Gold Backed Crypto vs Bitcoin | Precious Metals Cryptocurrency Debate

Gold backed crypto currency on blockchain technology has been talked about as a possible rival to bitcoin. Precious metals gold and silver vs bitcoin has been a very popular topic in finance. Could physical gold and silver be on the blockchain? How would you store it? Peter Schiff has talked about gold possibly being on blockchain technology, would it work? Would it be better to just buy the physical gold and silver precious metal?

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