The gold storage company known as Anthem Vault has decided to release a new crypto currency that is backed by precious metals. Each “coin” will be valued at 1 gram of gold, and will be called the “Hayek,” after Austrian Economist Friedrich Hayek.
“It has the added advantage of making precious metals more versatile on the global marketplace, since physical delivery is not required. But that brings up a troubling issue. It’s nice not having to take a delivery for every transaction, but it would also be comforting to know that you could take a delivery for physical gold if you wanted to.
After all, is a currency truly backed by gold if you can’t have the gold?,” writes the Daily Sheeple.
Good question. How do you know the gold is actually there? You don’t. Another company, Karatbars International, based in Stuttgart, Germany, has solved the problem of having to take physical delivery of your gold.
For 4 years now, they have sold cards that contain an actual gram of gold that can be used as payment in stores called K-Exchange centers. The company has expanded into 123 countries this year.
Considering the German owner, Harald Seiz, created this company in light of the historical context of the hyperinflationary days of his grandparents in Weimar, Germany, you can see why he covered all the bases.There is even an app coming out shortly that will enable you to transfer your gold from your account to a vendor account.
Why would you want Bitcoin, when you can have a currency that is the premier currency of all time? Because of gold’s super-stable track record of preserving purchasing power, combined with the fact that all central banks use gold as their form of payment between countries, then you can see why Karatbars has created the ultimate form of alternative currency, essentially ‘Bitcoin on steroids’.