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The most known crypto currency is the Bitcoin. Some believe in strong gains of value, but such means of payment also have an immensely high risk potential like no other. Serveral countries are just before the forthcoming reintroducing of gold based currency standards from China, Venezuela with its enormous oil reserves, Russia among other countries. As soon as one of the above-mentioned provincial governments has followed their announcements, all "Fiatmoney" and cryptic influences will be greatly diminished!
Apart from the price fluctuations, the advantage of cryptic currencies lies in the anonymity. Very easy to transport, whether on a stick or in form of a QR-code. In this respect they are lighter than gold and undetactable.
The mutation to fad is certainly another aspect for caution, because there are more and more cryptocurrencies entering the market. The Bitcoin has recently benefited from its name recognition. There is also the Bitcoin Gold, Bitcoin Cash, Ripple, Neo, Litecoin, Monero, Dash, ZCash and many others. Already 1.500 different cryptocurrencies are on the market and there will be more.
The Bitcoin protocol an therewith the amount of Bitcoins which can be produced is limited to 21 million. The Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) have approved Bitcoin for future-trading.
If you want to exchange crypto currencies into state currencies or vice versa via a "wallet", the company that provides this service must first have the corresponding quota free. This is not always the case or is often insufficient. The exchange does not take place immediately.
Cryptocurrencies are usually being traded in leverage 1:1 to 20:1 against the USD. Therefore, the regular Forex trade, which can be carried out on the same platform to a lever of 1000:1, remains undisputedly the preferred product of most investors.
In January 2021, the head of the European Central Bank Christine Lagarde called for regulations to be enacted on a global level and described Bitcoin and other crypto currencies as reprehensible.
On June 29, 2022, negotiators of the EU Parliament and the member states agreed on an amendment to the law that will track and identify the transfer of digital assets in the future. The crypto industry and lobby groups resisted these plans in vain.
GOLDBACKS, on the other hand, represent a tangible asset. The notes embedded with 24-carat gold explicitly indicate that this is not a legal tender. It is up to everyone to accept the notes as a medium of exchange. Read more on our FOREX page.