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What is an Internet Gold currency?

Internet Gold (IG) currencies are book-entry account systems built on top of secure repositories of actual gold in storage. So, you own some amount of gold, that is kept track of in the issuer's database. You connect to their secure web page and transfer gold to anyone else who has an account in the same Internet Gold currency.

What Internet Gold systems are there?

The first and largest is e-gold. Other similar systems include GoldMoney and e-bullion. 1mdc is a unique system based on e-gold that has no fees at all. Pecunix is the latest addition to the Internet Gold economy, with redundant servers and advanced security mechanisms.

Why are Internet Gold systems better than banks?

Most banks take days to transfer funds and charge high fees. On a purely technical level, IGs are superior because they take seconds and charge very little. Also, they are less risky. Banks make their money from loaning out the money entrusted to them, subjecting them to risk of losing their deposits if enough of their loans aren't repaid. An Internet Gold system keeps actual gold and doesn't loan it anywhere (so it's a bailment instead of a deposit), so you can always trust that you'll be able to get your money without having to depend on a taxpayer-funded bank bailout. IG systems are usually international, with very few restrictions on who can have an account, and often have better privacy than banks. There are no truly anonymous IG systems yet, but be patient.

What about credit cards?

Credit cards transfers are reversible by the buyer, while IG transfers are generally irrevocable. This helps the merchant lower costs by not having to worry about chargebacks. Users are encouraged to research merchants thoroughly and use only reputable ones since once they pay, the money is gone. This same feature however makes IG very attractive for automated merchants. You can setup a server to run unattended and receive payments and provide services. Goldify.net is a service of Intuitive Access, a company specifically set up to provide customized, automated network services to show some of the great things that can be done with IG.

I use an online service that ties in to my bank and credit card accounts. Why should I use Internet Gold?

There are many services that let you make e-mail payments by credit card or electronic check. The important thing to remember is that these systems have the same limitations that credit cards and electronic checks do. Although the currency site will claim that payments can be trusted, there is in fact a huge problem with users fraudulently charging back or disputing the payment. The site then is faced with the dilemma of either eating the cost of the payment or passing the chargeback on to the recipient. In some cases the site's abuse team is known to freeze accounts willy-nilly pending a lengthy investigation, meanwhile innocent bystanders like the original recipient and their associates are left without a means to receive funds or continue doing business.

This isn't something the online service based on the banking system can really do anything about. It will always be a problem, due to the fundamental limitations of credit cards and checks (that they are revocable and insecure). Internet Gold currencies have done it right: by completely separating from banks they have built the foundations of a new Internet economy by being reliable and capable of technological innovation.

How do I get funds in and out of Internet Gold?

Some IG issuers offer in-house transfer services, but e-gold requires, and you always have the option of, using a third-party exchanger business. Exchangers specialize in trading IG for national currency. They make their money from charging a percentage of each transaction.

How do I accept Internet Gold on my website?

All serious IG providers offer powerful and easy-to-use shopping cart interfaces. You can paste a small piece of code into your site to provide a donation button and accept tips for your site content, or put a link at the bottom of every e-mail asking readers to send a tiny amount of gold if they liked what you had to say. If you are a programmer, you will appreciate the detailed documentation about integrating IG into your e-commerce store or application.

Where do I find out more about this Internet Gold economy?

Check out the goldify.net links page!