I saw it on the news earlier. The first I'd heard of it. Sounded too much like bitcoin to me so I had a look around to find out more. https://en.wikipedia.org/wiki/BitGold Their services allow people to buy gold and pay for goods or services using the gold they've bought. It certainly can be an easy way for someone to buy some gold.
Interesting concept. But... didn't we invent currency so we wouldn't have to use small gold pieces of gold?
This puts me in mind of how fractional reserve banking came about, and perhaps this is a way to get round certain post-2007 finance regulations. Quite a fascinating idea. I might look into this...
Okay never heard of it and it's Canadian... I am either out of the loop on this one or it's not worth talking about. Tabs are opened time to read up! We do have a tonne of gold producers listed on the TSX so this kind of makes sense. Yes many people don't like that the world moved of the GS and there are a lot of opponents to fractional reserve...
Be VERY careful who you hand your money to. There are scammers crawling out of the woodwork every day with this or that too-good-to-be-true hustle, and there are always an infinite number of suckers who will fall for these scams - sometimes over and over again. I just stick to the basics and what works through the reputable, well-known institutions who have been around for very long periods of time.
I dont know the whole Bitcoin thing just smacks of scandal to me. Alhough if it is backed with gold then I guess Bitgold is safer than what we think of as traditional Bitcoin. It is one of the things that we need to be careful in my opinion. It is something that we need to realize and hang on to.
Given that the value of gold fluctuates, I don't see why anyone would want to pay everything with gold. It looks like a cheap way to hold gold if it's actually secure (and how would you really know).
This seems to be a pretty legit service. It's a publicly traded company with some big names at the helm I don't know why they added the "bit" to the name, but this bitgold is nothing even close to bitcoin. Bitcoin is a cryptocurrency. Bitgold is a payment facilitator who holds gold on behalf of it's clients (sort of, looks a little more complicated then that.)
Yes, it appears there was something operating under the same name - bitgold - a few years ago which collapsed when it turned out to be a scam. It'd be pretty audacious if they're trying to pull off the same trick again, but like I always say, do your due diligence and keep your fingers crossed.....
This is the best advice. There are a lot of scams out there and plenty of people who lose money as a result. It is something you hear about all the time. One can never be too careful when it comes to their money.
