular coin is only backed by 15% gold. It is known for its ability to pay for online purchases. It believes that the only way cryptocurrencies are going to take off is if people can use them to buy what they need and want.
Digix Gold Tokens (DGX)
This is a cryptocurrency company that has a storage facility in Singapore for all the physical gold that it is backed by. This facility is called the “safe house” and rightfully so, as it is monitored every few months by a french company to ensure that the gold remains there. All the ownerships are tracked using the blockchain of Erthereum.
Zengold is based in China. Each ZNG coin represents 1 gram of gold. They store their gold in the Shanghai Gold Exchange Vault. They use the Metaverse Blockchain to track their member’s purchases. This coin is known for its low transaction costs.
This is a coin that is based out of Malaysia and is fully backed 100% by pure gold. 1 GOLDX is tied to 1 gram of gold. You can get this coin by being a member of the HelloGold Foundation or trading into the foundation.
This coin provides financial assistant to Artisanal Small Gold Mines worldwide. The production of these mines will store the gold that they find in a vault that will back their GoldfinX coin. The first gold was delivered at the end of 2019 and will remain there to back the investments of the investors.
G-Coin is based out of San Clara, California. Every coin is backed by physical gold. The ownership of this coin, means you own that much gold which is stored in a secure and insured vault. This is tracked through blockchain.