bitgold

What is BitGold?

BitGold is a payment system that is totally free to use and backed by gold instead of government promises. Just think of gold as another currency, even though I live in Netherlands, I can save and spend in gold through BitGold instead of Euro.

We are all aware that currency values swing wildly at this time. Yes, golds price moves around too, but gold has shown to hold its value over time better than any other form of money.

Lets look at the Historical Purchasing Power of Gold

  • Circa 30 – 1 ozof Gold bought a Roman citizen a toga, sandals, and belt.
  • Circa 1920 – 1 ozof Gold bought an american citizen a suit, shoes, and belt. (About $20 US dollars).
  • In 2012 – 1 ozof Gold bought an american citizen a suit, shoes, and belt. (About $1,700 US dollars).

BitGold will allow you too:

  1. Build capital in a medium that has historically held its value very well.
  2. Spend that gold on the stuff you want when you want.
  3. Pay other BitGold account holders free of transfer fees.

The cost to you as a BitGold user is 1% when you deposit currency into BitGold and 1% when you decide to turn your BitGold gold back into your local currency.

Is My Gold with BitGold Safe?

This is perhaps one of the biggest questions and one of the most important. The information below is in an abbreviated from their website.

  • BitGold Inc. financial statements are audited by Price Waterhouse Coopers, according to International Financial Reporting Standards(IFRS).
  • Corporate By-Laws require that we must buy or sell assayed and stamped .9995 pure (99.95%) or better.
  • Every metric gram, kilogram, or tonne of gold that a customer has acquired through BitGold is owned and allocated to the customer once transactions have settled.
  • Our Corporate By-Laws require that we maintain adequate insurance coverage on all vaulted gold for the benefit of customers.
  • Corporate By-Laws require the company to secure all physical gold at LBMA or COMEX approved Vaults under fully allocated, segregated, accounts for the benefit of customers. Currently, BitGold Inc. has partnered with The Brink’s Company (“BRINKS”) one of the most trusted names in vault security with roots tracing back to 1859.
  • Real-Time Audit of Gold with their patent-pending Aurum technology is directly integrated with the Vault Custodian. This allows for real-time “audits” of the gold in all vaults enforcing a reconciliation of all corresponding account holders and the allocated physical gold holdings vaulted with the Vault Custodian. Aurum distributes these records in three ways:

Digital and physical copies are distributed to disaster recovery backups at randomized times each day.

Every 24 hours, an encrypted digital copy is sent to a third party auditor via an secure encrypted connection.

A third party auditor conducts planned and surprise audits at the Vault Custodian ensuring the reported gold holdings are reconciled through physical inspection.

Who is BitGold?

BitGold Inc. has its physical presence in Toronto, Canada and has just started trading on the Vancouver stock exchange under (XAU.V). Co-founded by Roy Sebag and Josh Crumb wanted to create a service that would allow people to buy a coffee using gold.

My Final Thoughts

What is BitGold? It is an attractive alternative to fiat currencies and crypto currencies like bitcoin that has huge potential. I really like the idea of transacting in gold rather than dollars. My purchasing power in gold should go up over time against paper currencies which are in a race to the bottom of a very dirty pond. I feel confident enough in BitGold that I have opened an account which was super easy, and will transfer some Canadian Dollars over to try BitGold out for my self. BitGold may even help me to save as I ponder if I want to part with my precious gold on a new pair of jeans.

I have decided BitGold is for me because it is:

  1. Very convenient.
  2. Transparent.
  3. Held with Brinks.
  4. Insured.
  5. Audited by Price Waterhouse Coopers.
  6. Super easy to navigate website.
  7. Low premium over spot price for purchases.
  8. No transaction fees when sending Gold between account holders.
  9. Free debit mastercard

Below is a video of setting up my account and transferring $50 cad dollars into gold with BitGold.

Set up a BitGold account now and get .25 grams of Gold for free. (I will also get .25 grams of gold, good eh.)

It’s a great way to start the process of gold ownership and see how easy it is.

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