This news is literally hot off the press and I have just come off of an open mic call today with 999 other people hearing about some of the latest developments. I can't guarantee I will do one of these updates every week but I will do them when I can.

I need to stress that, unlike before when information was coming at us so fast that we couldn't keep up with it, now Karatbars HQ are taking things one step at a time so the little that I can report on here is only a tiny part of the whole picture that is emerging.

 

Karatbit is going through a migration process from one I.T. team to another and until it is fully positioned where it needs to be, many of the things that are planned simply can't happen. When everything is moved, checked, double checked and found to be working fine, I think that you will see better functionality and it will all make more sense. 

To give you a little for instance: what will happen with QR codes that you previously generated (if you generated any)? That will get revealed once the new proposals on these can actually be activated within Karatbit. HQ have clearly stated that all QR codes will be honoured as per the original plan as soon as the system is in place to get them sorted.

It sounds like they are simply going to turn the QR codes into Univals on Karatbit but they might simply add them to your Karatpay account in your Karatbars back office (I can only guess at the "how" it will happen at this stage. Univals are the digital equivalent of Cashgold. One unival is worth the same as 0.1 gram of gold. Give it a little time and that transition (QR code to univals) will happen.

Univals are also (I believe) the new Karatbars stable coin (assuming the name "unival" is staying - it sounds like it is). More news on this should follow next Thursday. A stable coin is normally a holding coin or token that is always  the equivalent in value to a unit of a particular currency. For example, one unit of the well known USDT is equivalent to one american dollar. 

Just to be clear again, one unival is the equivalent of one tenth of a gram of Karatbars Cashgold. So if you were to turn fiat currency into univals you would then be locked into the gold value for that unit. 

A new corporate card is on it's way now. This will be used for the receipt of commissions inside Karatbars and may also be used in time for other things. It will, at first be available as only a virtual card. But the virtual card will work in exactly the same way as a physical prepaid cash card like the PFS one we had up until now works.

I have had virtual cards with various other organisations and they work fine. 

They work in a similar way to an online bank account that you have to have a positive balance in. Virtual cards are already accepted in many online places but a physical prepaid card is coming very soon thereafter. There will be a one-off €6 (six euro) fee to have the physical card sent to you - there may (this wasn't stated but be prepared just in case) also be a delivery charge. That's me talking not the company, maybe there is no delivery charge at all.

This Friday's normal commision run (for any of you expecting commission) will be delayed into next week while this new card system is integrated. 

On (or about) 1st July,  announcements will be made about the new Karatbars crypto autotrader. I know that this is only of interest to a few but I will look at it when I have full details and give an opinion then as to whether I think it is good or not. I have experienced these "traders" before. Some are very good and some stink.

Here's the key to the entire Karabars ecosystem (in case you were not/are not aware. Gold and gold saving is the core. Too many people out there are simply not getting this yet. If you put money, when you can, into the purchase of gold you are going some way to protecting your financial stability. 

The money (specifically its value at the time you purchase) at worst is held. But more likely, given what is happening around us economically right now, it should grow your spending power. This is not something you ever associate with fiat currency like the dollar and the euro, pound and so on.

My advice to anyone that has access to the Karatbars back office is at least consider setting up a regular monthly or two weekly savings plan for one gram of gold and then buy Cashgold as and when you have spare money available using the age old but sound theory of pound cost averaging, 

The gold price moves little by little and so if you buy regularly you get the advantage of slightly more gold when the price drops and then slightly more value but less gold when the price is going up.

Then just be patient as the bigger long term plans that Karatbars have unfold before us.

That's it for now. Be well and stay safe and please forgive any typos caused by me rushing this out!

John