Goldcoin Review: Is it the best stablecoin?

goldcoin review


In 2020, we have seen gold-backed stablecoins continue to grow in popularity. This increase is courtesy of the economic turmoil stemming from the COVID-19 outbreak. As calamitous as these series of events have been, it has effectively attracted investors to assets that function as a store of value and a stable hedge against volatility. Among these stablecoins is the gold-backed cryptocurrency, Goldcoin.

Goldcoin boasts that it is the world’s first “Hard Money” and possesses a secure value store and cash payment system. It is fully decentralized and distributed, and its operations are fast and free. It labels itself as digital gold for a whole new generation.

Understanding Goldcoin

Goldcoin is a gold-backed crypto coin that is built on the Ethereum blockchain. The coin’s very existence is the first time a fractionalized asset backed by gold can be bought with either fiat or virtual currencies. Each Goldcoin is worth 1/1000 of an ounce of 99.9% fully redeemable pure gold. The team behind this cryptocurrency believes that investors have an opportunity to use gold as a functional currency while at the same time having access to the physical asset.

Ethereum, the platform on which Goldcoin is built, is among the most popular and stable locations to create cryptocurrencies. This provides substantial legitimacy to the entire project because the smart contract address for Goldcoin is easily viewable on Etherscan.

Projects based on a strong foundation will typically attract more investors, thus giving a boost to the value of the underlying cryptocurrency. Moreover, it will cultivate long-term stability.

The importance of security

Security and safety are two of the most important factors for any gold buyer. Connected to these features is the fact that a concern with stablecoins is the lack of physical assets to back up the digital currency. On top of that, valuable bullion storage leads to the risk of theft unless it is in a bank or storage facility, which can be costly.

Those investing in Goldcoin have the distinct advantage of buying digital coins in a secure fashion with a smooth process of redemption. Additionally, on its website, Goldcoin lists the redemption process steps for physical bullion. Afterward, holders collaborate with team members to validate holdings and receive a physical location where they can pick up the bullion.

Coin holders need to verify their identity before placing an order for physical gold. This will ensure that the account holder is the sole eligible figure for the pickup of the physical bullion. This transparent and simple redemption process sets itself apart from competitors that are more often than now vague about the redemption process of physical bullion. Those buying and selling on Goldcoin’s website are also required to conduct two-factor authentication before they log in. Doing so will effectively lessen the chances of potential hacks.

The security and storage of coins is straightforward, thanks to the Ethereum blockchain. Goldcoin can be kept in an array of well-known and easy-to-use Ethereum-based wallets, some of which include Ledger, Trazor, and MetaMask.

Plans for the future

Many projects thrive while others are not as fortunate. There are just as many cryptocurrency projects that do not survive in the long-run due to their teams not having a clear vision for the future. A project that falls apart will, in turn, harm investors due to their coins possibly losing their worth overnight.

The project’s listed plan consists of being added to a leading cryptocurrency exchange in the upcoming year. Additionally, they plan on opening Goldcoin purchases through an ATM and precious metal network. Plans for future quarters include an expansion of the Goldcoin team and an increase in both market opportunity and business development plans.

Goldcoin has a vision that is well-defined and concise. The objectives are realistic, especially when applied to the difficulties that have been experienced in 2020. Projects that have a clear vision for the future and a roadmap for growth will typically perform well, which will boost the coin’s value and sustainability.

The Bottom Line

All in all, it is evident that the team behind Goldcoin has a clear vision and strategy for the cryptocurrency’s future. The project focuses on transparency, security, and legitimacy to make Goldcoin a worthwhile investment.

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