#110 - Press Release #3 - KARATGOLD COIN (KBC) IS DIGITIZING GOLD…FOR REAL THIS TIME
By Jeremy Biberdorf - May 14, 2019
Gold is defiantly old school. This earliest form of money is extracted from the ground, hoarded away by misers, and traded for swords and armor (in video games). Since the dawn of Bitcoin, there has been plenty of ink spilled about “Digital Gold”. Bitcoin, finite in supply and used as money, had many of the earmarks of gold, although you can’t build anything out of Bitcoin or melt it down for scrap.
KaratGold Coin (KBC) has changed this. The first coin to truly digitize physical gold, KBC holders have the opportunity to exchange their KBC holdings to CashGold, physical bills with tiny bars of gold built into physical bills (just like Dollars or Euros), at Karatbars International’s ATMs (after the July 4, 2019 launch as part of the Gold Independence Days). This will be made possible because KaratGold coin was founded by a real gold mine operator and gold veteran, Dr. Harald Seiz.
Karatbars International was around long before Bitcoin and is a well known industry player. Founded in 2011, Karatbars was (and is) an attempt to sell small amounts of gold to the average person, in forms that are easy to use as money.
Gold used to be standard currency for thousands of years, but it’s a very clunky candidate for this job in 2019. Heavy and soft, gold is too valuable to use in coin form (each coin would be much too valuable for walk-around spending), and most nations have long abandoned the old gold standard currency for thousands of years, but it’s a very clunky candidate for this job in 2019. Heavy and soft, gold is too valuable to use in coin form (each coin would be much too valuable for walk-around spending), and most nations have long abandoned the old gold standard. Karatbars got around these limitations by selling gold in tiny quantities. For example withCashGold notes, which contain 0.1 gram gold bars.
CashGold solved the portability issue of gold, but it still didn’t change that fact that precious few retailers and consumers accept gold as currency. Imagine going to Starbucks and trying to pay in CashGold. Dr. Seiz recognized this limitation on his innovative product, but he wasn’t stumped. That’s why KaratGold Coin launched last year, along with its spending app K-Merchant.
With KBC investors benefit from a high flexibility, meaning that if should they should not want to keep up with physical gold, they can spend their KBC tokens through the K-Merchant app.
K-Merchant is a payment gateway that unifies gold, KaratGold, Bitcoin, Ethereum, and various fiat currencies. Those who own gold remotely, through KaratGold, can spend it however they wish, without having to go through the trouble of finding a buyer for gold. Should they wish to buy more gold (or sell it), they can do so with dollars, Euros, BTC, ETH, and a growing variety of fiat currency options. A novel use case will also take place in the IMpulse K1 phone – a blockchain-driven smartphone upon which KBC is the native asset.
KaratGold is the first true digitization of gold. This makes it a candidate for widespread adoption in the current incarnation of the crypto industry. Volatility and market economics need not be the only basic of value in this new asset class. KaratGold Coin thus should be on every investor’s watchlist.