What Is
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.
As many of you have read or heard online systems that use a currency (predominantly US) based online exchange format are being viewed "as" engaged in banking and therefore will most probably (if not already) be held to the same "know your customer" policies the US government has inflicted upon the people within the traditional banking system. Be very clear, when you exchange e-gold you are exchanging the actual ownership of gold you are not engaged in banking.
e-gold IS 100% backed by gold. This means that when you buy, or someone spends to your account, you are receiving a weight of gold. What you receive today may very well be worth $100US however, tomorrow it may be worth $101US. The amounts delineated in currency (no less than 21 different currencies) will fluctuate but the amount of gold you own will not change until you spend it or redeem it for a currency or take delivery of it. Unlike other purported precious metal "backed currencies" this IS gold the "currency" is electronic. You do not pay a premium for pretty paper 50% "backed" by metal.
How do I get "money" into my e-gold account? There are many ways and many different companies that provide this service. Basically you send a money order, money gram, western union, cashiers or certified check to the third party company (filling out their form and following their instructions) and they in turn "spend" gold to your e-gold account. It is also possible to fund your account with your credit/debit card, online checks, wire transfer and cash deposit into a bank. In simplistic terms, you send a third party a currency (or a promise to pay a currency) they accept that currency and fund your e-gold account with it minus their average 6% fee (credit/debit card and online check is higher).
Basically it is the same if you want to receive a currency by spending out of your e-gold account. Several companies will pay 1% over spot and their are different ways to receive the currency. there is even a company that will send a check to whomever you wish so you can, in effect, pay your bills from your e-gold account. At last glace this service was provided for only $1. per check.
There are several companies that offer an ATM card specifically for getting currency from your e-gold account. It works like this. You spend to an account you have set up with a company that offers this service and they in turn deposit currency into an account that your ATM card can access. These cards have a yearly fee that is significant however, your privacy and convenience is optimized and from what I can see most have no daily limit of withdrawal.
To open an e-gold account is free and there is no minimum
balance. Just click on the e-gold logo
anywhere on this site for more information about e-gold or to sign up for a free
account. It is free and easy so why not get one now, we are sure you will be
happy you did.