- Make online payments 24 hours a day from anywhere.
- Send and receive money instantly to family, friends and business
- Collect real-time online payments from sale of goods and services,
online games, auctions, etc.
- Easily exchange dollars for gold and vice versa.
- FREE account signup.
- Real-time online payments.
- Mass payments with one click.
- Email payments to any email address.
- Request payments from anyone with an email address.
- Perform one-time and recurring payments.
- Lower merchant fees than credit cards.
- Top Class security thanks to the PIN verification of spends.
What is a gold currency?
A currency is a unit of exchange, facilitating the transfer of
goods and services. It is a form of money, where money is defined
as a medium of exchange, a store of value. Therefore gold is a better
money than a currency because it better keeps its purchase power
with time. In fact if 50 years ago you could completely dress yourself
with 100 grams of gold then today you still dress yourself with
100 grams of gold which is not the case with a currency. Effectively
if 50 years ago you could dress yourself with 50$ then today it
is not enough because of inflation, so gold is a better money.
||Unit of account
|| canadian dollar
|| troy ounce
Gold is similar to a currency, that is why many people use the term
"gold currency" to talk about gold as a medium of exchange.
A while ago, gold was not as convenient as currency paper as a method
of payment because to purchase something for a value of 100USD it
is difficult to break off a slice of gold that you carry to that
value and hand it over to the merchant. But now with Internet it
is not a problem anymore since you can have an online gold account
from where you can send a payment of any amount to anybody in the
world as you can do with your bank account.
As you can open a currency account with a bank you can open a gold
account with corporations (gold currency issuer/supplier) such as
e-gold, GoldMoney and Pecunix and then to put gold into your gold
account you just have to use an exchange provider as listed in the
home page, who make a business simply converting national currencies
to gold and visa versa.
Those companies hold in trust a quantity of gold bars corresponding
to the total of all their customers' gold assets and act as custodian
on behalf of clients. This gold is in the form of actual gold bars
and held in escrow in banks around the world. With this system each
account holder, who can be a consumer or a merchant, actually 'owns'
an amount of that gold inventory and this holding is reflected in
his account. Transactional history and balances are available and
a small fee is charged for each transaction and for storage.
Advantages and inconveniences of E-money
1. 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.
2. 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.
3. 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
4. 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.