Published on June 21st, 2018 | by admin0
Karatbars CEO Harald Seiz Busy with Karatgold Coin
As founder and CEO of Karatbars International and the author of the educational but accessible book The Future of Money, Harald Seiz has been in perpetual motion. In 2011, Karatbars International sold the first of its CashGold product. CashGold provides buyers with small gold bars in weights as low as one gram. These affordable bars are packaged in attractive cases that are approximately the size of a banknote. The case shows the weight of the bar, much like a banknote shows its denomination. The product became widely popular, attracting 480,000 customers from around the world in just seven years.
Mr. Seiz now has a new product to promote, the Karatgold Coin, the first cryptocurrency backed by gold. In several televised interviews available on YouTube, potential investors can learn a great deal about the Karatgold Coin product directly from Mr. Seiz. For example, KaratBars International backs the Karatgold Coin by making it exchangeable for CashGold. It also has vast reserves set aside for this purpose. The company keeps 120 kilos of gold in a secure vault and $900 million USD worth of gold in a joint-venture gold mine in Madagascar.
Holders of the Karatgold Coin can easily process payments through a mobile payment system, allowing Karatgold Coin to function as an alternative payment method. Further, Karatgold Coin is already in use by three of Asia’s largest gold traders, which results in millions of transactions per day. The coin has also seen great demand from Karatbars International’s customer base and broader markets.
To continue stimulating demand for this innovative product, Karatbars International has acquired a bank in Miami, Florida, to create the cryptocurrency bank Karat Bank. The bank is licensed, allowing the company to immediately offer services to customers. Banking services for cryptocurrencies are extremely important for crypto to become a convenient alternative payment method. To crypto to compete with fiat currency, crypto banking is an important step. It allows holders of cryptocurrency to save and invest without the need to transfer money back into fiat currency. For many reasons, investors need to diversify away from fiat currencies, which are becoming more inflationary and less stable as the world situation changes.
The Case Against Fiat Currencies
Gold has been the standard on which money has been based for thousands of years. It serves as the natural metal for a currency because it never degrades. No one would want to trade in a currency that rusts. If the value of the money is unreliable because it may fall apart, naturally people will choose not to exchange goods for it. Gold also works as a currency because it is rare and difficult to extract but not so rare that its supply is too constrained.
Fiat currencies have become like using a degrading metal for money. Since U.S. President Nixon ended the gold standard, currencies across the world are based only on the fact that a government declares them the coin of the realm. With currencies free to float, governments have fallen into the habit of simply printing money when they need it. Worse, in the digital age, they can even spare the expense of printing and just issue currency to banks via computer. The banks then loan it out, creating debt.
The result has been a debasement of fiat currencies. Citizens work harder but mysteriously find themselves poorer. The value of their money just dwindles away.
To make cryptocurrencies a successful fiat currency alternative, they must be backed by a stable commodity that ensures the value stored in the cryptocurrency remains stable. Karatbars International has found a way to meld the revolutionary blockchain technology with the gold standard. This allows for a strong cryptocurrency that can be used as a store of value and to exchange goods and services, without currency volatility. A true alternative to fiat currency has arrived on the cryptocurrency scene with the issuance of Karatgold Coin.