GoldMint is a project that we have been asked a lot by our readers to do an honest review of. So we will follow your commands dear readers. In fact, we didn't know about this project. We therefore carried out our investigation as complete novices to the project.
We will wonder if it is a scam, a bogus project or if, on the contrary, it is a project worth investing in.
Honestly, it was difficult for us to create this review on GoldMint. In fact, the project may seem simple at first glance. It is not so.
The founders wanted to create different services and different tokens with their own mechanics and operation. This makes the project very complex to understand. It's a shame. A project that is complicated to understand does not encourage use.
Therefore, we invite you to read our conclusion to get a more precise idea and a clearer opinion on gold mint.
GoldMint Overview
GoldMint is a Singapore-based company. The CEO is an entrepreneur named Dmitry Plutshevsky. He had the idea of democratizing access to the purchase of gold among the general public. In reality, GoldMint is part of the KVP holding company which specializes in the logistics of precious metals to individuals and businesses.
In fact, the idea behind GoldMint is to set up ATMs for gold distribution. In the same way that there are now distributors of all sorts of things (and even pizza), there are distributors of gold bars.
GodMint is therefore a company which provides gold distributors, much like ATMs. The company was created in 2019, but there are more and more distributors.
These gold "ATMs" are called "Custody Bot" to reduce the full expression "Automatic Gold Exchange Kiosk". These are mobile gold exchange kiosks. The machine dispenses small gold coins as well as bars.
You can therefore buy physical gold on these machines with fiat currencies (by bank card). You can also resell your gold against FIAT currencies as well.
GoldMint Products and Services
What's interesting about Custody Bot is the fact that these machines are absolutely autonomous. They follow the price of gold live, for example. So, people who have these machines do not need extensive maintenance to keep the machines working properly.
In fact, the machines can even be programmed to sell silver or other types of metals. Thus, the machines are also used for price evaluation and temporary custody of metals. Yes, the machines also serve as safes for the owners.
This drastically reduces the transaction cost of gold. Likewise, it is known that it can be dangerous to keep gold at home. With GoldMint distributors, the solution is already found. Buy gold is simplified. So far, it's ok, we understand the GoldMint project well.
You should know that there are 3 major services on GoldMint.
The Mint blockchain
GoldMint has launched its own personalized blockchain. This is used to validate asset transactions that take place on the network. From a technical point of view, MINT Blockchain is based on the original pBFT protocol. We could not find more information about this protocol. The blockchain works on the Proof-of-stake mechanism. This gives everyone the opportunity to participate and win rewards.
GoldMint chose to create this blockchain for a main function. This concerns the verification of the owner of the wallet. This allows users to buy, sell and trade digital gold legally.
Anyone can become a validator on the Mint blockchain. For each transaction, the sender pays a commission to the network. So, miners receive 75% of the commission. Others receive 25% GoldMint.
The GoldMint Lite Wallet
It is possible to download the Golmint wallet and install the extension on Google Chrome. It works like all decentralized crypto walletsas an Metamask for example.
We can see however that only 314 users have downloaded the wallet. This is really very very low. Besides, it is not necessary to download the wallet to use GoldMint.
➡️ The two different GoldMint tokens
GoldMint has implemented two different types of tokens:
- The GOLD token is a native token on the Mint blockchain. The price of the GOLD token is linked to the price of an ounce of 24K gold listed on the London Metal Exchange (LME). It is possible to buy GOLD against USDT and resell it directly on the site. To buy GOLD or resell it, you will necessarily have to pass a KYC.
- The MNTP token is a utility token. This allows holders to receive daily rewards. These rewards are linked to commissions made.
? The MNTP token
It's important to note that the MNTP token is only tradable on a few exchanges, namely Yobit, Livecoin, and Idex. These are not widely used or well-known platforms. This clearly contributes to the token's lack of recognition by a wider audience. This is how other cryptocurrencies generally find volume.
Similarly, the fact that the token is only listed on one platform is not very “reassuring” for investors. It’s a fact.
? How to buy MNTP token?
The MNTP token is a utility token. Here are the advantages of owning the MNTP token:
- MNTP holders can receive rewards in the form of GOLD.
- They benefit from reductions on GOLD transactions made on the MINT network.
- They are on the list to obtain a franchise to place Custody Bots and launch their ATM business.
? How to make money with MNTP?
GoldMint has thought of a complete system to allow as many people as possible to benefit from this gold business. So, in concrete terms, the company's business model consists of taking transaction fees.
However, it is also possible for investors like you and me to take a small piece of the pie from this juicy business.
How?
To start mining, simply exchange your MNTP for MNT. After that, you will start receiving the GOLD token automatically every day as a commission to your wallet.
The size of your reward depends on the amount of MNTP you have and the volume of transactions in the chain. The GOLD token is equal to the price of an ounce of gold and can be sold for USDT at any time.
You have to pay a commission for each GOLD transaction you make in the Mint blockchain. If you have MNTPs, this reduces your costs.
✅ The advantages of GoldMint
- The project is original, it must be conceded.
- Making digital gold accessible to everyone is a good idea. ATMs would be just as useful as Bitcoin ATMs in fact. The business could interest players in the current gold business.
- The fact of being able to earn 3,6% interest per year on the GOLD token remains interesting.
❌ Cons of GoldMint
- The fact that the company has created its own token has advantages. That said, this makes using the platform even more complex. Moreover, this adds instability as well. Tokens are volatile and this can be confusing when investing in a gold-related business.
- The project is too complex. There are too many different products. Gold dispensers are easy to understand in themselves. However, the two token system makes everything complex to understand.
- The company is not very communicative. For example, the last tweets on Twitter were in 2021. The same goes for their Facebook page. This lack of communication on the networks is really a bad sign.
Is GoldMint a scam after all?
Actually, the question is not so easy to answer. The fact of technically seeing the machines which are operational (we can see them on some photos posted on twitter) may be sufficient. In the photos we see that there are dispensers installed in supermarkets.
Until then, it's a business that runs like any distributor business, you might say.
Where it gets complicated, for us, is the use of cryptocurrencies. The fact that the system is complex to understand is very confusing. Frankly, we don't give financial advice. That said, the project seems dead...
We may have to wait for news of the ongoing development. Continue your research but be careful. We think there is still a lot of work to be done on their side. Seriously. However, we do not think that MNTP is a pure shitcoin.
For us, one or other of the projects should have been developed. Either the gold distributor alone or the digital gold purchase/sale system, as with the site Vaultoro for example.
However, we are passionate about buying gold. If this interests you, there are plenty of other solutions for buy gold with cryptocurrencies. It is also possible to buy gold in the traditional way on the gold-and-silver site, which remains a reference in France.
— > The 5 sites to buy gold with your cryptocurrencies.
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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