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PAX Gold pricePAXG
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About PAX Gold (PAXG)
What is PAX Gold?
PAX Gold (PAXG) is a digital asset that aims to provide the benefits of actual physical gold ownership while eliminating the drawbacks that come with storing and moving the precious metal. Each PAXG token is backed by one fine troy ounce of a 400-ounce London Good Delivery gold bar, which is stored in professional vault facilities in London. By tokenizing gold in this manner, PAX Gold allows investors to purchase and own gold in a more convenient, affordable, and divisible format than physical gold bars or coins.
Resources
Official Whitepaper: https://paxos.com/wp-content/uploads/2019/09/PAX-Gold-Whitepaper.pdf
Official Website: https://paxos.com/paxgold/
How Does PAX Gold Work?
The underlying mechanism for PAX Gold revolves around the tokenization of physical gold bars. When you purchase a PAXG token, you are essentially buying a digital claim to an actual gold bar stored in a secure vault. These vaults are routinely audited and inspected to ensure the gold's security and quality, offering investors peace of mind. The information regarding each specific gold bar, such as its serial number, brand of the issuer, gross weight, and purity, is readily available to the token holder.
What is PAX Gold Token (PAXG)?
The PAXG token is the digital representation of the ownership rights to a fine troy ounce of physical gold. It is an ERC-20 token, which means it operates on the Ethereum blockchain, making it compatible with all Ethereum-based wallets and decentralized applications (dApps). Each token corresponds to specific details of a gold bar stored in a vault, and token holders can verify this information through the blockchain. If desired, PAXG token holders can also redeem their tokens for the equivalent physical gold, or its cash equivalent, providing a unique avenue to convert digital assets into physical ones.
Which Factors Affect PAX Gold Token (PAXG) Price?
The value of a PAXG token closely tracks the market price of a troy ounce of gold. However, the token's price may also be influenced by other factors like investor adoption, transaction fees, or regulatory changes concerning asset-backed tokens. It's vital to remember that while PAXG aims to be a digital equivalent of physical gold, it also operates within the broader cryptocurrency ecosystem and can be affected by market sentiments.
PAX Gold's Impact on Finance
PAX Gold represents a significant innovation in the financial world by seamlessly merging the stability and intrinsic value of gold with the efficiency and versatility of blockchain technology. By tokenizing gold into an ERC-20 asset, PAX Gold makes it possible to trade, transfer, or redeem physical gold as effortlessly as sending an email, democratizing access to a time-honored asset class that was previously challenging to divide, transfer, and store. This digital asset not only enables a broader audience to invest in gold, but it also paves the way for gold to participate in decentralized finance (DeFi) applications, thereby modernizing how we interact with this age-old store of value. The integration of a physical asset into the digital financial ecosystem exemplifies how traditional and modern financial instruments can coexist and enrich the investment landscape for everyone.
Conclusion
In summary, PAX Gold offers a unique blend of the old and new, tying the timeless value of gold to the modern functionality of blockchain technology. It provides an avenue for investors to diversify their portfolio, combining the stability of gold with the utility and innovation of digital assets.
PAXG to local currency
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How to buy PAX Gold(PAXG)
Create Your Free Bitget Account
Verify Your Account
Buy PAX Gold (PAXG)
Trade PAXG perpetual futures
After having successfully signed up on Bitget and purchased USDT or PAXG tokens, you can start trading derivatives, including PAXG futures and margin trading to increase your income.
The current price of PAXG is $2,621.45, with a 24h price change of +0.03%. Traders can profit by either going long or short onPAXG futures.
Join PAXG copy trading by following elite traders.
PAX Gold news
To enhance user trading experience, Bitget will adjust the minimum price decimal (i.e., the smallest unit price fluctuation) for 42 spot pairs from 12:00, 22 November 2024 to 13:00, 22 November 2024 (UTC). Details of the adjustment is shown in the table below: Spot Trading Pair Trading Pair Before
PAX Gold Social Data
In the last 24 hours, the social media sentiment score for PAX Gold was 3, and the social media sentiment towards PAX Gold price trend was Bullish. The overall PAX Gold social media score was 0, which ranks 968 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with PAX Gold being mentioned with a frequency ratio of 0%, ranking 894 among all cryptocurrencies.
In the last 24 hours, there were a total of 228 unique users discussing PAX Gold, with a total of PAX Gold mentions of 17. However, compared to the previous 24-hour period, the number of unique users increase by 16%, and the total number of mentions has decrease by 80%.
On Twitter, there were a total of 0 tweets mentioning PAX Gold in the last 24 hours. Among them, 0% are bullish on PAX Gold, 0% are bearish on PAX Gold, and 100% are neutral on PAX Gold.
On Reddit, there were 19 posts mentioning PAX Gold in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 5% .
All social overview
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