Thursday, January 16th 06:13 PM IST

First Bitcoin backed by Gold and Silver gains global attention

# bitcoins  # gold  # silver  # trading  # digital currency  # crypto currency  

After the bitcoin fever, many other coins came into existence and right now they make up for a 13 billion USD market. Most cryptocurrencies on the market are based on only mathematical algorithms but lack any physical backing. NoFiatCoin (XNF) combines the best of cryptocurrency with the best of the physical world by backing it with gold and silver and redeeming it for the same.

FRANKFURT, GERMANY: A new digital currency backed by gold and silver is attracting wide spread attention on the internet. Traded on the Ripple Network, this next generation cryptocurrency released by NoFiatCoin | XNF is the first coin in the digital currency market to be backed by precious metals. The coin was released on the 6th of January and saw its value rise almost 50% to $2.10 in just one week.

After the bitcoin fever, many other coins came into existence and right now they make up for a 13 billion USD market. Most cryptocurrencies on the market are based on only mathematical algorithms but lack any physical backing. NoFiatCoin (XNF) combines the best of cryptocurrency with the best of the physical world by backing it with gold and silver and redeeming it for the same. This makes XNF the first digital currency that could be exchanged for valuable assets. So even if is never accepted by any merchants, due to government or financial institution’s pressure, XNF will still live on in its own precious metal ecosystem, and that gives it the ultimate edge over other crytopcurrencies.

NoFiatCoin wants to avoid problems associated with mining: waste of computing power, energy and the possibility of a mining pool taking control of the market by acquiring 51% of all available mining capacity. Therefore XNF, like XRP (currency of the Ripple Network) are pre-mined and can be directly obtained on the Ripple Network or through XNF Exchanges.

These exchanges also provide unique services that will enhance the Ripple Community’s ability to move funds in and out of the network, by means of exchanging XNF, bullion, gold and silver coins.
XNF Exchanges have the capability to redeem the NoFiatCoin digital currency for actual gold and silver. These new services allowed by the NoFiatCoin ecosystem, make it a revolutionizing concept with the potential to disrupt many aspects of the financial system. Now, you are able to store your precious metal assets digitally, in the cloud, and withdraw them at any future XNF Exchanges around the world.

Courtesy: PRWEB

How about a fully featured Android App for your business?

Bullion Street Newsletter