Bitgold - just as soon as you think you've mastered all the basics of investing, something new comes along. You conquered options and binary options, then along came bitcoin-trading and you hit the books again---virtually---scouring all the various sites to find out if this is something you need to add to your portfolio.
Now there's a new kid on the investment block called Bitgold. That's right, it's virtual gold. Well actually, it's real gold that's held at a real location but it's owned online and can use online methods to trade it, pay for goods and services or simply hold it as a future investment.
The founders are Josh Crumb and Roy Sebag who are emphasizing that gold is one way of helping to level the financial playing field, particularly for people in countries with unstable governments. On June 26, 2015, US citizens could sign up and make transactions on the Bitgold platform, allowing them to make payments, buy or sell gold with the click of a button.
To make it even better, the platform now integrates by way of ACH and can link to many large financial institutions, such as Chase, Bank of America and Citi. That can make a transaction almost instantaneous. There is a charge to transfer money from the bank to your gold account, but not from one account holder to another. You can even get a prepaid card and use it at ATMs or transfer fund money to others via a phone application.
Initially, this new company was a fledgling in the area of “free gold storage,” with all the bells and whistles. It competed against veteran companies like BullionVault and GoldMoney, but now it owns GoldMoney, who is the caretaker of 870 tons of gold and silver. The business itself is more like having a PayPal account, rather than trading contracts in gold, but it has viable uses.
One way that they hope to make this gold accessible to the general public is by reducing the cost of trading it. They gladly let you know that you can “buy physical gold bullion within 1% of the official gold price.” It's one of the first things you read when you go to their site.
That's almost unheard of and quite a low spread. You'll also get to store that gold free, use a wide variety of different methods to deposit money for the gold purchase, such as major credit and debit cards, bank wire transfers, China UnionPay and INTERAC. The money at Bitgold is also 100 percent insured via the London market by The Brinks Company.
Will this be the payment method of the future and turn out to be another innovation, similar to ATM machines or will it simply be another great idea the worked for some but fell short for others? BullionVault has been going strong since 2005. Maybe this will be true of this new company. The prospects look good, particularly since it's bold purchase of GoldMoney.
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