A new company in the gold industry is taking things in a different direction with an exciting thought process that taps into gold and the way it can potentially be used. BitGold, based out of Toronto, is dominating the headlines with their ingenuity by creating a debit card that is gold based, meaning you can pay for things with physical gold, and not using gold stocks or gold certificates.
One of the major problems with precious metals investing, particularly gold, is that after you buy it it’s impossible to use it to pay for things like day-to-day expenses. BitGold, in their infinite wisdom, figured that it was time to change this proposition in a major way.
How so? They recently launched a debit card that lets customers spend gold to make everyday payments. Besides that, you can also make withdrawals to receive your gold in its physical form, which is pretty exciting.
The overall goal of this company is to provide gold owners with a vault that is completely secure. Within this vault, they will store your physical gold to keep it safe to use when you decide to make purchases.
You can also create an account with BitGold and purchase physical gold if you don’t have any to start. Once you’re set up, you’ll be able to receive or send payments instantly, plus the debit card is an exhilarating feature because you can use your gold to make purchases in regular stores, on the Internet, and other places where debit cards are accepted.
The sign-up process is simple and creating your BitGold account is always free. They’ve designed a way to spend gold in a convenient and quick manner, which is truly outstanding.
Founders & CEO of BitGold
BitGold CEO & Founder Darrell McMullin – McMullin has an interesting past and for 15 years he acted as an industry partner, an advisor, an entrepreneur, and a developer for numerous businesses including the Canadian launch of PayPal. Besides all these great accolades, he’s improved the experience of commerce, boosted the growth of FinTech payment opportunities, and has helped lead and innovate a number of different FinTech businesses. Prior to working with PayPal, McMullin was successful in helping launch eBay and Chapters Indigo.
BitGold Co-Founder Roy Sebag – He’s one of the BitGold team leaders, and for the last 10 years Sebag has actively capitalized in investments that specialize in natural resources within his active investment portfolio. Over his career, he has used his knowledge to outperform indices by a wide margin to earn large risk-adjusted returns by correctly estimating event driven themes.
BitGold CSO & Co-Founder Josh Crumb – as the Chief Strategy Officer of BitGold, Josh Crumb is recognized as a major force and specialist in the global business movement with lots of entrepreneurial experience. In the past, he was an employee at Goldman Sachs and his title was Senior Metals Strategist for Global Economics, Commodities, and Strategies, which was a division in England. He currently acts as a director for three companies in Canada, plus he earned a Master’s degree in Mineral Economics, an engineering bachelor’s degree, and an International Political Economy graduate degree.
Some of the biggest players currently backing BitGold include:
- Clarus Securities Inc.
- Dundee Capital Markets
- GMP Securities
- Power One Capital Markets LTD
- Sandstorm Gold
- Sprott Inc.
BitGold: In the Beginning
This company started when its founders had an epiphany. They decided that they wanted to be able to buy coffee by purchasing it with gold. Many people like to tell you that gold is a real physical currency, which is true, but you typically cannot walk into a corner store and use it to make a purchase.
After the gold standard was abolished by President Nixon, no other currency chose to link gold as a way to back up their monetary source. According to economists and policymakers throughout the world, they believe that the troubles in the United States started once the gold standard was no longer backing the US dollar.
BitGold is looking to capitalize on the power and interest currently in the digital currency marketplace. But they want to do it in a unique way by using gold – the physical kind – and making it into a digital currency of sorts by allowing users to use the currency to make purchases of products and services.
Most people know about Bitcoin, which is the most popular digital currency. BitGold, on the other hand, has very different goals and the concept isn’t related to Bitcoin or other cryptocurrencies in any way, shape, or form.
Traditional Currency Problems
The banking industry can no longer provide privacy to its customers because of the way that it is designed, at least in first world countries. OECD and FATCA make it possible for governments to gain access to transactions including credit card charges, bank deposits, wire transfers, and more. It’s even possible for cash transactions to be limited to a maximum amount.
There is greater potential privacy with digital currencies, but as far as the global economy is concerned, digital currencies like Bitcoin are still infants.
Gold and other precious metals have withstood the test of time. Believe it or not, gold is 4.6 billion years old and it’s one investment that has insane longevity, especially since the median age of the most modern currencies is just 39 years old. Historians, archaeologists, and others who have studied history know that we have used gold to exchange goods and store wealth for many years.
Accumulating gold is powerful because it helps investors limit their risk of a failing US dollar, UK pound, and other traditional currencies that seem to be struggling in today’s difficult economy.
Storing Gold with BitGold
When your gold is safe and secure and stored overseas, you never have to worry about the US government coming after your investment again. BitGold keeps your precious metals safe and secure in a private vault overseas and they offer free storage in places like Toronto, London, Hong Kong, Singapore, Zürich, Dubai, and other locations.
Does BitGold Offer Credit Cards and Debit Cards to Its Customers?
Although there isn’t a serious link to Bitcoin, the concept of BitGold is quite similar to current available digital currencies. They offer you a way to use gold to make purchases through the BitGold debit card. The company does not offer a credit card at this time, but you can use your credit card to buy gold through their service.
The main features of a BitGold debit card include:
- Use gold to make everyday purchases like buying groceries, a cup of coffee, clothing, etc.
- Earn gold through processing your credit or debit card
- BitGold acts as a regular online bank account, but instead of using the US dollar or another currency it uses gold
- Gold redemption takes place in 10 gram increments, which is worth about $370
- Many investors are currently backing this publicly traded company, it’s fully insured, and audited by PwC
- The service works in real time, which many other gold companies cannot make the same claim
- This is the first gold-based debit card in America
Could BitGold be a Scam?
This company is new, but it’s completely legitimate, has lots of happy customers, and everything is in perfect legal standing. Besides that, it’s very convenient and one of the safest ways to spend traditional precious metals as a digital currency.
In fact, this exciting and innovative business model is on the cusp of great things. It’s looked at as potentially the next PayPal, eBay, or other major brand. And since the CEO of BitGold worked for PayPal and eBay, you know this company is definitely going places.
GoldMoney & BitGold Merger
Customers often have questions when a merger happens. After looking at this merger, it appears that joining forces was the best thing both of these companies could do. By combining their efforts, they are able to drop storage fees and provide a high quality gold-based debit card that all of their customers can use.
Besides that, this strategic partnership means additional financing. This will help the company grow and expand as they synergistically work together to create a major powerhouse in this industry.
GoldMoney will continue to operate in Jersey, but it is now a fully owned subsidiary of BitGold, which is based out of Toronto.
Do yourself a big favor and take advantage of their option to create a free BitGold account. It’s the wave of the future for gold investors and this company is definitely on the cusp of greatness.