Review on PAX Gold by francis fernandez
PAX GOLD: a digital currency that has a real guarantee in custody
Pax Gold is a digital asset whose main characteristic is that its issuance is backed by the precious metal gold. The coin operates as a token with the PAXG symbology hosted on the Ethereum blockchain and is guaranteed by a legal document of ownership of a physical bar of gold that remains in custody in London in the Brink vault, with prior permission to do so. from the New York Department of Financial Services.
PAXG-equivalence and exchange:
The PAXG equivalency is 1: 1; that is, 1 PAXG is equivalent to 1 ounce of gold that is identified with the serial number and the data of its issuance.
Because PAXG operates on Ethereum, its infrastructure is equivalent to or serves as an ERC-20 token.
In this sense, the PAXG currency can be exchanged for physical gold bars in authorized financial organizations such as: Buillion Exchanges (New York) or serve as collateral to obtain digital loans in SALT Lending.
It is also possible that PAXG token holders can convert their digital currencies to FIAT currencies or trade in gold bars.
What utilities does PAXG offer?
Despite how cumbersome moving quantities of physical gold might be considered; Investing in this coin has the fundamental advantage of having a backing that gives its holder the assurance that each coin has a real guarantee. In addition, it offers you the possibility of exchanging and exchanging your digital or physical asset for cryptocurrencies that are easy to use on the network and are widely accepted worldwide.
Commissions:
The platform has a fee scheme for various operations related to the exchange, exchange, storage and operations on the blockchain with its PAXG currency. However, the commission rates for each case are acceptable compared to other blockchains on the market.
Pros
- PAXG currency is exchangeable and convertible through exchange platforms at any time worldwide.
- Their currency is guaranteed by a physical asset guarded by a legally established body.
- It is the only crypto asset that can be converted to gold
- Their currency can be exchanged for gold bars, fiat money or other crypto assets.
Cons
- Users must pay commissions for their operations on the blockchain and for the generation and destruction of PAXG coins.
- The transfer of physical gold is uncomfortable for those who prefer to convert the currency for the precious metal.
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Comments (1)
October 07, 2020
I have always seen your reviews to be insightful, correct and complete
I have been reading many of your reviews and I must say, they are well detailed to the last word. You deserve to be on the Expert List.
