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Egold is slightly a slightly different concept to the other payment services in that it is not strictly a payment processor, but a completely unique currency.

According to their website:

e-gold is an electronic currency, issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage.

Other e-metals are also issued:  e-silver is 100% backed by silver, e-platinum is 100% backed by platinum, and e-palladium is 100% backed by palladium.  However, the most popular e-metal (by an overwhelming margin) is e-gold.

e-gold is integrated into an account based payment system that empowers people to use gold as money.  Specifically, the e-gold payment system enables people to Spend specified weights of gold to other e-gold accounts.  Only the ownership changes - the gold in the treasury grade vault stays put.

This is extremely good news for the user because it means that as egold is backed by a physical commodity there is not the same risk as there is where the backing comes from financial investments or borrowed money. Obviously there are still fluctuations in the exchange rate of gold, but I still find egold one of the most securely backed companies of its type.

There are several other advantages of egold in that it is accepted in different sectors of the online market, where fees imposed by stormpay and paypal work out higher.

To read more about the way they work and get yourself an account, click here:


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