What Cryptocurrency is Backed by Gold? KBC Coin Is!

KBC is a cryptocurrency backed by physical gold.  In the emerging cryptocurrency market, there are numerous coins with a wide variety of applications. Becase physical gold has been a store of wealth for 5,000 years, there are a number of reasons and approaches to marrying gold with cryptocurrency. In this article, we provide an overview of the KBC coin.

KBC Coin is issued by Karatbars International. Prior to the cryptocurrency boom, Karatbars was an e-commerce company that bought and sold gold. They had a lucrative optional affiliate program and a “k-exchange network” that listed merchants that would accept Karatbars gold for goods and services.

In the past year, as part of their plans to create a complete financial ecosystem, Karatbars offered the KBC in an ICO that raised 100 million USD. Since then, KBC coin has been traded on the open market at roughly 10 exchanges in addition to their own Karatbit exchange.

Before moving further in the discussion of KBC, let’s understand where KBC sits in the 5-year vision of Karatbars, shown in the picture below:

The following facts are derived from this picture and other sources:

  1. 1g of Karatbars gold currently costs $70.00
  2. KBC coin is trading at 2 cents per coin
  3. you therefore currently need 3500 coins to obtain 1g of KBC coin
  4. The CEO has publicly promised that on July 4 2019 100 KBC coin will be exchangeable for 1g gold
  5. On Oct 2019, KBC and KCB coin will leave the Ethereum blockchain for its own blockchain and merge into one coin called GSC.
  6. 4 years later, 1 GSC coin will be exchangeable for 1g gold.

So let’s keep this practical. If you spend $70 and buy 1g of gold, then 5 years from now you will have 1g gold BUT if you instead spend $70 coin KBC coin, here is what you can expect based on timeline above:

  1. $70 will get you about 3500 coins right now.
  2. Only July 4 2019, that $70 will be worth 35 times $70, or roughly $2,500 because you have 3500 coins and 100 coins = 1g gold.
  3. In 2021 your $70 will be worth $5000 because at this point 50 KBC = 1g gold
  4. In 2023 your $70 will be worth $250,000 because 1 KBC = 1g gold

Directly involved in mining, refining

KBC coin is backed primarily by gold that Karatbars mines and refines themselves. They hold the license to the Ft. Dauphin gold mine in Madagascar, Turkey and mine 3kg of gold per week there. In addition, they have formed an agreement with the nation of Guinea, West Africa and agreed to mine gold there and provide a national cryptocoin that will be directly exchangeable for the mined gold. More details on this agreement as they develop.

Was a gold company before crypto was cool

Established in 2011, https://affiliate.kcbank.io/?s=supremeis very familiar with all phases of gold production, storage and delivery. They lead the world in the sale and production of small-weight gold.

Backed by all bank activities as well

More gold is stored to back the coin on a continual basis, thereby stabilizing and in fact increasing the value of the coin. Most of the gold that backs the coin comes from mining physical gold. However, a percentage of all company profits is also used to buy gold and a portion of that is also reserved for coin backing. The following video gives you an idea of the sustainable financial eco-system backing the KBC coin:

High liquidity and availability

The KBC coin is available on 10 cryptocurrency exchanges. I’m not sure exactly how it will be available in our ATM machines, but our initial order of ATM machines is 20,000. We also have 3 fully licensed crypto-banks. The banks and ATM network give you brick-and-mortar liquidity if you choose – a chance to walk in and deal directly with a person. The mobile phone app is also available.

Do be aware that the KBC coin will be leaving the Ethereum blockchain around Oct 2019 for its own blockchain.

They have a 5-year plan…based on a 7-year history!!!

I like seeing a 5 year plan based on 7 years of debt-free commerce. And I like the CEO’s vision. Harald Seiz aims to return the world to the gold standard and create financial freedom for millions of people. Full stop.

How to Obtain

You can grab KBC on the open market. If you have a karatbars account, then you can also start a chain of transactions starting with a credit card and ending up with a purchase of KBC on the karatbit exchange. I apologize for the roughness of this video, but you can see the process here:

What Johnnie is doing is

  1. Buying digital cashgold with a credit card (physical cashgold looks like a dollar bill. You can have it delivered to your doorstep. Or alternatively you can convert physical cashgold to digital cashgold).
  2. Sending the digital cashgold to the karatbit exchange
  3. converting the cashgold to USD
  4. buying KBC with USD

Direct exchange between KBC and physical gold is planned for 2019 with the release of our own blockchain if I have my dates correct.

Conclusion

There are many efforts to bring gold to the blockchain. Many. I dont know of many that are directly involved in mining and refining LBMA quality gold. I dont know of many that were involved in gold production prior to getting involved in cryptocurrency. And I have not seen any with as deep an affiliate membershp and compensation plan as Karatbars does. Karatbars has over 500,000 affiliates across the world.

The main drawback I see with Karatbars is their relation to the United States. It is a court-verified fact that each states in America is sovereign unto itself and the federal government. However, if you register with Karatbars you can only choose “United States” as your country. Karatbars will grow very large and attract a lot of attention. When our government declared bankruptcy in 1933, they issued executive order 6102 forcing all US Citizens to return their gold to the government. I am not a US citizen. I am a sovereign of a state republic in the 50 united states. However, should another gold recall be issued by the federal government, I do not want Karatbars to comply based on their current limited citizenship statuses available in the back-office.

Author: Terrence Brannon

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