In an announcement, BitGold Inc. says it is bringing the BitGold platform, a software service that connects gold storage with payment networks. The company informs that the payment network will be like a banking-like platform for gold. It will be a new global operating system for gold; however, it is not a cryptocurrency like Bitcoin, despite some similarities.
Talking about the service, co-founder and Chief Strategy Officer, Josh Crumb says that at BitGold they have a mission to democratize global access to gold for stable savings, and to make gold useful in micro-transactions using the Internet or mobile phones. He also admits that no matter where the users live in the world, gold has held value over time.
He compares gold with costs like food and energy that everyone requires as humans, making it one the most important savings tools for most of the human population. According to him the company believes that by broadening access to a commodity-money that holds value it can help combat the rise in wealth inequality and the short-termism.
Quick Settlement of Gold Trades
The company says that the BitGold platform allows for the quick settlement of gold trades. This according to the company helps in the early acquisition of a users’ gold that is then easily accessible across various payment networks such as SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express and others – including Bitcoin.
Though BitGold payment fees are higher than those of Bitcoin payment processors, the company claims these are lower than most alternatives. Nonetheless, BitGold provides some of the advantages of Bitcoin payments which provide faster and cheaper digital cross-border transactions combined with the advantages of gold as a store of value.
Additionally, though these can be seen as a Bitcoin-like system for gold, they seem likely to become an appealing option for those who trust gold more than Bitcoin. The official website of the company claims that it views gold as a security switch for a world that is increasingly digital, and implemented security features to protect users’ accounts and identities.
Nonetheless, according to BitGold it offers the most competitive rates in the industry for buying and selling gold. In fact, it claims that it is the only platform that allows users to spend from their gold account.
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