What is eGold

eGold is electronic currency actually backed by gold.

It is a convenient and inexpensive way to pay or get paid over the Internet.   While it may not be as convenient for a consumer, it is certainly a great way for business-to-business transactions. 

 

Here is how a typical transaction is done.

First sender and receiver of the money need to get free accounts on www.egold.com. Then the sender needs to fund his account (add money to it). There are a lot of exchange services (many of them are on www.egold.com website) that accept various methods of payments in many countries. Typically the fee to fund the account is 2-3%. The egold account is funded with actual gold weight, so that if the value of a currency you pay with changes, your funds at egold remain constant.

Secondly, the sender transfers the funds to receiver, in egold currency. The fee for that is very small and it is done in seconds over the Internet.

Then the receiver has an option to either keep the funds in his egold account (in actual gold weight), pay somebody else with it, or withdraw the money in his currency. To withdraw the money he uses any exchange service that is convenient for him. Exchange services are located in many different countries. In some countries you can exchange egold to national currency at some banks. Typical fee for withdrawal is 1.5-2%.

eGold can also very easily be exchanged into other types of electronic currency, like WebMoney, ЯндексДеньги, etc. The exchange takes minutes, it can be done online, and the fee is usually under 1%.

 

In a few words, egold is pain in the neck to fund or withdraw, but once you have accounts set up, it is very easy to pay and get paid in egold.

 

More details on their website www.egold.com