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For example, a currency backed by gold may have a guarantee that units of the currency can be traded for an ounce of gold. The most common assets to back a currency with are gold and silver, but a currency can be backed by anything. Starting in , the U. A currency can also be backed by another currency. This is known as a pegged currency. By backing a currency, you guarantee that it will always be worth at least as much as it can be traded in for.
In this case, black markets for currency exchanges arise, allowing the real exchange rate to emerge. Government-issued currency without any backing is known as fiat currency. Why Are Currencies Backed? Currencies are backed to ensure that they maintain their value. Currency is a necessary tool for running a government, but many governments have faced unstable currencies.
This makes it difficult for citizens to use the currency effectively and hurts economic growth. A government can print its currency indefinitely, but the more it prints the less scarce the currency becomes, resulting in inflation. A backed currency can be protected from inflation, but the government will need to acquire more of the backing asset in order to maintain a credible backing.
To combat unstable currencies, a government can back their currency with another asset to reassure citizens that it will retain its value. However, this method will only succeed if citizens trust the promise of the backing. If holders of the currency begin to doubt that the government has enough of the backing asset to ensure the promised exchange rate, then the currency may deteriorate in value rapidly as individuals attempt to exchange their currency for the scarce underlying asset.
Other tokens have a particular use case or function. Examples include Storj tokens, which allow people to share files across a decentralized network, or Namecoin, which provides decentralized Domain Name System DNS service for Internet addresses. These are known as utility tokens. Today, while many crypto users understand and appreciate these differences, traders and lay investors may not notice the difference because all categories of tokens tend to trade on crypto exchanges in the same way.
Ethereum ETH The first Bitcoin alternative on our list, Ethereum ETH , is a decentralized software platform that enables smart contracts and decentralized applications dApps to be built and run without any downtime, fraud, control, or interference from a third party.
The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith. This aspect makes the implications for those in some countries more compelling because those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products.
The applications on Ethereum are run on ether, its platform-specific cryptographic token. Ether ETH is like a vehicle for moving around on the Ethereum platform and is sought mostly by developers looking to develop and run applications inside Ethereum, or now, by investors looking to make purchases of other digital currencies using ether. On Sep. PoS is less energy intensive because it removes incentivized mining, makes the blockchain more efficient, and allows it to scale better.
Ether, launched in , is currently the second-largest digital currency by market capitalization after Bitcoin, although it lags behind the dominant cryptocurrency by a significant margin. Tether USDT Tether USDT was one of the first and most popular of a group of so-called stablecoins —cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility.
Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility , Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious. The system allows users to more easily make transfers from other cryptocurrencies back to U. As of Sep. Because Circle is based in the U. It ranked fourth in market cap and trading volume.
It is the third-largest cryptocurrency by market capitalization. Those who use the token as a means of payment for the exchange can trade at a discount. The Binance Exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes.
It eventually had its own mainnet launch. The network uses a PoS consensus model. Instead, client applications sign and send transactions to the ledger servers. The servers then compare the transactions and conclude that the transactions are candidates for entry into the ledger.
The servers then send the transaction candidates to validators, who work to agree that the servers got the transactions right and record the ledger version. The project was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. After disagreeing with the direction that Ethereum was taking, he left and later helped to create Cardano.
The team behind Cardano created its blockchain through extensive experimentation and peer-reviewed research. The researchers behind the project have written more than papers on blockchain technology across various topics. This research is the backbone of Cardano.
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All Rights Reserved. This launched in as a collaboration between Binance and Paxos, and it is specific to trading on their platforms. PAXG is a stablecoin backed by gold, which is stored in vaults in London. This can be redeemed for physical gold at anytime. As stablecoins become more regularly utilized, businesses make an effort to accept these as viable payment options.
Bullion Exchanges is more than happy to let you buy gold with BitPay and stablecoins so you can easily convert your safe haven crypto holdings into safe haven precious metals. Please keep in mind that if BitPay does not support your cryptocurrency, we cannot accept it. BitPay began in as Bitcoin was still slowly gaining popularity. This company started because it noted the potential for Bitcoin to revamp the financial system as a more secure and efficient way to buy on a global scale.
Therefore, as the first official company to support cryptocurrency trading, BitPay is a pioneer that built blockchain payment technology. It is constantly evolving and updating the availability of crypto trading on its platform. Stablecoins are similar to and formed because of cryptocurrencies. But, stablecoins derive their worth from an asset of some kind. This might include fiat currency, precious metals, other cryptos, and more.
PAXG is a gold-backed stablecoin that Paxos launched. Why are stablecoin payments becoming increasingly more common? Here are some of the advantages. PROS: Convenience — with a stablecoin wallet, you can easily and quickly make secure payments internationally. Although stablecoins are backed by an asset stored in reserves, all transactions occur online and do not require physical transportation or currency exchange of its pegged asset.
Stability — The main drawback of cryptocurrency like Bitcoin and Ethereum is that they are highly volatile. Stablecoins cannot move nearly as quickly in value as these unpegged cryptos. As a result, stablecoins are a much safer option. Security — Stablecoins originate from the basis of cryptos as a digital token with complete transparency and anonymity. Therefore, as long as you keep your wallet information private, you do not need to worry about identity theft or fraud.
Since stablecoins operate on a blockchain, you can be sure your payments are completely anonymous to those who are not participating in the transaction. International currency — As long as a merchant accepts stablecoins, you can use yours anywhere in the world. Since its price is consistent internationally, you do not need to account for exchange fees. Low transaction fees — transaction fees for stablecoin payments and purchases are zero or completely minimal, but the amount can be dependent on the size of the purchase.
Divisible currency — like Bitcoin, you do not need to worry about owning or using one entire stablecoin in order to use it. However, if you want to exchange your stablecoin for the asset it represents, like PAXG, you might need to own one entire token. There are many benefits associated with using stablecoins. But, like any payment system, there are risks you should be aware of before performing some transaction, such as buying gold with stablecoins.
CONS: Lack of Transparency — The biggest pitfall of stablecoins is that the company who runs the stablecoin and controls its reserves does not have to be transparent about its reserves. However, it was discovered that Tether only had about cents to a dollar for what investors actually put in. This bypasses the trust of Tether investors, which may just be its downfall if they open up their reserves for a full audit.
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