A Free Market Gold Currency

Digital currency is as world-changing as the printing press or gunpowder. Digital currency links together financial institutions and markets around the globe through instantaneous value transfer with a fraction of the paperwork, fraud and cost of traditional bank wires and credit cards. You can convert digital currency to cash anywhere in the world.

Advantages:

Efficiency

Transaction costs using credit cards or PayPal range from 2.5% to 4.5%. International bank wires cost, on average, $40 to $70 using Western Union. Digital currency allows transactions to take place with costs as low as 0.1% or 45 times less than credit cards. Digital currency lowers transaction costs by three orders of magnitude! This means that transactions that were previously too expensive to make because of the time, money, and effort involved are now feasible using digital currencies such as e-gold, gold-grams, Standard Dollars, Standard Gold, e-Bullion, and Hansa Dollars. For retail merchants who do a high volume of credit card transactions the savings can be significant! The savings in transaction costs can then be passed along to their customers in the form of lower prices, which will help merchants accepting digital currencies to gain a competitive advantage.

Speed:

The average credit card transaction can be reversed for three to six months after the sale took place. This leaves merchants in a vulnerable position. There are those who reverse the charges on a regular basis against merchants who delivered the goods. This kind of theft drives up prices for everyone to cover the cost of lost goods and money due to fraudulent credit card use. Bank wires in-country take at least three days to clear. International bank wires can take up to two weeks to clear. Digital currency solves these problems by allowing nearly instantaneous and non-reversible transactions. For merchants this means that all sales are final. They don't have to worry about having their account frozen because some hacker used a stolen credit card at their store or on their website. This also means that when you need to send money to a friend or family member anywhere in the world, you can do it in a few seconds.

Universality:

PayPal only works in the States. In order people outside the States to sell their product or service to the web, they have needed an international credit card merchant account. The problem is, outside the States and Europe, merchant accounts are very difficult to obtain. This creates a barrier to entry that discriminates against many entrepreneurs who would like to offer their products and services to the world. Digital currency solves that problem by allowing instantaneous transfers of money anywhere in the world.

As the network of exchange agents and market makers grows, it is now possible to quickly and easily convert your digital currency to cash in any country in the world. For example, Standard Reserve's Instant Anywhere Accounts allow their customers to withdraw their Standard Gold, or Standard Dollars through any ATM machine on the planet! This means that no matter where you are, if you can find an ATM machine, you can convert your digital currency into cash in the local currency.

Safety:

Credit card fraud is becoming increasingly prevalent as hackers steal card numbers from computer networks, crooks root through your garbage and steal your identity, and other nefarious thieves devise ways to get your account number. Digital currencies offer a higher level of security than credit cards. Even the lowest level of security for digital money, an account number and password, is a magnitude safer than a credit card. All a thief needs to steal a credit card is the account number. With digital currencies the merchant never sees your password, so it is impossible for a thief to steal it, unless you give it to him yourself (e.g. by letting him access your computer).

GoldMoney supports digital certificates for customer identification. These certificates cryptographically verify that you are you. This prevents thieves from accessing your account. It is also possible to combine digital certificates with an affordable biometric fingerprint reader to make sure that absolutely no-one has access to your account but you.

Person to person payments:

Digital currencies allow one thing that credit cards do not: person to person payments. PayPal is limited to the United States. So what do you do if you want to buy a collector's doll that you found in an online classified ad, if the owner lives in New Zealand and you live in the US? Digital currencies allow you to transfer your money to anyone else who has a digital currency account. In the case of some forms of digital currency, such as e-cash, you can spend to someone who doesn't even have an account yet. It only takes a few moments for your friend to open his own account using the Internet, and in most cases it doesn't even cost a penny.

Privacy:

It well known that traditional banks and credit card companies keep massive databases tracking all of your account activity in the name of "know your customer" and "fighting the war on drugs". In reality, we all know that those banks sell that information about their customers' spending habits to other companies, and governments use the data to find excuses to confiscate your money and property. So, not only does Big Brother have access to all of your spending habits, but so does any individual or organization who wants to buy it. Most digital currencies are based in "capital-friendly" jurisdictions with strict privacy protection laws. For someone to get your account information they have to obtain a court order in the country that your digital currency is housed. This means that true crimes can be prosecuted, but that your privacy will remain intact if you are just an average law abiding customer. Think of it as guaranteeing yourself the right to "due process" so often denied today in meeting big government's forfeiture quotas.

Furthermore, money laundering is not really an issue since you have to spend your national money (such as dollars) through an exchange agent in order to purchase a digital currency in the first place. Since exchange agents all have accounts at banks with anti-money laundering practices in place, this means that all money used to purchase digital currencies is theoretically "clean". Clean money in, clean money out. So, digital currencies are able to provide privacy to their customers, and are still able to guarantee that they are not being used for money laundering. As Bob Hettinga put it, digital currencies are "orthogonal" to the traditional financial world. As long as all the money coming in and out goes through banks with anti-money laundering practices in place, then money laundering is impossible. Furthermore, all of the digital currencies in business at this time are firmly committed to discouraging crime and money laundering, while at the same time protecting the privacy of their account holders.

You can obtain a Standard Reserve Instant Anywhere Card or an e-bullion Debit Card and withdraw your digital currency from any ATM machine in the world as cash. But since the cards are processed in an offshore jurisdiction, you can be assured that your privacy is protected. Since both of these companies are diligent in preventing money laundering, you can be assured that you are in good company.

e-gold:

The world wide web needs world wide money: e-gold was created in response to this need. In your e-gold account, you have a certain amount of grams of real gold, the value of which in any national currency may fluctuate. Weight units like grams have an internationally recognized definition. Additionally, precious metals, gold in particular, enjoy a long history of monetary use and stable value 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. For example, it's possible to:

Spend 5.3 grams of gold (e-gold) or,

Spend US $56.00 worth of gold (e-gold ).

This means that a Canadian can pay a Korean or an Australian can pay someone in China the correct weight of gold (e-gold) for a product or service as easily as if the price had been quoted in his own national currency.

It costs nothing to open an e-gold account. There is no credit check. There is no minimum balance requirement. Perhaps the most freeing of all, there is no concept of a "merchant account" in that all e-gold accounts may spend or receive e-gold payments freely. Sign-up now. The process takes only about 5-7 minutes.

How to use e-gold.

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