Silvertoken: A Stabilizing Currency in an Unstable World
November 21, 2017 04:00 AM Eastern Standard Time
LEWES, Del. — (BUSINESS WIRE) — With all of the chaos surrounding the cryptocurrency (digital and internet money) market, is there anything that can stabilize them? That is the question a new company sets out to answer. With cryptocurrencies in a constant state of flux, East Asian nations joining the bandwagon to ban them, and major western financial institutions sending mixed signals, it sometimes feels like cryptocurrencies are just another internet fad.
Partially because cryptocurrencies do not have anything other than the faith of users to support their value, Bitcoin, Ethereum, Litecoin, and the rest are only as valuable as the market says they are. This is where Silvertoken steps in to provide stability to cryptocurrencies by tying its value to a physical asset — namely silver — stored in high-security vaults.
Silvertokens are redeemable for the silver each token represents. If a Silvertoken holder decides they want cash or silver, they may sell their tokens for cash or redeem their tokens for silver which is then shipped directly to their home.
Moreover, Silvertoken’s business model sets up a trajectory for continued growth. The company charges a small transaction fee whenever a Silvertoken is bought or sold. These fees are used to purchase more silver and vault storage. The more silver that Silvertoken adds to their vaults, the more valuable Silvertokens become.
Additionally, Silvertokens stabilize their value through the balance of silver and tokens. Meaning, a Silvertoken is never worth less than 1 ounce of silver. This prevents the type of central bank-controlled devaluing associated with fiat money, as seen in dollars and euros. Ultimately, Silvertoken offers a safer, more secure alternative to user-backed cryptocurrencies and looks poised to stabilize the rocky cryptocurrency market.
About Silvertoken.com: Silvertoken.com offers physical silver, and when purchased, users receive a redeemable receipt for the silver in the form of a digital token. Silvertoken began offering silver in November 2017 at an introductory discounted rate. In December 2017, Silvertoken will release additional silver at a non-discounted rate. Silvertokens will become redeemable for silver in January 2018. Next year, Silvertoken will offer more silver and implement various technology improvements.