Understanding Gold Backed Cryptocurrency & Karatcoin Banking System

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

Following the collapse of the cryptocurrency market some time ago, many in the professional community have been asking big questions about what role cryptocurrencies play in society.

In 1971 the USA abolished the “gold standard”, and since then no state has provided full gold backing of money. The gold standard is a monetary system where a country’s currency has a value directly linked to gold. Now in the world, there is no country that has currency linked to gold, Consequently, there is no currency that could be reliable, and any economic disruption and political upheavals within a single country can cause significant shocks to the economy and affect the volatility of its money.

With the future of money moving in the direction of cryptocurrency, the surest form of investment that can guarantee an almost impenetrable investment plan would be a cryptocurrency backed by Gold. Guess what, it already exists and is thriving.

KaratBank Coin is a blockchain-based crypto coin that’s linked physically to the deposited gold; once the coin is linked to a specific weight of gold, it’s called CashGold. A specific number of KaratBank Coins can be exchanged for CashGold at any given time. In simple words, these crypto coins will be used as an electronic payment for everyone who knows that gold is a true, secure, traditional, value-stable medium. The best part is that this coin can be seamlessly exchanged for cryptocurrencies and fiat currencies worldwide—the exchangeability of this crypto coin will definitely fuel its value.

Talking of this crypto asset’s exchangeability, we can’t fail to mention that it’s designed to be easily transferred borderless, securely, cost-efficiently, and in real time. While every digital currency value is quite unpredictable, KaratBank Coin is different in a good way. That’s because this digital currency’s value is predictable as the gold’s value has a rich tradition of remaining stable; for this reason, the volatility factor associated to this crypto coin goes out the window. And this feature will definitely boost this coin’s market value to a whole new level.

This crypto coin, and its associated ecosystem is being managed by KaratBars International. As per the project’s whitepaper, this holding company has attracted near about 480,000 customers who’re located in nearly 138 countries; plus, the company has even managed to raise USD 120 million. Since the holding company that’s backing the project looks quite stable, the coin definitely seems to be the next big thing in the crypto space.

This crypto coin is part of a big ecosystem that’s known as KaratBank ecosystem; apart from the coin, the ecosystem has the KaratBank eWallet, Karatbars Pay payment System, Karambit Exchange. All in all, this ecosystem is designed to make sure that its users don’t have to rely much on any third-party crypto-service provider. Now, as the ICO list is getting populated by new crypto applications, it’s difficult for a development team to make its project stand out. With respect to that, let’s see all the top highlights that set KaratBank Coin apart from the rest:

Powerful ecosystem

Right now, global payment architecture is quite fragmented, inefficient, time-consuming, inhomogeneous, and expensive. That’s precise because the traditional payment system is controlled by banks, and that’s how centralization is making things worse and slow for the economy. Now, this is what Karatbars International has noted—and its solution is its own ecosystem that’ll redevelop the importance of gold as a robust payment system.

Along with its native cryptocurrency, KaratBank Ecosystem will allow its users to pay for services and products anywhere, anytime. Apart from having KaratBank Coins, the ecosystem has another physical currency—CashGold. Now, CashGold will always be used as a robust gold-bearing note that’s quite similar to other bank bills. All in all, the ecosystem includes the following components.

  • KaratBank Coin
  • Karambit Exchange
  • CashGold
  • KaratBank eWallet
  • KaratPay
  • Karat Points of Acceptance

Building robust partnerships

The holding company behind this crypto coin is establishing a deep and broad network of fair organizers, media partners, service providers, advisors, and merchants. Every single partner of this network will actually be a business partner who’ll accept KaratBank Coins as a payment method.

This partnership, in turn, will successfully promote KaratBank Coin’s use and will boost its value. Plus, the partners of the network will receive an incentive of promoting this native crypto coin. Because of these partnerships, it is easier to believe that the value of the coin and its ecosystem will be strengthened in the coming time

Distributing the crypto–coin

The distribution of these coins is completely dependent on the market participants’ needs. The participants in the market, today, need a robust payment method whose value is stable and that’s generally accepted worldwide. Well, this native crypto coin is all set to meet these requirements to a tee. This coin is actually based on gold—a value-stable commodity that’s globally acknowledged and accepted. The gold that can be used for this purpose is the ecosystem’s in-house CashGold currency.

Also, more than 480,000 individuals will have already purchased small gold bars in the form of CashGold. The company that’s issuing these coins will have access to all the investors who own CashGold and who may be interested to buy these native crypto assets. Even the holding company will have quick access to the robust network that’ll list all the different prospect points. Also, the market of this coin will be assessed by the demand for gold—as a complete investment commodity—and its international prices. Further, even when the bank-backed bills’ future looks uncertain, the merchants will easily accept gold because of its high intrinsic worth.

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