Backing Bitcoin with Physical Gold

Joshua Scigala, CEO of Vaultoro.com – Full Reserve Gold Banking, participates in Risk Roundup to discuss “Backing Bitcoin with Physical Gold”. Overview The digital global age has brought an explosion in digital commerce. With a rapid increase in digital commerce, digital payments and digital currencies are expected to grow in parallel as well. So, the question is whether individuals and entities across nations: its government, industries, organizations and academia (NGIOA) are prepared for the likely rise of digital currency? As of today, across nations, there are many different digital currencies, either already in use, or in development. But despite many different digital currencies; users, consumers and citizens still believe that credit and debit card are the most secured form of payments. Why is that so? Is that because digital currencies are still evolving. Or is it because they are most difficult to secure? When currencies are not backed by any central banks or government authority, and when they exist purely in digital form, they can be lost through hacking- or even by just losing the password. This is a cause of great concern. The cause of concern is largely because of the vulnerability in the digital financial system, where such compromised digital currency accounts have little hope for recovery. In short, it is we the users, consumers and citizens that are pretty much responsible for making sure nothing happens to our money. It is said that digital currencies were developed because of trust issues with the current financial institutions and system. As Bitcoin and other digital currencies rapidly emerges as potential disruptors to the current financial system, there are complex challenges facing not only its development and acceptance, but the fundamental security as well as the very foundation of the trust in the integrity of any digital currency. As Bitcoin and blockchain technology marks the beginning of a new era, there is a hope that it is perhaps a step towards achieving a unified global digital currency system. Whether it will be successful to do so remains unclear for the time being as there are many risks that needs to be understood and effectively managed. Time is now to talk about Digital Currency Risks! For more please watch the Risk Roundup Webcast or hear Risk Roundup Podcast About the Guest Joshua Scigala, is the CEO of Vaultoro.com – Full Reserve Gold Banking and is based in Berlin, Germany. Vaultoro.com is the first real-time bitcoin / physical gold trading platform, orderbook and API. Joshua Scigala is a distinguished designer, animator & entrepreneur. Initially training as a designer and special effects artist in Sydney, Australia, Joshua went on to establish himself as a sought after senior designer in some of the best post production houses in Australia. Joshua in turn turned his attention to the television industry, designing & producing for some of the biggest show brands in the world, such as The Big Bang Theory, 24 & Australian Idol. As well as rebranding whole networks like 4meTV Singapore and Sydney. In 2001, Joshua established swapstyle.com an online swapping web app designed to combat the huge waste accumulated as a by-product of the textile industry. Swapstyle.com was the first website in the world to provide clothing swapping facilities and was featured on Fox News, Dr. Phil & Bloomberg (sold in 2014). Joshua is also the founder of ozdesigner.com, one of Australia’s first online fashion boutiques selling on behalf of exclusive Australian & New Zealand fashion houses (sold in 2008). After developing cutting edge IOS application technology as the director of The Mobile App Company Pty Ltd, Joshua turned his attentions to the advancement of Crypto-currencies and has been an av...