What’s all the fuss about E-Gold? by Adrian Alexa
Everything around E-Gold ventures around GOLD. When you open an account you basically open a similar account to a bank account with the main difference that you will be holding gold, not money. It is a simple system that allows users to trade gold amounts. At the moment there are over 3 million e-gold accounts opened, a quarter of them being active. E-Gold is operated by Gold & Silver Reserve Inc. under e-gold Ltd. A statistic that was released by the company in May 2006 showed that its gold storage has reached over 3.5 million grams of gold, that being around $85 million worth. Every single day around 65.000 e-gold transactions take place, with a value of around $10 million. As you can see we are talking about huge amounts of money being transferred through the e-gold system. Although it is not even close with Paypal, which transacts around $60 million per day, e-gold is quickly rising in popularity, mainly because of the fact that it is opened for members worldwide. Paypal is highly restrictive when it comes to memberships while E-gold can be used by any individual with an Internet connection.
These simple facts that were outlined above have made it possible for e-gold to be the current most used system for trading and presents a monopole in the HYIP and autosurf industry, being also popular in other fields of activity like FOREX trading and much more! Although it all began in 1996 with the idea of Dr. Douglas Jackson and Barry K. Downey, it is currently much more than just a thought.
Another important aspect that has contributed to E-Gold’s rise in popularity is the transaction fee it charges. I will not go into all the details but I can say, as an example, that if you transfer $1000 through e-gold you will only be charged $10. This makes it very inexpensive when compared with regular bank transfers. The only real problem can appear if gold prices start dropping. In this case, because you do not own an actual currency but amount of gold, you might end up losing some money. Specialists are currently reviewing the subject and the vast majority of professionals do not see this as a real problem because gold is constantly rising in price.
Nowadays you can purchase anything online using e-gold but there are not really that many options one can use. This is mainly because of Paypal and its financial power. The fact led towards the usage of E-gold in areas where paypal is not allowed and is actually restricted according to paypal TOS (terms of service). HYIPs and paid Autosurfs are the most common example of e-gold usage.
In my view E-Gold is a very powerful financial tool that is accessible for every single Internet user out there. Because of this I tend to believe that E-gold will keep rising and can even surpass PayPal in the future. Even E-gold’s biggest problem (that fact that few Internet merchants use it) can be solved and is actually beginning to be solved! E-Gold is the way to go.