Physical Version of Bitcoin with Gold Backing?

It is reported that an island called Alderney in the northern part of Channel Islands located between Northern France and UK will be minting Bitcoins in physical form. The island has a population of 1903 persons . It is likely that the coin will have a gold content of US Pounds 500/- to provide a value backing in terms of Gold. The value of this Bitcoin in terms of US $ would be around $818 as against the current value of Virtual Bitcoin around $1200.

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It is an interesting development for economists to think of the consequences.

Naavi

About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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