Partner Article

Bitreserve Brings Back the Gold Standard with Launch of Gold Card

London – Wednesday 3rd December - Bitreserve’s cloud money system has announced it now supports bitgold via its Gold Card. Members can hold their bitcoin as stable gold value and spend this precious metal anywhere bitcoin is accepted.

Today, gold is considered by many to be the safest and most stable store of value. The market capitalisation for gold bullion and gold-backed financial instruments is worth hundreds of billions of dollars. Holding gold value has become easier with the introduction of exchange-traded funds, such as SPDR Gold Shares and iShares Gold, but spending out of gold-based store of value — using gold for everyday commerce — hasn’t been possible for a very long time.

Bitreserve’s Gold Card is reviving gold for the purchase of goods and services. Its members can convert their bitcoin to bitgold, this value will be substantiated by bullion in the company’s reserve, but still spend it as bitcoin. By creating a bridge between the revolutionary Bitcoin protocol and gold bullion, members can instantly send or spend bitcoin from the gold held in their Bitreserve wallet.

“Many ask why we would revive gold for everyday commerce?” said Tim Parsa, ‎President Global Strategy and Markets at Bitreserve. “At Bitreserve we are all about innovating to solve problems and thereby saving consumers and businesses time and money. When we opened our doors to the public last month, we provided a much-needed haven from bitcoin volatility by enabling our members to hold their bitcoin as any of five stable real-world currencies but still send and spend bitcoin over the Bitcoin network.”

Parsa continued: “With the Gold Card, our members can now hold and spend value in two global and decentralized currencies — bitcoin and gold. They can also instantly and at low cost convert value between them, sending or spending bitcoin out of their Gold Card, or sending/spending gold from their Bitcoin Card.”

Bitreserve has partnered with leading institutional precious metals provider GBI to ensure all Bitreserve gold is backed by real gold, not Exchange-Traded Funds (ETFs).

This was posted in Bdaily's Members' News section by Halsey Minor .