Joshua Scigala, CEO of Vaultoro.com – Full Reserve Gold Banking, participates in Risk Roundup to discuss Bitcoin Backing with Physical Gold.
Backing Bitcoin with Physical Gold
The digital global age has brought an explosion in digital commerce. With a rapid increase in digital commerce, digital payments and digital currencies are expected to grow in parallel as well. So, the question is whether individuals and entities across nations: their government, industries, organizations, and academia (NGIOA) are prepared for the likely rise of digital currency.
As of today, across nations, there are many different digital currencies, either already in use, or in development. But despite many different digital currencies; users, consumers, and citizens still believe that credit and debit card is the most secure form of payments. Why is that so? Is that because digital currencies are still evolving. Or is it because they are most difficult to secure?
When currencies are not backed by any central banks or government authority, and when they exist purely in digital form, they can be lost through hacking- or even by just losing the password. This is a cause of great concern. The cause of concern is large because of the vulnerability in the digital financial system, where such compromised digital currency accounts have little hope for recovery.
In short, it is we the users, consumers, and citizens that are pretty much responsible for making sure nothing happens to our money. Time is now to talk about the need for backing bitcoin with gold!
For more please watch the Risk Roundup Webcast or hear the Risk Roundup Podcast
About the Guest
Joshua Scigala is the CEO of Vaultoro.com – Full Reserve Gold Banking and is based in Berlin, Germany. Vaultoro.com is the first real-time bitcoin / physical gold trading platform, order book, and API.
Joshua Scigala is a distinguished designer, animator & entrepreneur. Initially, training as a designer and special effects artist in Sydney, Australia, Joshua went on to establish himself as a sought-after senior designer in some of the best post-production houses in Australia.
Joshua, in turn, turned his attention to the television industry, designing & producing for some of the biggest shoe brands in the world, such as The Big Bang Theory, 24 & Australian Idol. As well as rebranding whole networks like 4meTV Singapore and Sydney. In 2001, Joshua established swapstyle.com an online swapping web app designed to combat the huge waste accumulated as a by-product of the textile industry.
Swapstyle.com was the first website in the world to provide clothing swapping facilities and was featured on Fox News, Dr. Phil & Bloomberg (sold in 2014). Joshua is also the founder of ozdesigner.com, one of Australia’s first online fashion boutiques selling on behalf of exclusive Australian & New Zealand fashion houses (sold in 2008).
After developing cutting-edge IOS application technology as the director of The Mobile App Company Pty Ltd, Joshua turned his attention to the advancement of Crypto-currencies and has been an avid member and proponent of the Bitcoin community since 2010. He moved to Berlin in 2012, and with his interest in alternative economies established Vaultoro.com as a co-founder together with his brother Philip Scigala.
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