What is E-gold?
e-gold is an electronic currency, issued by
e-gold Ltd., a Nevis corporation, 100% backed at
all times by gold bullion in allocated storage.
Other e-metals are also issued: e-silver is 100%
backed by silver, e-platinum is 100% backed by
platinum, and e-palladium is 100% backed by
palladium. However,
the most popular e-metal (by an overwhelming
margin) is e-gold.
e-gold is integrated into an account based
payment system that empowers people to use gold
as money. Specifically, the e-gold payment
system enables people to Spend specified weights
of gold to other e-gold accounts. Only the
ownership changes - the gold in the treasury
grade vault stays put.
Click here to get your FREE e-gold account
here to stay
e-gold is always as good as the gold it's backed
with - this year, next year, a thousand years
from now.
trustworthy
Pursuant to the e-gold Account User Agreement,
the physical bullion that comprises the value
backing e-gold must be insulated from physical,
legal and political risks. Title is held by The
e-gold Bullion Reserve Special Purpose Trust
that exists for the express purpose of holding
bullion for the exclusive benefit of all e-gold
account holders collectively. The bullion is
held in the form of certified good delivery bars
in allocated storage at repositories certified
by the London Bullion Market Association (LBMA).
Metal is held free of any lien or encumbrance
whatsoever and explicitly may not be attached to
any liabilities of e-gold Ltd. or any other
entity. No metal may be removed from storage or
any other disposition made without the
signatures of both e-gold Ltd. and a third party
Escrow Agent of good reputation.
transparent
e-gold Ltd. offers an unprecedented level of
transparency:
Total e-gold in circulation vs. total bullion
reserves are provided in real-time via the
e-gold Examiner utility accessible from the
e-gold website, as well as Statistics relating
to the use and growth of the e-gold system.
world wide money
The
world wide web needs world wide money. e-gold
was created in response to this need.
e-gold is accounted by weight of metal, not US$
or any other national currency unit. Weight
units have a precise, invariable,
internationally recognized definition.
Additionally, precious metals, gold in
particular, enjoy a long history of monetary use
around the world. Thus, e-gold is ideally suited
for international transactions. Although e-gold
is accounted by weight, the e-gold payment
system allows Spends to be expressed in terms of
eight major national currencies (as of this
writing).
This
means (for example) that a Canadian can pay a
German or a Japanese can pay an Australian the
correct weight of gold (e-gold) for a good or
service as easily as if the price had been
quoted in his own national currency.
The
power of the e-gold Spend...
All
financial value will migrate to cyberspace over
the next few years. e-gold is ready so that you
can be too.
e-gold is borderless -
e-gold may be Spent to any other e-gold account
anywhere in the world via the e-gold shopping
cart interface (SCI), the e-gold Account
Manager, or web enabled mobile phone.
e-gold is quick -
e-gold payments clear instantaneously (with no
chargeback risk), no matter how large the
payment, no matter how far apart the Spender and
Recipient.
e-gold is cost effective -
Spending e-gold is free, even if your recipient
is on the other side of the world.
Recipient transaction fees range from
substantially smaller to orders of magnitude
smaller than those of credit cards and bank wire
transfers, no matter how large (or small) the
payment.
The e-gold Agio fee, which recovers bullion
storage costs, passes on economies of scale
normally only enjoyed by very large holders of
bullion.
benefits all users of money
The
target market for e-gold is simply people who
use money. How do you presently use money?
Chances are any of these activities would
benefit from the increased soundness, security,
efficiency, and lower cost of e-gold. Here are
some examples of how e-gold is presently used:
-
e-commerce
-
Business-to-business payments
-
Point of service sales
-
Person-to-person payments
-
Payroll
-
Bill payments
-
Charitable donations
-
Monetary base of the AUG
-
economy
-
AUG is an abbreviation for the currency unit
"grams of gold".
Evolving Exchange Market
The
e-gold system is designed to be absolutely free
of any financial risk. There can be no debt or
contingent liabilities associated with e-gold.
For this reason, e-gold Ltd. does not possess
any national currency of any nation and has no
bank accounts. Thus, e-gold Ltd. is not able to
offer currency exchange services. Instead, a
growing number of independent exchange services
around the world support exchange between
national currencies and e-gold, accepting
various remittance methods, including credit
cards, bank wires, checks, and money orders.
Financial risk vs. exchange risk
e-gold is entirely backed by a physical
commodity rather than debt or other financial
instruments; therefore, e-gold is the only
currency in the world free of financial risk.
However, absence of financial risk does not mean
absence of exchange rate risk. As with any
currency, the value of e-gold relative to other
currencies continually fluctuates.
No
barriers to entry
It
costs nothing to open an e-gold account. There
is no credit check. There is no minimum balance
requirement. There is no concept of a "merchant
account" in that all e-gold accounts may Spend
e-gold or receive e-gold payments. |
