Tradable gold platform, part 3

This will be a new series to explicate some ideas about how to make gold act like a currency even though it isn't one.

Come to think of it, that might get you into trouble.  But wait a sec.

Anyway, this idea started a few days ago.  The second post was a musing about how to make it the currency of a seastead realm.  But, that seems too impractical to me now.  So now I wonder if it may be possible to just deposit the gold in an existing bank vault, and assign a new "bitcoin" to it.  Not the actual bitcoins themselves, but a virtual one that acts as an identifier that puts a claim on that particular piece of gold.

For example, let's say you accept 1 oz gold pieces in this bank vault.  Upon receipt, a new "bitcoin" is created which identifies the piece.  Now, you need a bank for this, so what you do is set up an account that will give you dollars ( or any other currency, including real bitcoins ) in exchange for your gold.  You would be selling your gold to the vault, or more accurately, the bank.  You could not buy it back, though.  The idea is to accumulate gold while increasing the outstanding shares of the virtual currency.  This compares with "mining" the bitcoins.  Instead of "mining", you are exchanging 1 oz. gold pieces for a unit of the virtual currency.  Once created, it cannot be destroyed.  Dollars would go into an account in exchange for the coins, if you don't trust the virtual currency.

Now, if virtual coins stayed on hand at the bank, they could offer to sell the virtual coins for any other currency, you see.  Now, after having made at least one exchange, the virtual coins are in circulation.  It's value is still linked to the coin in the vault.  The coin in the vault doesn't go away, and neither does the virtual coin.  It would function like a "gold certificate" of days gone by.  Instead of trading the coin itself, you'd be trading the virtual representation of it.