5 Reasons Why The Quint Will Outlast Other Currencies
Currencies, Money, and Legal Tender…
People tend to think that there are only two kinds of currency: physical cash and precious metals. In reality, there have been thousands of failed or forgotten currencies. German Papiermark currency barely lasted a decade, before leading to a financial crisis and later the start of the Second World War. The Zimbabwe dollar fell from being more valuable than the U.S. dollar to almost worthless (1-trillion Zimbabwean dollars isn’t even enough to ride the public bus for a week).
Time and time again, the same trends push a currency’s value down. Hyperinflation, corruption, and geopolitical crises can erase a currency’s value in a matter of days. No currency is truly safe, including the U.S. dollar.
That’s where Quint, a radically innovative monetary system, comes in. Here’s why Quint will help usher in a new era of money.
Transparency and Security of Blockchain
Even with all our rules and enforcers, corruption runs rampant throughout our global economy.
It’s not just criminals either- celebrities, corporate executives, elected officials, and national leaders have all been found complicit in some form of corruption. Traditional currency continues to be stolen, forged, or laundered. Serial numbers cannot prevent politicians from lobbying, or drug cartels from laundering.
The Quint Legal Tender Token, on the other hand, is on a blockchain, a public ledger recording every transfer and transaction. The blockchain is designed to prevent duplicate tokens and to ensure that any suspicious account or transaction can easily be traced.
Best of all, blockchain protects user identities, as everything is conducted online through cryptography.
Inherent, Consistent Value — Backed By Gold
Unlike the other listed cryptocurrencies, which base their value on promise and speculation, Quint has a real-world equivalent to ensure it always has value even when the economy takes a beating.
The Quintric monetary system has five crypto tokens: Quint (each backed by five U.S. gold cents), QuintS (backed by 5 U.S. silver cents), iQuint and iQuintS (international precious metals supply), and QuintX, a special token for the creators.
At the same time, Quint does not have the same carrying costs, exchange rates, and other fees commonly associated with precious metals. The cost of insurance and vaulting is already figured into the price of the Quint. Without these perpetual costs and with the stability of gold, Quint becomes an attractive long-term investment.
Vault Livestream — The Secondary System of Proof
The blockchain is useful for recordkeeping on a digital realm, but with a physical asset in reserve, things become a little more complicated. Quint plans to tackle this with a livestream of the Quint vault, made available to the public at no charge. The purpose of the livestream is to allow any user to compare the vault supply with the blockchain amount.
While it’s impossible to have the two match accurately, the livestream provides an additional layer of assurance to those who are skeptical about the true supply. Quint’s developers are also considering removing a random coin on the stream and burning it live to prove its authenticity.
All boxes will be loaded on camera, and the footage archived in perpetuity. Quint has even offered a reward to those who can locate a box with inconsistent quantities.
Faster, cheaper transactions
Moving gold and cash can be tedious and expensive. Carrying fees, Shipment costs, and bank fees can detract many potential investors.
With Quint, long wait times and processing hurdles become a thing of the past. Not only is Quint on blockchain but it’s on the Bitshares platform, which far surpasses the closest blockchain tech in terms of speed and efficiency. According to their website, Bitshares’ Graphene technology is capable of 100,000 transactions per second.
Less Regulation
The SEC and the CFTC have all begun their crackdown on cryptocurrency, despite failing to meet a consensus on defining the technology. However, under the current rules, Quint is not considered a security by the U.S. government. In fact, the Quintric Monetary System is not a new currency, it is one that has been established for over 30 years legally in the US.
As such, Quint is not subject to capital gains tax the same way cryptocurrencies like bitcoin or ethereum are, due to it’s legal tender status. While the landscape may change at any given time, this freedom from government scrutiny can save investors from wasting time and money in archaic and arbitrary regulation.
Quint: Money For The Future
Markets and financial regulation change each day, but we need our currency to have lasting power. We need an alternative to the current system, which promotes inequality, greed, and corruption. Our world is witnessing a tipping point: Bloomberg says that by 2021, the richest 1% of the world’s population will own 45% of the world’s wealth. Countries crumble and people suffer while the elite few continue to generate wealth.
There needs to be a new path to financial freedom. Quint may yet hold the answer.
Learn more about Quint and how they are changing the face of legal tender usage, and create a Quintric account today to take part of the sound money revolution.
The author is not an attorney or financial advisor. The author would like readers to note that he is a co-founder and board member at the Quintric. None of the content presented should be construed as investment advice or as legal advice.
