VeraCash: the gold-backed currency

Over the centuries, money has evolved, with its very nature being altered: from commodity currency to fiat currency and now cryptocurrency. In other words, our medium of exchange has undergone radical transformations on many occasions. At VeraCash, we believe that gold perfectly plays the role of monetary instrument. Let us explain why.

Benefits of VeraCash as a currency

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As flexible as a cryptocurrency

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As stable as gold bullion

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As responsible as a complementary currency

Money through history

Initially – and for a very long time – goods were exchanged for a product or material endowed with value. For example, although impractical, salt once served as a currency. Those materials and metals were gradually abandoned over time, in favour of paper money. At the outset, paper money could be exchanged for gold, just like the US dollar after the Bretton Woods Agreement, but it was eventually separated from its underlying asset, becoming a fiat currency.

David against the European Central Bank

How is money created?

Fiat currencies – what we use today – have no intrinsic value. Instead, their value is based solely on the trust we have in them. In other words, they have no underlying assets, and the truth is that there is very little hard cash in existence today. Our money has been completely virtualized, facilitating its further creation:

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Commercial banks

Which create money by granting loans.

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Central banks (ECB, Fed, etc.)

Which supply the commercial banks with their reserves by means of quantitative easing and low policy interest rates.

Click here to learn all about money creation.

And in the words of the ECB itself, “This is money that is declared legal tender and issued by a central bank but, unlike representative money, cannot be converted into, for example, a fixed weight of gold. It has no intrinsic value – the paper used for banknotes is in principle worthless – yet is still accepted in exchange for goods and services because people trust the central bank to keep the value of money stable over time. If central banks were to fail in this endeavour, fiat money would lose its general acceptability as a medium of exchange and its attractiveness as a store of value.

Gold digger

Why choose a currency backed by gold?

As mentioned earlier, the euro, the dollar and any other currency have no innate value. Conversely, gold and silver both take time and money to mine and mint. Their value is therefore indexed to the work performed and the resources utilized. Gold is also available in a limited quantity and is non-oxidizing. In addition, it cannot be created from anything else, which greatly reduces the possibility of counterfeits.

VeraCash, at the crossroads between different worlds

The purpose of VeraCash gold is to restore the meaning of money and to endow gold with a more modern image. Consequently, VeraCash is a hybrid digital currency:

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As flexible as a cryptocurrency

Thanks to the "Send VRC" function, that allows you to transfer money more quickly than via a bank transfer or Bitcoin transaction.

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As stable as gold bullion

Since you get to enjoy all the advantages of the yellow metal: security, tangibility and preciousness.

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As responsible as a complementary currency

As 90% of the gold we use has been recycled and because no mining is required when sending VRC.

“VeraCash is as flexible a currency as Bitcoin and as stable as gold bullion”
Blue Ocean Awards, “Mentor” category (2017) and “Legend” category (2019)