There are a number of Gold Backed Cryptocurrencies out there and my personal belief is that these are likely to become the Future of Money once the current Fiat system finally dies. However, there are now various other commodity backed cryptos and I’ve been wondering if Silver might be a legitimate backing for crypto. Silver is a Monetary Metal and it has more industrial use than Gold, but it’s also more volatile. Both Gold and Silver Crypto would be equally Fungible so is there really a case for using Silver Backed Crypto over Gold?
I’ve been having a look around to see if I can find anything viable and I did find KAG on CoinMarketCap which is a Silver Backed Crypto launched by a company called Kinesis. It’s Market Capitalization is over $83 million which is not small, but it’s only enough to give it a rank of #4219 on CoinMarketCap so it’s not exactly big either. I did also find SLVT (short for Silver Token) which is an ERC-20 token on Ethereum but they aren’t properly listed on CoinMarketCap and look a little immature / risky.
Is it just early days or is Silver Backed Crypto likely to be a non-starter? We love our Silver here at Silver Gold Stackers but is the prospect of digital silver appealing to physical silver stackers at all? Of course I’d expect to be able to convert any Digital Silver to (or from) Physical Silver but do the extra weights and storage expenses involved make conversions an unattractive and unlikely option? I’m very curious about this so if you have any experience with, or opinions on Silver Backed Crypto I’d be very interested to hear.