Innovation behind bitcoin might change physical gold trading– RT Business

© Lucas Jackson Are bitcoin & other cryptocurrencies overhyped & dangerous?Exchange owner CME Group, TradeWind Markets, and financial technology company Paxos are working to make the$27 billion-a-day gold market digital.The business say it will include more openness and security to the gold market

.”Digital gold would take market share away from other gold instruments: futures, physical gold bullion, gold ETFs, “Ebele Kemery, head of energy investing at JPMorgan Possession Management informed Bloomberg.Blockchain can be rather convenient in gold trading, as it is safe and quick, states Pierluigi Paganini, CTO at CSE Cybsec Enterprise.”It is quite safe and secure from the technical perspective, however you have to rely on the entire system. It is for sure faster than standard trading, and it is cost-effective,”he told RT.”It gets rid of the troubles like moving gold around or carrying it rapidly,”Paganini added.James Turk, the creator of GoldMoney and Lend Borrow Trust, told RT that people will still adhere to standard gold bullion, as it is physical, unlike bitcoin and other cryptocurrencies. Blockchain will not solve the issue of the physical shipment of gold. “Physical gold is an item of nature that has acted as money for 5,000 years. Bitcoin is a man-made product with less than 10 years of history. Gold is something you can hold in your hand, whereas bitcoin is basically simply

a mathematical formula,” he said.Bitcoin, one of the very first digital currencies to use blockchain, has actually more than quadrupled in rate this year to more than$ 4,300. A single token is worth 3.3 troy ounces of gold since Friday.” Costs for bitcoin depend solely on the relationship between offer and demand. If we consider these elements, then it makes sense. There is no centralized company that establishes the price of this cryptocurrency,”Paganini stated. The bitcoin revolution has caught the attention of conventional banks and hedge funds. Financial companies are dealing with a platform that will utilize blockchain technology to confirm and tape-record deals in gold trading.


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