What is GoldCoin (GLD)?
Future of GLD Cryptocurrency and know how to buy GLD

What is GoldCoin?

  1. Based on the Bitcoin approach, GoldCoin is one of the oldest cryptocurrencies in the market since its launch in May 2013.
  2. It is an open-source currency working on the Proof of Work system. GoldCoin is built on the original ideas of Satoshi Nakamoto and prides itself as a secure medium of payment.
  3. Its vision, as described in the whitepaper, is to promote a healthy cultivation of individual wealth and to give people complete authority over their digital assets.

GoldCoin Development

  1. The company was founded in 2013 by Greg Matthews, an internet pioneer and domainer. He started researching as an advocate for digital currencies after selling his ISP company.
  2. The team now constitutes of developers and marketing experts from all over the globe helping GoldCoin reach the masses.

 

#2 – What are the benefits of GoldCoin?

GoldCoin Technology

  1. GoldCoin offers an electronic coin through a borderless, trustless, and permissionless system of payments. This financial system gives its participants the freedom to control how it works.
  2. It works through the Golden River Algorithm - which reconfigures the mining difficulty based on the network’s performance. Since the system is based on the Proof of Work method, miners can solve the problems and keep mining as much as they want.
  3. This algorithm increases the difficulty level of the problems on the basis of the number of machines working on a particular problem. In doing so, it restricts the coins being minted and the blocks being added to the blockchain.
  4. It also employs an inflation rate. The presence of an inflation rate ensures that the distribution of coins is well-balanced for the coming generations without any upsurge of newly mined coins saturating the market. 80% of Bitcoin, for instance, has already been mined today. At the same time, only 50% of GoldCoin is in the market.

Goldcoin’s network also claims to be resistant to multipool mining networks that seek to mine different coins based on their profitability.

It also claims to use the 0-4 Conf method as a way of on-chain scaling, and doesn’t need to take transactions offline in order to incrase scalability. It does this by broadcasting messages about payment that have not been added to the blockchain yet.

Transactional Process

Transactions in GoldCoin happen in different phases.

  1. First, you have to set up your wallet. In order to initiate the transaction, you have to enter the recipient’s address and the amount that has to be transferred.
  2. The wallet will then send the information about this transaction to other wallets on the network. Other wallets will perform the verification wherein the miners will authenticate that the transaction meets the regulations.
  3. Once the miner is done, the transaction is finished and listed in the blockchain.

Features

  1. Securing the Network: GoldCoin employs algorithms such as the Golden River Difficulty Algorithm (GRDA) and the 51 percent defence system to safeguard its network against malicious attacks. These algorithms make it difficult for the miners to solve the problems. This way, the rate of mining remains under control.
  2. Free Transactions: You can make payments of any amount with GoldCoin and without any transaction charge.
  3. Network Capacity: On-scaling allows GoldCoin’s network to handle more blocks in its blockchain, thereby, allowing you a stable system for transactions.

GoldCoin’s value proposition lies in the power it gives its users over their digital assets. It seeks to eliminate all censorship with its transparent system of operation and remove the need to take third party approvals for making transactions. Its primary purpose is to give the individual the complete control over his/her wealth.

 

#3 – How to buy and store GoldCoin?

Purchase

Getting started with GoldCoin is easy. You have to visit their official website and download their wallet. It is available on crypto exchange platforms like Bittrex, Cryptopia, NovaExchange, Bitbu, Xchange, and TradeSatoshi. You can exchange your crypto balance to buy GLD coins.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, offers you to exchange your cryptos for GLD. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  1. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your GLD cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

The best way to store GLD coins is in its wallet. Download it from their official website and set up your account to start storing. You can also use hardware wallets for safer storage and backup facility. Ledger Nano S and Trezor are some good options for the same.

 

#4 – What is the future of GoldCoin?

  1. There seems to be decent potential in GoldCoin to change the financial systems across the world. It is working to remove the role of intermediaries and banks in the transactional process.
  2. One of its aims is to bring improvements in international payments to create a more connected global economy. GoldCoin’s strength also lies in its careful monitoring of other cryptocurrencies’ leads to better its own operations.
  3. The team is currently working with Apple’s App Store team to launch its iOS app. This will offer users the facility of on-the-go transactions.
  4. The construction of GoldCoin’s brand new website is also under process and is expected to be launched by August 2018.
  5. Much of the development of the company’s cryptocurrency is complete. The team is, thus, planning to showcase it at the global level. They will conduct tours across North America, Germany, and attend many international cryptocurrency conferences.

Also Read: Complete Analysis of GoldCoin | Live GoldCoin (GLD) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.079417

0.080883

0.071385

0.072587

24,126

3,265,230

June 01, 2018

0.158382

0.163587

0.145101

0.147557

21,749

6,502,510

May 01, 2018

0.143026

0.155867

0.138064

0.148416

38,913

5,862,480

Mar 01, 2018

0.154519

0.185721

0.153837

0.181180

33,655

6,313,420

Dec 01, 2017

0.119746

0.140521

0.116057

0.130665

279,633

4,868,680

Aug 01, 2017

0.089333

0.091853

0.078775

0.089217

6,235

3,608,510

 

#5 – How is GoldCoin different from other cryptocurrencies?

Cryptocurrencies such as Bitcoin and LiteCoin have dominated the market since the beginning. Despite their early origin, these currencies suffered from several issues to witness falls in market price. In comparison to these cryptos, GoldCoin has the following unique and beneficial features:

  1. The time taken for verification is only 2 minutes. This makes the confirmation process quick and completes the transactions comparatively faster, enabling GoldCoin to outpace its competitors.
  2. GoldCoin also uses on-chain scaling for its blocks. Its block size is 2 MB, greater than the 1 MB capacity of other cryptos. Both these factors allow GoldCoin to keep the blocks manageable and scale up the network capacity to meet the users’ demands.
  3. Its strong algorithms keep the system protected against theft and give it an edge over other currencies in terms of network security.

 

#6 – Should you invest in GoldCoin?

  1. GoldCoin has been in the play for a long time now. It opposes the inflationary pressures and provides stability.
  2. As a means of wealth creation and storage, GoldCoin emerges as a profitable investment.
  3. It is also an ideal system for payments, establishing itself as a suitable substitute for banks. However, it faces stiff competition from established cryptocurrencies such as Bitcoin, Ethereum and others. Why an investor may choose this one could be attributed to individual factors such as no transaction fees.
  4. Its current circulation proportion is 41,142,544 coins with a market capitalization of $2,649,119 USD.
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