BitGold Review5 min readReading Time: 4 minutes
It isn’t often that a business comes along that takes an existing industry by storm, but BitGold is one of those businesses. BitGold is a Toronto-based company that is backed by some big names and is the first company to create a gold-based debit card that allows consumers to send and receive payments in actual, real, physical gold (not gold certificates tied to the American dollar).
While gold as currency has been around for thousands of years, it hasn’t traditionally been available as payment for everyday expenses. BitGold is changing the game with its debit card that allows you to spend your gold as an everyday payment source as well as withdraw from your account and receive gold in its physical form.
And all of this is available for free!
If this sounds like a good idea for you, then keep reading this BitGold Review to determine if you’re the next Bit Gold customer.
Who is BitGold?
BitGold began when the founders were trying to pay for coffee with gold and they realized that while gold is technically legal tender, it really isn’t usable as such. This is due to the annulment of the gold standard by President Nixon, which policymakers and economists have agreed has caused much of America’s financial troubles.
Enter the exciting world of cryptocurrency and you get a new interest in using gold as currency, as it has been used for thousands of years.
Please note, though, that Bitcoin and BitGold are in no way related. Both have very different goals and concepts.
All About BitGold’s Founders
If you’d like a little peek at the founders of BitGold, here you go:
- CEO: Darrel MacMullin has over 15 years of experience working with financial industry bigwigs, including entrepreneurs, developers, and industry partners, as well as launching PayPal when it first arrived in Canada. He has also accelerated FinTech payment growth and helped to launch Chapters Indigo and eBay.
- Co-Founder: Roy Sebag is a team leader in BitGold and specializes in natural resource investments.
- Co-Founder: Josh Crumb is the Chief Strategy Officer for BitCoin who specializes in early global businesses. He previously worked at Goldman Sachs and remains a director for three different Canadian companies. He also has a Master’s degree in Mineral Economics, a Bachelor’s in Engineering, and a Graduate Certificate in International Political Economics.
In addition to its three founders, BitGold is backed by the following:
- GMP Securities
- Sprott INC
- Dundee Capital Markets
- Sandstorm Gold
- Power-One Capital Markets LTD
- Clarus Securities INC
What’s the Problem with Traditional Currencies?
Unfortunately, when you’re talking about traditional banking, you have absolutely no privacy. Because of the Foreign Account Tax Compliance Act (FATCA) and the Organization for Economic Cooperation and Development (OECD), all governments are permitted to access your bank transactions and even put a limit on some of your cash transactions.
This is why there is such a draw towards cryptocurrency and digital currencies, but those methods are still in their infancy, so it is hard to predict where they will go.
Gold is a currency that has been around for years; like 4.6 billion years. The earliest humans studied throughout history have been using gold as currency, while the median age for traditional currencies is only 39 years! Accumulating gold for your savings is a way to decrease the risk of a central banking system devaluing its currency–thus devaluing your wealth.
BitGold knows that you want to avoid having US authorities dipping their hands into your gold. This is why they offer overseas storage for free in one of their private vaults. These are secured by Brinks and are located in the following places:
- Hong Kong
How Does It Work?
Like bitcoin and other cryptocurrencies, BitGold allows you to purchase gold from the company through an account and then use it on your BitGold debit card. You can use credit cards to purchase the gold, but they only provide you with a debit card for your account.
Here are some of the features of your debit card once enrolled:
- Gold is used as the everyday form of payment
- You earn gold when you use your BitGold debit card
- BitGold works just like any other bank, only with gold as the currency
- You can easily redeem gold in 10-gram increments (a value of approximately $370)
- BitGold is publicly traded, insured, and routinely audited
- BitGold works in real-time
- It is the first American gold-based debit card available
BitGold and GoldMoney INC Merger
Sometimes mergers are a bad thing–it can mean a business is going down the tubes and needs “rescued”. Or, in the case of BitGold, it can mean that a company is looking to take things to the next level, which they did when they merged with GoldMoney INC.
This super-merger has brought together the heads of two companies, only expanding the expertise, knowledge, and options in doing business with gold as the currency. It also brings down storage fees, which is great for consumers.
GoldMoney INC will continue to be based out of New Jersey, while parent company BitGold will remain in Canada.
The Verdict On BitGold: It’s Worth Looking Into!
Nothing like BitGold exists in the financial industry today. BitGold is a game-changer and allows you to send and receive payments in real gold, not money attached to gold, like has been the tradition for years now.
If you are someone interested in changing your currency of choice, then this review likely illuminated what a great company BitGold is and will help you to begin your journey into the world of gold as currency.
In closing, it’s important to understand that there are no guarantees when it comes to financial investments and any transactions. That said, making strategic financial decisions can put you in a great position in the future if done correctly.