Purchase power. Despite the fact that the value of your gold account in national currencies will vary with the price of gold we explained before that with time its purchase value is maintained.
Although the transactions are not expensive, especially when compared to conventional systems such as banking, credit card, Western Union and the like, there is still a cost to be considered. Exchange providers traditionally charge anywhere between 2 and 15% depending on how you fund them. If you use a credit card to buy gold you will incur higher charges naturally. If you pay cash then the charge will be less.
The transaction is instantaneous. There is no ‘waiting period” for any party. Once the ‘spend’, as it is called, is done the debit from your account and the credit to the account you have spent to is done.
The spending is irrevocable. That is to say irreversible. Not like a bank check which one can claim was falsely issued or a credit card payment which one might claim was unauthorized. The gold currency issuer will not reverse a transaction you made. One should therefore be totally sure that one wants to make the spending and that one is spending to the correct account. You cannot rely upon the person you are spending to reverse it in the event of an error.