Buying Silver Without Having to Store It: A Silver Coin Review
If you’re looking to get involved in trading precious metals like silver but don’t have the room to store them, there’s a solution for you. The answer is Silver Coin, an asset-backed stablecoin cryptocurrency that’s backed by silver.
What is Silver Coin?
Silver Coin is a digital asset tied to the value of silver. It’s an asset built on the Ethereum blockchain network that allows you to safely and securely buy and hold silver. However, unlike with traditional silver, there’s no physical metal to store. Instead, Silver Coin is stored in a digital cryptocurrency wallet.
When you buy Silver Coin, you’re buying a fractional amount of the physical asset – something not available with traditional buying. That, and you can buy silver completely anonymously with any and all supported fiat currencies.
All silver bought is stored in Silver Coin’s secure vaults. Those vaults are frequently audited, and you can even view them online at any time. This is to ensure the silver you’re buying actually exists.
Thanks to the Ethereum blockchain, you can buy this silver without interacting with a third-party. Nobody can block your payment due to a credit score or something similar.
Can I Afford Silver Coin?
Even if you can’t afford traditional silver, you can probably buy into Silver Coin. This digital asset is much cheaper than traditional silver for various reasons.
For one, you don’t have to pay to store the asset. With physical silver, you need to buy a vault or pay monthly to keep it secure. Silver Coin circumvents the need for this. There’s no paperwork to sign or banks to go through that charge additional fees, either.
Each Silver Coin is worth 1/100 of an ounce of silver. This means that no matter how cheap you want to go, you can buy and hold the asset.
Is my Silver Safe With Silver Coin?
Your silver is perfectly safe in Silver Coin’s dedicated vaults. These secure spaces have cameras on them at all times – ones you can even check on the website.
As for your Silver Coin, you can store it in a secure, Ethereum supported wallet. That way, nobody can access your assets except for, well, you. This is thanks to Silver Coin’s two-factor authentication (2FA) security support as well.
2FA means that someone needs your password and access to your mobile device to log into your account. If they only have the password, there’s no way they can break in and acquire your Silver Coin. Wallets like these include Exodus, Ledger, and MetaMask.
Or, if you want to see the silver yourself, you can redeem your Silver Coin for the physical asset. 100 Silver Coin is equal to 1 oz of silver, for example. However, you must redeem Silver Coin in increments of 1000, as the company can only provide ounces of physical silver to you.
If you request physical silver, you must provide personal information to verify that you’re the holder. Unfortunately, this isn’t the ideal path for those concerned with privacy. That said, it’s smart for Silver Coin to be strict about redeeming assets for physical silver.
Once verified, you can head to the Silver Coin storage facility to acquire your silver. Just make sure you bring the order number and personal documentation to verify yourself.
Why Buy Silver Coin Over Other Cryptocurrency?
Silver Coin is technically a stablecoin, meaning the asset is tied to the value of a physical one. This makes it much less volatile than, say, Bitcoin or similar crypto. This way, Silver Coin allows investors to put money into an asset while taking advantage of blockchain technology.
That said, this also means users will only profit if silver’s price goes up. If other cryptocurrencies go up, Silver Coin won’t react. It will only move with the price of silver. The asset is definitely for users who were already interested in investing in silver. After all, Silver Coin makes it easier than buying physically has ever been.