Bitcoin May Be Frustrating, But Marijuana-backed Coin Sounds Interesting

If cryptocurrencies like Bitcoin, Litecoin, and others, are too volatile for you, then maybe its time to look out for safer coins.

Accepting the fact that Bitcoin and other cryptocurrencies have an inherent volatility risk, creative crypto-thinkers are working on numerous projects to create currency standards which will be backed by physical commodities such as gold, marijuana, and urea.

The online marketplace to buy and sell precious metals such as gold and silver, Anthem Vault is planning to launch a gold-backed crypto-coin, the HayekCoin in May. Since it will be backed by gold, users can redeem it for 1 gram of gold at the market price, and the company is promoting this as the USP.

Cryptocurrencies backed by gold have been gaining strong traction. Nofiatcoin, the gold and silver-backed digital currency launched last year, has managed to stay strong—even during the 80% crash in Bitcoin price. Nofiatcoin...

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