E-gold Casinos

E-gold Overview:

E-gold is a unique means of online money payment. Rather than using currency as all other internet financial services do, e-gold trades in the international currency of precious metals. Issued by e-gold ltd. e-gold is an electronic currency that is backed up by in-place bullion reserves. Also available are e-silver, and e-platinum, but e-gold is the most popular by far.

How E-gold works:

There is a certain amount of gold in e-gold ltd.'s reserves, as of April 2007 there was 112,188 oz (3,492.0 kilograms) of gold and 138,567 oz (4,313.1 kg) of silver in storage; this is worth approximately US$86 million. That gold stays there, but its value is purchasable by individuals who can then use that value to trade online. Therefore, the value can be transferred from one person to another and in doing so the ownership of that amount of gold is transferred from the first person's name to the second. The payment is instantaneous, and currently approximately $10.5 million are traded in this way each day.

E-gold doesn't directly sell its e-gold to its customers, rather users employ digital currency exchangers through whom they may purchase their e-gold with various world currencies. The reason for not providing an in-house exchange service is in order to keep e-gold itself free of financial risk – if they don't deal with currency there can't be any debt or contingent liabilities. In fact, e-gold itself doesn't possess any currency what so ever.

Owners of e-gold are charged 1% per annum for all e-metals held on their behalf; this sum is deducted monthly. Paying with e-gold is free of charge, but receiving e-gold costs. The fees for receiving e-gold are worked out on a sliding scale ranging from 5% to 1% of the transaction value.All accounts have the same fees as there is no differential between merchant and non-merchant accounts; everyone has a merchant account.

E-gold Advantages:

The major attraction of e-gold over currencies is that it is not susceptible to the same kind of fluctuations in value. The value of gold does of change, but for the most part it is an incredibly stable asset unlike currencies which can alter drastically depending on political moves, economic factors, and world markets. Equally, gold as currency is understood by everyone all over the world, making it, like the web itself, the only borderless currency. Furthermore e-gold accounts are anonymous. Like Swiss bank accounts, an e-gold account is registered by number and not name, and unlike checks and credit cards no paper trail is left. E-gold accounts can even be funded by cash meaning that monies can go in and out without the slightest hint of origins or destinations.

Conclusion:

All in all e-gold offers a serious answer to the questions relating to international internet trade. It can be used for simple purchases and money transfer between friends but can also be used for the more serious side of business and finances as gold itself has been used throughout history.