how goldmoney works

vickyvicky Posts: 1 Tin ✭
pls can someone explain how this goldmoney works

Comments

  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    With as few Words as i possibly can think of;

    Use the age old currency gold as money in a practial way in the 21st Century. Deposit paper Money, be inflation protected and access that same Money when ever you want using a mastercard debet card.
  • GoldmattersGoldmatters Posts: 4,069 Admin
    Think of it like a personal gold standard. Put yourself on a gold standard by backing some of your net worth with transactable gold savings. Set a recurring transfer and buy gold regularly without having to think about it ever again.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    edited December 2016
    @vicky Best to think of Goldmoney in terms of what is does rather than how it does it. So, it is a Fintech business, rather than a currency, commodity, blockchain, or bank. In essence, (imo), it is a discount gold brokerage for the masses that sources, stores & insures physical, allocated gold that is inalienably yours, usable by you *and only you* that can be exchanged to currencies, conveniently, via a card, or redeemed. They earn a small commission on liquidity whenever you redeem or spend.

    Philosophically, it's more than that. It's a meme about a personal gold standard, rejection of fiat & financial karma :smile:
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    Thx @79Au197 Bless you & Happy Christmas
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited December 2016
    my elevator pitch:

    You hold a weight of gold in your gold savings account. The balance goes up/down with the spot price of gold. Over time the dollar will debase and gold will go up as it has done for the last 40 years and more.

    It can be used to transact between two parties. Global commerce, remittance money, void of foreign exchange fees. There are many uses for gold outside of hedging against the dollar.
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