First real time trading platform for bitcoin and physical gold in the world
·Vaultoro.com gives users the opportunity to be 100% bank independent
·The gold is stored in the user's name in high security vaults in Switzerland
·All bitcoin holdings are publically visible and verifiable
·All gold holdings are audited
With the launch of Vaultoro.com a person in Australia can potentially pay for a friend’s beer in New York instantly using gold. Vaultoro is combining the oldest currency - gold - with bitcoin, the newest currency in the world. For the first time people around the world will be able to trade bitcoin and gold 100% bank independently. Users' gold is insured and vaulted in professional Swiss vaults while its value flies around the world in realtime.
When Satoshi Nakamoto originally invented bitcoin he/she modelled a lot of the protocol on gold. The key differences between the two are that gold has a historically stable price but heavy and expensive to send, on the other hand bitcoin has a very volatile price but fast and cheap to send worldwide.
By allowing people to instantly convert their bitcoin to gold and back 24/7 they are effectively backing their bitcoin with gold, removing the price volatility but also enabling people to send their gold instantly around the world.
Many people in the bitcoin community got into the crypto currency with an aim to exit the main stream financial system but to deal with the massive volatility of the currency a lot of those same people have to trade back and forth into euro or dollars. Gold protects people against the price volatility of bitcoin without them ever having to go back into fiat currencies, which is attractive to a large number of the bitcoin community.
The other issue Vaultoro set out to solve was dishonest exchanges.
Joshua Scigala, cofounder of Vaultoro.com, was financially hit by the collapse of the bitcoin exchange MtGox at the end of 2012 and this was the inspiration to create a fully auditable bitcoin exchange.
“The technology of bitcoin is moving far too fast for government regulators to keep up with but the free market is demanding better answers and is effectively regulating itself. If exchanges don’t produce what the market wants then they don’t get customers.
Vaultoro.com is also the first exchange to offer a revolutionary auditing system. Like many other people Joshua Scigala, one Vaultoro.com’s co-founders, lost money in the collapse of MtGox which inspired him to open an exchange with glass books, “The blockchain lets ‘we the people’ audit everything publically. How dare exchanges hide their cold wallet addresses?” Says Scigala.
Vaultoro’s open auditing system works like this.
All clients receive an anonymous client ID
All client ID’s and holdings are published and can be verified by everyone
The client can see the sum of all bitcoin and gold holdings and compare that to our gold auditing statements and our cold wallets
The gold holdings are audited by one of the largest auditing firms in the world, BDO
Clients can verify the insurance certificate
These steps are crucial to creating transparent exchanges and Vaultoro.com is leading the way.
Vaultoro is a gold bitcoin exchange where users can instantly convert their bitcoin to physical gold, vaulted in professional Swiss vaults. Joshua and Philip Scigala, two brothers with a long history in bitcoin and gold, founded the company in December 2014. Vaultoro’s gold supplier and vaulting company ProAurum is one of the largest physical precious metal’s traders in the European Union.