The Magic of Gold and Digital Monies
Imagine a world where you only make digital purchases; buying, selling or trading money or gold. A new system - an evolution of the fiat system and financial systems we know today. The reality can be experienced by the most financially literate or illiterate in many parts of the world, shared by everyone from a businessman in Dubai to a mother in San Francisco. The magic happens online.
As the journey of cryptocurrency market adoption marks ten years, the issues still remain: how do we make cryptocurrency accessible to billions of people, safely and legally? And what types of purchases are possible? How secure and fast are these transactions? These questions mark an era of immense transition, exciting times for learning, business and social impact.
First, an internet connection, broadband or wifi, is needed to access the many products and services available in this industry. Next questions arise about risks of recording information digitally, especially when purchasing cryptocurrencies on digital exchanges. All passwords must be stored safely in a digital wallet, flash drive, an encrypted note or even a bank vault.
Wondering why the prices of cryptocurrencies keep fluctuating and how to minimize this? One way to reduce price fluctuation and uncertainty is through stable coins. This type of cryptocurrency supplies digital exchanges with a price to one of the world’s major legal tenders such as the U.S. dollar or Euro or to a precious metal such as gold or silver. Benefits include the ability to transfer digital assets without high, international transaction fees.
At Counos we developed our own stablecoin. Counos Coin is a Cryptocoin based on the Litecoin source code and has a completely independent network. Its encryption algorithm is similar to that of Litecoin and uses SCRYPT algorithm, a type of blockchain which supports the operational capacity of cryptocurrencies. The Counos platform, although released with a fixed price Coin (Counos Cash, Counos E, Counos U ,Counos CAD), can be increased like any other cryptocurrency when demand increases. One unique aspect of Counos cryptocurrency is that you can even buy gold with it.
Looking ahead another decade, we can say that cryptocurrencies are here to stay, where everything that you ever designed, gold or not can be purchased safely online knowing that the price of gold and our stable coin is the same for the businessman in Dubai as it is for the mother in San Francisco.
Written by Pooyan Ghamari in collaboration with Alice Hlidkova
Photo Source: Counos.io