Review of Silver Coin - An Asset-Backed Cryptocurrency
Issei Kato/Reuters
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Silver Coin is an asset-backed cryptocurrency, otherwise known as a stablecoin. What this means is that the asset is tied to the value of silver, the precious metal. It rises with silver and crashes with silver. It’s also a much easier way to invest in silver than traditional methods.

How Does Silver Coin Help Me Invest in Silver?

As mentioned, the cryptocurrency is tied to the physical asset. In fact, each Silver Coin is worth a fractional 1/100th of an ounce of silver. If you’d like, you can even buy the asset in these increments - an option not available with traditional silver investments. This allows you to purchase even small amounts of silver without a ton of funds available.

That, and you don’t need to reveal your identity to invest in Silver Coin. Thanks to blockchain technology, you can invest anonymously and securely. There are no verification steps or certificates to purchase, nor any additional broker fees. All you need to do is log in, link a payment method and buy some Silver Coin.

The idea is to make silver more accessible via cryptocurrency and blockchain technology. No longer must you wait for silver to be shipped out to you or pay for an expensive way to store it. All of Silver Coin’s silver is stored in secure vaults offered by the company. To prove it, these vaults are often audited, and there’s even a 24/7 live-stream of the assets you can check at any time.

How Does Silver Coin Protect my Investment?

As mentioned, the company keeps your silver stored in secure vaults and provides regular audits and a 24/7 live-stream.

All Silver Coin is stored in a cryptocurrency wallet of your choosing. This allows you to purchase and hold the asset without paying additional fees. Also, you can receive your Silver Coin almost instantly thanks to smart contracts on the Ethereum blockchain. No intermediary can get involved, and you don’t pay any extra fees.

Logging into your account requires two-factor authentication (2FA), meaning you must log in with a password and your mobile device. This keeps your account extra secure and prevents any bad actors from getting in to steal your assets.

If you’d like to secure the silver yourself, you can even redeem Silver Coin for physical bullion. Exactly 100 Silver Coin is equal to an ounce of silver. However, the company asks that you invest 1,000 SilverCoin at a time so it can divide up the bullion fairly.

If you decide to redeem your Silver Coin for the physical asset, know that you can’t do so anonymously. The group requires you to reveal your identity to ensure the Silver Coin holder is who they say they are. Once validated, you can head to the SilverCoin storage facility and pick up your bullion. Before you leave, grab the order number and any documents that prove your identity. Otherwise, they won’t let you take the bullion.

Know that holding physical silver is more expensive than Silver Coin. After all, you can’t just leave the bars sitting around. You must have a safe or pay a company to securely store the silver. That said, a safe can be expensive, and third-party storage will often mean paying monthly fees. The latter option also means putting your silver in the hands of another group.

Why Should I Invest in Silver?

Silver is a great safe-haven asset for many investors. As the world’s economy fluctuates and traditional fiat becomes more or less reliable, investors put their money into silver.

The value of silver often experiences significant highs and lows, meaning you can buy low and sell high without much trouble. Of course, it is a speculative investment. There’s nothing guaranteeing you’ll make a profit investing in silver. Make sure to do your research and know what you’re doing before putting money in.

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