Digital gold is a warehouse receipt for gold which trades online. There are many ways to buy gold and have someone else store it. Each of the companies discussed below has its own web site and warehouse operation.
Some of the advantages:
* Gold may be purchased in any amount, from a millionth of an ounce to a million ounces.
* Gold in your account is valued at spot.
* It is easy and fast to move into a position or out of one as market conditions change.
* Many merchants now accept gold directly at their web sites. A few stores also accept gold at their storefront location.
* Storage costs are very low.
* Your risk of theft is reduced.
* Your money doesn’t evaporate with inflation.
* With many competitors, it is free market money.
What is digital silver?
Digital silver is just like digital gold. Instead of a computerized warehouse receipt for gold that trades online, the digital silver services offer a warehouse receipt for silver. The advantages are the same, plus you get the added advantages of silver. Silver is less expensive, so it is often more volatile in price. It is also more affordable, so it reaches a wider market.
e-gold
In 1996, the first digital gold currency arrived. Organized by Doug Jackson, Doug Jackson a Florida cancer surgeon, e-gold.com has been operating ever since. Dr. Jackson’s online biography indicates that he is board certified in radiation oncology with an M.D. from Penn State in 1982. He completed residency in 1986 and then served as a Major in the U.S. Army Medical Corps at Fort Sam Houston Texas through 1992. In 1995, he conceived of e-gold as a payment system. The e-gold system was deployed online in November 1996. Since 1998, Doug has been full time with e-gold.
The e-gold system has over three million user accounts and 3.4 metric tonnes of gold valued at about $68 million. The gold is stored in certified, and insured vaults in London, Zurich, and Dubai. The data servers reflecting your account history and transactions are kept in Florida.
e-gold silver
The first mover advantage has been a big part of e-gold’s success. It is the most popular digital gold currency, accepted by more merchants online than any other type of digital gold. E-gold is accepted at online bookstores, web hosting and web design companies, many auction sites, travel agencies, and many other retailers. Every day, about ten million dollars in transactions take place using the e-gold currency. That amounts to $3.65 billion per year in transactions. The e-gold system also supports digital silver, palladium, and platinum. If you want your online store to attract customers by accepting e-gold, Vertoro has specialists to help you.
Pecunix
Pecunix.com has about a million dollars worth of gold, currently stored in Zurich. They have about ten thousand user accounts. Their data servers are located in New Zealand. Sometimes called “the thinking person’s digital gold,” Pecunix has some of the most advanced security systems. It is the only digital gold which uses PGP encryption keys for user messaging. Pecunix is organized as a private company, with one of its shareholders listed on the PVCSE.com exchange. Pecunix Venture Holdings or PVH is a minority shareholder in Pecunix, paid a dividend for 2003 and is set to pay a dividend for 2004. Sidd Davis
Pecunix was founded by entrepreneur and technology enthusiast Simon “Sidd” Davis. Originally a native of Rhodesia, then Zimbabwe, Sidd completed two years military service in Zimbabwe and moved to South Africa where he studied civil engineering. He worked as a civil engineer, bass guitarist, housing entrepreneur, waterless toilet designer, and then moved to to New Zealand where he began entrepreneurial endeavours in computer technology. He discovered e-gold in 1998 and founded Pecunix.com and Garzoo.com, among other sites.
GoldMoney
The largest digital gold currency is GoldMoney.com. They have over 4.9 metric tonnes of gold in inventory, making their reserve larger than countries such as Canada, Mexico, and Hong Kong. Jim Turk Started in 2001, GoldMoney was founded by James Turk, the author of the Freemarket Gold and Money Report (fgmr.com) one of the most respected gold-related newsletters available.
GoldMoney stores its gold in certified and insured vaults in London. Their data servers reflecting information about account history and transactions are kept on the Channel Isle of Jersey. Only about 30,000 user accounts exist, and far fewer merchants accept GoldMoney. Recently, GoldMoney added digital silver.
e-Bullion
The e-Bullion.com site is operated by the same folks who founded Goldfinger Coin and Bullion. So, these are the most knowledgeable people in the digital gold industry with respect to coins and bullion. Recently, e-Bullion discontinued reporting their metal reserves, but they have around 25,000 ounces of gold by our estimate. We believe about 300,000 user accounts exist, as well. The gold for e-Bullion is stored in vaults on four different continents, last we heard, and their data servers are in Switzerland. The e-Bullion system also provides digital silver.
Phoenix Dollar
The Phoenix Dollar was organized in 2005. It provides a digital silver, as well as high quality silver specie. We believe the Phoenix Dollar web site is second to none in security. A great many features and innovations are available with the Phoenix Dollar that aren’t present in other currencies.
Liberty Reserve
Liberty Reserve is also a 2005 newcomer. Not yet storing any gold, Liberty Reserve has indicated plans to offer a gold redeemable currency later this year.
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