Bitcoin has many nicknames, but fewer have entered the public consciousness quite like “Digital Gold”. We’ve heard this moniker so many times, we don’t even think about it anymore. But is it possible that this title has been misapplied?
Like gold, Bitcoin exists in limited supplies. Like gold, Bitcoin is mined (sort of). Beyond these two points, though, there really isn’t much that BTC has in common with gold (Au). Gold is a physical asset. It’s removed from the ground for its use in industry and as an asset of exchange. Bitcoin is contained in software. And even though it is o used in the financial world, it never takes a physical form, nor is it applied to many of the same use cases as gold.
However, this is not to say that another cryptocurrency can’t function this way. We’re pleased to introduce KaratGold Coin (KBC), the first cryptocurrency that may actually fulfill all of the qualifications necessary for something to truly be called “digital gold”. Here’s how it works.
KaratGold Coin – Exchangeable for Real Gold
KaratGold Coin (or KBC) is a cryptocurrency offered by Karatbars International. Karatbars is a gold company that has been in operation since 2011. In their near decade of business, Karatbars has fulfilled the mission of Dr. Harald Seiz – to make gold useful as a currency again.
Almost all nations have abandoned the gold standard at this point in history. There are many reasons for this, but in most cases, gold is simply to value to function as cash anymore. Even small coins have values in the hundreds of dollars, so it’s hardly a practical way to buy a cup of coffee at Starbucks.
Dr. Seiz saw an alternative to the degilding of the world’s financial systems. With CashGold, Karatbars introduced physical currency notes with tiny gold bars inset. CashGold can be stored in a wallet or accessed through an ATM.
In February 2018, Karatbars introduced KaratGold Coin in a $100 million ICO. Starting July 4, 2019, the coin will be exchangeable for CashGold notes, through participating ATMs. With this system integration, gold becomes fully digitized. Those who wish to buy gold virtually can do so through KBC. If they ever want to trade their KBC for the real thing, they can do so.
KBC has other utilities. The coin will also be the native currency on the IMpulse K1 smartphone. The Impulse K1 is the first smartphone with a blockchain powered operating system. KBC will pay for call time and all other functions, making it the first choice for any gold investor who also loves blockchain. When using the phone calls and text messages are not transmitted through conventional ways, but instead, they are encrypted and broadcasted by a newly created Voice Over Blockchain Protocol (VOBP). It uses peer-to-peer encryption that cannot be hacked or manipulated. Data stored on the device, such as images or documents, are saved and enciphered through the IFPS platform, which is a decentralized storage medium based on blockchain technology.
Karatbars International has created a truly unique, unified digital gold ecosystem. Through the K-Merchant application, KBC can also be spent online through thousands of retailers. This completes the circle, digitizing gold and making it spendable online.
Through the efforts of Karatbars, gold is no longer an antiquated asset. People can buy gold with Bitcoin, Ethereum, and fiat currencies, anywhere in the world, then spend it online through KBC or increase their stacks of CashGold notes through exchange of the crypto asset. It’s an incredible system and we are conviced that it will have a bright future.
