Bringing Cryptocurrencies Up to the 'Gold Standard'

In 2017, when the price of Bitcoin reached parity with gold, cryptocurrency grabbed the attention of gold investors around the world for the first time.

In 2018 so far, Bitcoin has shed its price by more than 50 percent at times from its year-end price of $13,000 in 2017.The age-old stability of gold has survived the trials of time, consistently providing real value to all investments.

Gold prices have been on an upward climb since 2011, and are expected to provide a profit opportunity of 300 percent by 2020 as investors flee to gold as a safe haven from market uncertainty and political turmoil.

The idea of a gold digital currency has always had an appeal for those looking for an alternative payment system, much before the era of bitcoin and blockchain technology.

Not long after the internet went mainstream E-Gold emerged as the first digital currency backed entirely by gold in 1995.

Although the concept behind digitizing gold for transactions may not be new, advancements in technology have enabled the realization of this concept better than ever before.

This presents an unparalleled opportunity to combine the age-old reliability of gold as a store of value with the efficiency of the blockchain as a medium of exchange.

Needless to say, gold emerges as a leader in the search for a reliable asset to form the basis for cryptocurrencies.

To move this currency away from just being an investment to a usable medium of exchange, it is also critical to make sure users have the ability to spend this digitized gold as fiat currency through a debit card, accepted as widely as Visa/Mastercard.

Not only will it address the increasing volatility in the cryptocurrency market, but it will also allow gold to make its way into an internationally usable monetary system - bringing cryptocurrencies up to the gold standard they need to be at.