#xnf

#NoFiatCoin (XNF) is a digital currency backed by gold and silver bullion. The idea is to combine the benefits of digital currency with the relative security of precious metals.

At least one-third of every batch of XNF released into the market is backed by gold and silver coins. The transactions happen through Ripple, “the world’s open payment system.” You create a Ripple wallet, and buy XNF with U.S. dollars through Bitstamp, or exchange Bitcoins for XNF through Ripple. When you want to cash out, XNF will mail you (as in, physical mail) the value in coins.

“Underpinning the value of gold is that if all else fails you can use it to make pretty things,” he wrote. “Underpinning the value of the dollar is a combination of (a) the fact that you can use them to pay your taxes to the U.S. government, and (b) that the Federal Reserve is a potential dollar sink and has promised to buy them back and extinguish them if their real value starts to sink at (much) more than 2%/year (yes, I know).”

People have invested in gold as a store of wealth for thousands of years, but gold is not exactly portable or easy to transfer. E-gold emerged in 1996 as a way to instantly transfer gold ownership, but activity was suspended in 2009 due to legal issues.

XNF aims to be a more trustworthy, sophisticated version of E-gold.

URL: http://venturebeat.com/2014/02/14/new-digital-currency-has-old-school-backing-from-gold-and-silver/

URL: http://www.nofiatcoin.com/

Bitstamp https://www.bitstamp.net/