Review on PAX Gold by Paul Maduagwu
Invest in Gold through cryptocurrency.
PAX Gold $PAXG is an ERC-20 token built on the Ethereum network. Its price is hovering around $1,937 at the time of writing this review (10/10/2020) and its major trading market is the PAXG/USD trading pair, according to CoinGeko.
$PAXG is backed by real gold and its low max supply gives it such a high price value. It is also very centralized being regulated by the New York State Department of Financial Services. Its regulation brings a form of assurance but also reduces community control/ownership on the project in my opinion. In summary, if you own $PAXG, you own a portion of the underlying gold it represents.
What makes this project stand out is its effort to make gold investment more accessible through cryptocurrency ($PAXG) and $PAXG is the only gold token that you can redeem for actual gold bars stored in its vaults. Its 1 year chart shows steady appreciation in value, looks like a project worth holding long term.
Pros
- Ethereum token, thus can be stored on any ERC-20 compatible wallet.
- Relatively high number of holders.
- Available on popular exchanges.
- Can be used to verify ownership of gold bars.
- Can be used to redeem actual gold.
- Used for making payments.
Cons
- Centralized.
