Silverspotcoin


Silverspotcoin harnesses the best of both worlds. On the one hand the currency is backed by silver (just like most currencies used to be) giving it grounding and sustainability. On the other hand it will still have room for speculation - something the cryptocurrency market thrives on. This is the "goldilocks of crypto".


Information


Backed by Silver

Silver is recognized globally as a valuable precious metal – and has been for thousands of years. Not only the US Dollar but also other major currencies were backed by precious metals for most of their existence. This strategy was successful as it built stability, trust and confidence in the currency and ensured the currency use as a medium of exchange throughout whole economies. We believe that combining the key aspects of a cryptocurrency with the hard asset value of the precious metal silver in a balanced way will finally unlock the full potential of a new class of online currencies.


Silverspotcoin allows room for 'Natural Value'

Striking the right balance is key. After considerable research and feedback from trial users, we believe that the right balance is achieved at a 40% physical silver backing for Silverspotcoin. This will still allow for sufficient market speculation and investment whilst at the same time building trust and confidence in the long term value of Silverspotcoin based on the fixed 40% physical silver backing rule . This balance we believe to be very important to ensure Silverspotcoin successfully achieves its mission.





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Whitepaper






Website






Silver Bullion Backing






The sale of the first batch


This is a sale for 3,000,000 SSP, lasting 2 weeks, between 25/8/2014 and 8/9/2014. All money put forward by the initial investors will be added up and divided by the first batch of coins (3,000,000 SSP). After the two-week period you will be sent your Silverspotcoin. Transactions will be completed within 48 hours. The amount a percentage of SSP proportionately to how much you invested in comparison to the total BTC raised. This allows for an initial value to be found for Silverspotcoin as well as giving supporters a chance to acquire coins at an early stage. Once the sale is over, it will be converted to physical silver at the spot price with Bullionvault.

BTC raised is non-refundable, so please do your research before investing. This sale is garunteed to last for 2 weeks however it may run over for a few days if nessasary.

When you have ordered SSP you will be given a unique BTC address. Please go ahead and send the BTC to that address so we can confirm your order.

Escrow will be used, with monbux being the middle-man. His past record shows that he is reputable and trustworthy


Previously when BTC has been invested directly into the coin through the Developers there have been instances when the developers have ran away with the money invested. In this case we are providing people access to the blockchain before the batch is distributed as proof.




Sales Page






FAQ



Silver Backing



Is SSP just a way to buy and store Silver in the cloud?

No. SSP is not an ETF. SSP is a cryptocurrency intended to be used on a day to day as an alternative to fiat currency. It is partly backed by Silver to give it insurance and sustainability.



Can I redeem SSP?

Yes you can, however since SSP is backed 40% by silver you will not recieve the value of your holding of SSP in Silver. However shipping services have different rules on the transportation of precious metals. The minimum shipping amount is $3500. Please contact us if you want to redeem SSP and for more information.



To what extent will the price of Silver represent the price of SSP?

Since SSP is backed 40% by Silver, silver's commodity price will have some effect on the price of the currency. However 'natural value' brought about by speculation will also play a part. This combination makes this coin the "goldilocks of crypto".



What is the maximum amount of SSP coins to be produced?

800,000,000 SSP.



Get SSP


There are two ways of getting SSP:

Primary Market

When we release coins you will be able to buy coins directly from us using the form on the sales page on the website.

Secondary Market

We will always allow 3rd party exchanges to facilitate the buying and selling of SSP amongst peers.



Logistics


How will we release coins?

Phase 1 : Before launch there will be a two-week period during which early investors will be able to purchase Silverspotcoin. All money put forward by the initial investors will be added up and divided by the first batch of coins (2,500,000 SSP). After the two-week period you will be sent your Silverspotcoin. This allows for an initial value to be found for Silverspotcoin as well as giving supporters a chance to acquire coins for a good price, lower than in the future. Once the initial value is found, 40% will be converted to physical silver at the spot price with Bullionvault.

Phase 2 : We will then release each batch of coins slowly having givien the market a months notice before release. We will detail the amount of coins we will release and the exact date when the selling will start. Coins will be sold with minimal disruption to the market. We will use both primary and secondary markets to sell the batch. We will continuously monitor the market and pro-actively manage the release the timing and quantum of each batch to achieve our mission. You will be able to buy coins directly from the website at an average market price when we release batches. When every coin in a batch has been sold we will then buy enough physical silver at Bullionvault to maintain the 40% silver backing at the spot price that day.

Phase 3 : We plan on developing multi-platform mobile and tablet applications as well as creating a unique exchange just for Silverspotcoin with both primary and secondary markets. We will keep releasing coins at a steady rate – increasing the coins market cap bit by bit whilst maintaining the 40% physical silver target backing.



Why Silver?

Silver is recognised globally as a valuable commodity – and has been for thousands of years. Not only the US Dollar but also other currencies were backed by precious metals for many years. This was successful and brought stability and trust. We are confident that combining a cryptocurrency with real value will produce a currency with huge success, unlike any cryptocurrency before it.



How much silver backs the currency?

The currency will try its best to maintain a 40% silver backing. This means that every time a new batch is released its silver backing value changes depending on the value of Silverspotcoin and the value of Silver. For example if the market cap of SSP is $1 billion but the value of silver behind it is only $300m because the price of SSP has gone up, the next batch will have an increased silver backing in order to maintain the 40% backing.



Why 40%?

A 40% silver backing compliments the value of Silverspotcoin. Too much of a silver backing would turn the currency into an ETF – something we are not trying to do. Furthermore we do not want Silverspotcoin to be completely dependent on Silver. We want to encourage speculation and ‘natural value’.



Can you guarantee a 40% physical silver backing at all times?

No we cannot. It will be around 40% depending on the price of silver and the price of SSP itself. We will do our best to maintain a 40% silver backing by releasing more coins and buying more silver when necessary. The value of silver behind the currency will always be viewable on a publically viewable account 24/7 and audited every day.



What about the other 60%

Half of the 60% is used to try and maintain the 40% silver backing by buying more silver when needed. The other half will be used as a development fund - for things like updating software, media & marketing, hiring employees and developers, office space and various mobile applications as well as paying for the various fees that come along with buying and storing silver.



Why are you using Bullionvault?

BullionVault is highly rated and secure, managing $2 billion of bullion and assets. It is quick and easy allowing us to both buy and store the Silver in one place. They have low fees and use high security vaults in many different countries, allowing us to diversify locational risks.



How did you come up with the Silverspotcoin concept?

Having seen countless large Bitcoin price fluctuations and many failed altcoin attempts we decided cryptocurrency needed some grounding: proof-of-value. We looked at how historically currencies functioned and to what extent the model they used worked. It was clear that those with Gold and Silver backing were always reliable and trusted. We then realised that this is exactly what cryptocurrency needs - some sort of intrinsic value. Combining Silver with the innovation of Bitcoin, we decided, would be the best way to achieve this ideal.



Mining


Algorithm: Scrypt
Max coins: 800,000,000 SSP
Block time: 60 seconds
Difficulty: KGW

As the coin has been premined 100%, when mining you will be mining for fees.



For any questions: support@silverspotcoin.com