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What is e-gold?The normal way to pay for a purchase or a service over the internet is by credit cards or one of the followings:PayPal,StormPay and E-Check.Many people,especially Malaysians,are reluctant to use credit cards online for fear of frauds.Some do not even have a credit card to begin with.To pay with PayPal your account have to be first verified using your credit card.It boils down to the same thing.E-gold is designed to overcome this fear.It is an electronic form of currency,100% backed at all times by gold bullion in allocated storage.E-gold is issued by E-Gold Ltd,a Nevis corporation. Each user of e-gold is required to open an account with E-Gold Ltd.Account holders will then use e-gold as money in doing internet business,purcahsing goods or paying for services rendered through transferring the agreed weights of e-gold amongst their accounts.While all these transferring of e-gold are taking place,the physical gold bullion that back up their value remain intact in the vault. Therefore e-gold is as good as the gold it's backed with forever. 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. E-gold must not be mistaken as the electronic form of the US dollar or any other national currency. It is the electronic equavalent of the metal gold itself fully backed by gold bullion deposited at allocated storage. 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:
* AUG is an abbreviation for the currency unit (i.e. brand of money) "grams of gold, payable in e-gold". |