Imagine a world where you can buy your everyday goods in Gold. When you go down to the store you pull out your Goldbacks to pay for goods Or your Goldback-denominated card that pulls from your crypto wallet. Which can have Goldbacks added or pulled from your local atm. This might be a reality soon.
There has been a major development for the Sound Money movement in the past few months. First in January Goldback. Inc. CEO Jeremy Corden interviewed the creator of the first GoldATMS for Goldbacks. There are currently eleven of them out in the wild across Utah and Nevada.
Recently. a new project called PhiPay was teased as an Ethereum-based token. Where one token will represent exactly one physical Goldback vaulted. It should be noted that this project is very early in the work, so you shouldn't get your hopes up too soon.
While these are two separate projects. In theory, it wouldn't be that hard for them to overlap. If the GoldATMs create a wallet on the PhiPay network the can be overlayed. For example, if you wanted to withdraw 5GB, you would transfer your 5GB tokens to GoldATM and they would dispense your 5GB. Once the machines can accept Goldbacks for cash, they could also accept Goldbacks for tokens on the network. So instead of you transferring a token to them to pull your GBs out they would transfer a token to you as you deposit one.
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