The Top 3 Silver-Backed Cryptocurrencies

The Top 3 Silver-Backed Cryptocurrencies

Cryptocurrencies are now a hot topic everywhere around the world. It is a lucrative form of investment with everyone seeking high returns on this form of currency.

Now, cryptocurrencies are considered to be part of a parallel economy in many developed countries and gaining mileage in a number of developing countries as well.

Huge investments are being made by well-known business houses and individuals.

The last few years have seen rapid growth in cryptocurrencies in various sectors of the global economy.

After 2020 this virtual currency has gained a reputation to the extent of being considered more stable than cash in a bank or any reputable financial institution.

The initial apprehension during the starting stage due to the high instability and scarce knowledge about cryptocurrency is now a thing of the past.

It is entering the economies of more developed countries and as we mentioned, it has even started appearing in some developing countries as well.

However, during recent years, investors have begun to feel considerable discomfort about the volatility of the cryptocurrency market.

They are now looking for more stable forms of cryptocurrency and the search has led them to cryptocurrencies backed by assets in precious metals like gold and silver.

As early as 2018 the Perth mint in Australia developed a gold-backed cryptocurrency. It was to nurture investment in precious metals like gold and silver.

The impact was so great that the biggest gold refiner in Australia commented on this development by the mint.

They said that it reflected an increase in the interest of investors to invest in alternate forms of crypto coins.

So, although fiat-based cryptocurrency continued, as usual, today we see the emergence of some new cryptocurrencies which are backed by bullion.

Although crypto coins backed by gold have gained prominence in the market today, some silver-backed cryptocurrency has also begun to gain prominence.

Silver: The Dark Horse in the Race

Historically, silver has been underestimated over and over again in precious metal trading as compared to the high value of gold. However, here is an asset that is finally gaining its due recognition today.

Due to the low price of silver, buyers are attracted to it because of the relatively higher quantities they can buy compared to gold.

Moreover, silver as a cryptocurrency is proving to be stable be at a minimum compared to the spot price of this metal.

With its increasing popularity, investors hope to see an increase in the value of silver-based cryptocurrencies.

It can happen with the rising demand for silver against gold due to its comparatively low price against the exorbitant value of the yellow metal.

Investment companies have come forward with a basic explanation of how this rise increased favor for silver. What they say is that silver as compared to gold is considerably more volatile.

Because of its low price, it gives investors ample room to play around with the value of this precious metal.

Investors can then capitalize on the volatility of silver-backed coins and if invested prudently, they could be rewarded with high returns.

Prime Silver Cryptocurrencies in the Market Today

Silver Cryptocurrencies

Although many silver cryptocurrencies have emerged in the market today, the three silver-backed coins that have attracted the attention of investors are SilverToken, Silverlink, and SilverCoin.

Let’s take a closer look at each of these three silver-backed cryptocurrencies:

SilverCoin

SilverCoin is a highly-secure form of cryptocurrency which is fractionalized and inclusive enough to become a preferred choice of investors.

It is the first silver-backed coin to be fractionalized and available to be exchanged for either virtual currencies or fiat money. Fractionalization offers increased flexibility in the way investors invest in these crypto coins.

There are no identification requirements to purchase SilverCoin which guarantees anonymity. You merely need to have an Ethereum wallet address to buy SilverCoin.

SilverCoin is backed up with real-time reports loaded onto a Livestream by the SilverCoin team. The reports include website audits that are easily accessible to investors at any given time.

SilverCoin is also significantly secure with authentication on two levels while logging in for added security.

Another attractive feature of SilverCoin is that you can redeem your cryptocurrency at any given time in exchange for 99.9% silver bullion whenever you wish.

Silverlink uses the Ethereum network and acquiring this coin is quick and easy. Each coin is the equivalent of 0.999 certified silver.

If you place an order on the Silverlink site, you can acquire silver bullion across various countries like Australia, China, Chile, Mexico, Russia, and Peru.

On producing your identification documents, you receive a Silverlink token and then you are eligible to mine it through a smart contract.

You need an ERC-compatible wallet to trade in these silver-backed crypto coins. There is a fixed fee for each transaction, and the value gets deducted against the value of Silverlink held by the investor.

SilverToken

With SilverToken you get the value at the rate of 1:1 for every ounce of silver you buy. You are entitled to 99.9% silver which is in line with the rules and regulations of the London Bullion Market Association (LBMA).

An interesting feature of SilverToken is that they have capitalized on the concept of the silver dollar. SilverToken offers an alternative cryptocurrency called the “silver dollar” (SLVD) that is equal to $1.00.

when you buy SilverToken, you can either continue to hold your coins in SilverToken or you can convert your coins into physical bullion that will be mailed to you.

SilverToken is extremely versatile in the sense that you can use it to buy everyday items in both goods and services.

The SilverToken team claims that the purchasing power of their crypto coin is one of the easiest to understand and most relatable to its purchasing power.

Conclusion

Today, crypto coins backed by physical assets are becoming more and more popular. Islamic nations have embraced gold-backed cryptocurrency because they perceive it in line with Sharia law.

According to Sharia law, any economic activity should not be profitable as a result of speculation, which is what gold-backed cryptocurrency can deliver.

For the rest of the world, silver-backed cryptocurrencies seem to be growing exponentially as investors continue their search for stable coins like silver-backed cryptocurrencies.

Each of the three cryptocurrencies listed here promises to grow and provide some exciting returns.

Be aware that investing in cryptocurrencies like any investment vehicle has its risk factors.

Therefore, you would be best advised to educate yourself about each form of cryptocurrency and understand the possibilities involved before investing.

However, according to the emerging scenario, silver-backed cryptocurrencies seem to offer some exciting investment opportunities worth investigating.