BitGold is electronically accessible gold, bringing all the convenience and innovation that's happening in fiat or digital currencies to the one commodity money that's passed all tests of time. The online financial platform is elegantly designed by a technical team that has composed more than 100,000 lines of code to date. The gold is fully reserved, allocated, redeemable and stored on behalf of account holders in Brinks vaults around the globe. Storage and Lloyd’s of London insurance are free. Trades are settled nearly instantly. BitGold is not a bank, but rather, a third party internet based platform linking a user’s securely vaulted gold to global payment rails of every sort. The product is ideally suited as both a savings and transaction account. The online wallet is secure and fully fungible back and forth from fiat to gold and back again. BitGold’s service isn’t just limited to the digital world. The company is in the process of deploying hundreds of BitGold ATMs and the gold in one’s account can be spent with a BitGold MasterCard at any traditional point of sale or ATM.
There is a 1% transaction fee on purchases and sales when fiat is converted to gold, or gold to fiat which compares most favorably to the cost of buying, storing, and selling physical gold. One of the more disruptive, revolutionary features of the BitGold platform is that gold can be transferred from one account to another, anywhere around the world, for free. The remittance industry, or sending payment for goods and services, or as a gift, is a lucrative $500 Billion business worldwide and dominated by the likes of Western Union and MoneyGram. The BitGold product is particularly well suited for the 4 billion un-banked and under-banked as a means of remittance and wishing to save in gold, for citizens living in countries with depreciating currencies and dangerous political climates, and for everyone else who covet gold as a superior currency to fiat. Customers will be able to seamlessly and effortlessly now house their monetary assets in a safer jurisdiction of their choice on a platform host to 10 languages and 160 global currencies.
