Golden Token (GOLD) is the Ethereum based token that designs itself as deflationary crypto. This mysterious ‘self-destructing’ token was inspired by the BOMBTOKEN and models itself to slowly reduce supply and potentially increase value.
In this guide, we will cover what Golden Token is, show you the best place to get it, where to store it, and some of the general questions associated with the GOLD token.
What is GOLD?
Golden Token is a somewhat mysterious member of the altcoin community. This Ethereum based cryptocurrency is somewhat lacking when it comes to details, background, and social media presence. Golden Token Twitter presence has been effectively dead since 2019.
Therefore detail about the coin is scant, with even its official webpage and whitepaper being down for some time. What is known however is that the coin is described as a ‘self-destructing’ token. What this means is that the token burns a small percentage of itself as the token gets traded. This strategy theoretically increases the value of the held tokens as supply dwindles.
According to an extract of its white paper this token is not designed for day-to-day transactions. Rather it is designed to act as a decentralized hedge against traditional inflationary instruments. Ergo this strategy is not long-term, nor is it utility-based, making the possibility of this token having a long and healthy future, by its very design, slim.
Step 1: Register on Fiat-to-Crypto Exchange
To get your hands on some GOLD token, you must already have some other cryptocurrency, like Bitcoin (BTC) or Ethereum. (ETH) In this step by step, we will be using BTC as an example.
To get some ETH you need to register on a Fiat-to-Crypto Exchange. There are many different options available to you when it comes to picking an exchange and each of which will provide different services and rates. For this example, however, we will use CryptoWallet.com. CryptoWallet.com can be found and downloaded from the Apple App Store or Google Play Store.
CryptoWallet.com is a robust and easy-to-use wallet that is quickly set up on one’s device. To do so simply follow its on-screen instructions and link one of your current fiat accounts to your new CryptoWallet.com App. After you’ve linked these accounts, you can send fiat money to your CryptoWallet.com App.
Step 2: Buy BTC with Fiat Money
Once the desired amount of fiat currency is in your CryptoWallet.com App, you can trade it for BTC. To begin, navigate to the BTC trading tab, select the amount you want to purchase and click ‘buy.’ CryptoWallet.com provides a variety of purchase alternatives, which can be used in tandem with its inbuilt market tools and real-time market data, helping you make the best trade possible.
Once you’ve completed the trade, the amount of BTC you purchased will be visible in your CryptoWallet.com account.
Step 3: Transfer BTC to an Altcoin Exchange
So now that you got some BTC, you can start trading in for some GOLD. To do so, you’ll need to register with an altcoin exchange that supports BTC/GOLD trading. Platforms such as Mercatox or Coinbase both support this trading pair, but for this guide, we will use Mercatox.
Firstly complete Mercatox’s registration process. This will involve following its on-screen instructions, some KYC security questions, identity verification, and some security, often in the form of two-step verification.
Once you’ve finished up with the registration you’ll need to send some BTC to Mercatox. To do so, go to the Mercatox ‘funds’ tab and click on ‘deposit funds.’ Follow the on-screen instructions and select the crypto you wish to deposit, in this case, BTC. From here there are different means of depositing your funds, either by inputting Mercatox’s generated address directly into your CryptoWallet.com App or by scanning a QR code.
In either case, once you’ve selected a preferred method, select the amount you wish to send, input the code/scan the QR, and hit send. Now a short confirmation routine will commence, and after a time, your BTC will be visible in your Mercatox account.
Now for the last step, go to the Mercatox trading tab, select the BTC/GOLD trading pair, confirm your trade amount, and click ‘trade.’ You now successfully got your hands on some Golden Token!
Last Step: Store GOLD Securely
So now that you’ve got some GOLD, the question is where to put it? For this you’ll need some coin storage, so you can take your GOLD off the exchange platform and safely into your wallet.
First, you’ll have to choose a wallet that offers GOLD storage and suits your needs. In the case of GOLD, the two most prominent options are TrustWallet and MetaMask. Both of these options are reliable but the function is in some different ways. TrustWallet for example is held on one’s device and is considered to be quite secure. MetaMask on the other hand is an integrated wallet system, meaning it’s accessed via one’s browsers and is extremely streamlined when it comes to trading.
Once you’ve selected a wallet system, to deposit some GOLD onto the system, follow Mercatox’s ‘withdraw funds’ tab instructions. This will be much the same as Step 3.
As previously referenced CryptoWallet.com also offers a wallet system that unfortunately does not support GOLD storage at this time. However, this system has road-mapped intentions for further coin storage options and is already considered to be a safe and easy-to-use method of storing one’s coins.
Other Useful Tools for Trading GOLD
You now have some Golden Tokens safely stashed away, but in the future, you may wish to trade some GOLD on the market. Trading can be simple or deeply complex, but regardless of how you choose to trade, there are a few tools that make trading easier, more informed, and potentially more profitable.
Generally speaking, these tools are designed to give you the trader more information about the nature of the asset in regards to prices, volume, time, or intensity.
One of the most basic is On-Balance-Volume (OBV), which illustrates both the positive and negative movement of an asset’s volume, which in turn shows the value direction of an asset’s movement trend.
The Average Directional Index (ADI) is a simple indicator that shows traders the strength of a trending asset. This refers to the asset’s movement intensity, which provides a better indication of the possibility of prolonged movements.
The Stochastic Oscillator shows traders the asset price concerning a specific time period and in regards to a specific situation inside that time frame.
Latest News for GOLD
As stated earlier, news around this self-destructing token is slim, but here we will go through a few of the news stories associated with this token.
On August 5th, 2019 Golden Token official Twitter announced that it had finalized its Airdrop. Urging its followers to hodl and await an alleged price increase.
On September 24th, 2019, the official Golden Token twitter sent out its final tweet. This tweet referenced the slow-burning of what appeared to be the last of the token supply and was met with comments of confusion.
Can I buy GOLD with cash?
As an altcoin GOLD cannot be bought directly. Instead, the above step-by-step guide will show you how to get some GOLD.
Are there any quick ways to buy GOLD in Europe?
To purchase GOLD you will need to go through Mercatox, which is accessible in Europe.
Are there any alternative platforms to buy GOLD or Bitcoin with credit cards?
You can’t buy GOLD directly with a credit card. But by following this step-by-step guide, you will easily be able to purchase some BTC and trade that for GOLD.
BTC is easy to purchase and can be done via a credit card through platforms like eToro.