The most important term when discussing any crypto-currency is whether it has Utility. Utility is really the satisfaction from using something, or rather the ability of a “goods or service” to satisfy a want. Which makes we wonder what satisfaction I might get from a handful of Bitcoins. Well, I might be really satisfied that they have gone up since I first obtained some. But, this is not the same thing. Bitcoin were surely not solely created to turn a profit. Not at all. They came about as a utility coin: to be used as something to satisfy a set of needs. Has Bitcoin lived up to that objective? Well, I don’t see how you can exist solely on Bitcoin, and as it is somewhat difficult to cash it out it large qualities or even buy it in large quantities in Fiat currency without bringing attention to yourself I would say not really. I would suggest Bitcoin has taken on a sort of different role. That being a place to put a monetary value – albeit an unpredictable value, as a sort of unconventional investment vehicle with some hope that in a really short term with enough coins a person might be able to retire. So, does Bitcoin have satisfying utility? i don’t really know.
Of course, there are many other coins out there pretending to have utility, and some that do have utility. XGC is a Gold backed crypto-currency built for Utility. Here’s how: 1. It can be used to purchase goods and services in mining communities. 2. It can be used as a payment for wages/salaries in associated mining industries: Gold, Diamonds etc. 3. It can be used by Vendors who work in mining communities to accept in exchange for goods and services. In fact, XGC works in a full circle: it is used to buy gold and diamond products. The seller of the product uses the coin to pay wages. The wage earners use the XGC coin to buy supplies from local shops/vendors. The local vendors use the XGC coin to buy their goods at a wholesale price. The wholesalers redeem refined gold product from XGold Corporation in exchange for the XGC coin: complete circuit of maximum utility. And, why do they use XGC Coin? Well, because using cash is very dangerous: cash is bulky, cash needs to be banked, cash can be easily stolen from the holder, and cashing is expensive as banks change the holders of cash for keeping the cash! In fact, cash is all around a terrible medium for holding value and worse, it devalues the longer you hold it. XGC however does none of those things: XGC is digital and is secured by a secret pass code only the holder knows. XGC is an immediate value transfer system. There is no risk in carrying, banking, or holding, and as to value loss, whereas Cash is linked to nothing other than the good will of any sovereign governments ability to pay (all of them are broke), XGC is backed by Real Physical Gold. Does XGC pass the utility test? With flying colors.