What happen to the ones future thinking company BitGold/Goldmoney?

I am a bit curious, when I started using Goldmoney, at the time when it was known as BitGold, it seemed like a company in the frontline of fintech, now the app is gone from Play Store and companies like Revolut have made it easy to transfer money and manageding your visa/mastercard.

BitGold also promised me to see the value of my holdings in muy local curreny. Not so anymore.

What happened to this company?

It seems to me like Glint Pay is a better alterantive to Goldmoney. What do you guys think, should one stay loyal to Goldmoney?

Best Answers

  • RocketDogRocketDog Posts: 782 Silver ✭✭✭✭
    Accepted Answer
    Hi @marcus_1982, it really does depend on whether or not Goldmoney works for you in your currency/country. Between USA, UK, CAN and elsewhere, we are all experiencing different levels of convenience and expense. I think Goldmoney still makes sense to most of us as a place to buy, hold and sell physical gold through a digital means. The fees/expenses are offset by inflation of our local fiat currency.
    Maybe you can talk to a relationship manager at Goldmoney about the likely future of account features in your country. Then you could make a more educated decision considering your personal goals and your location.
  • BigMouseBigMouse Posts: 140 Bronze ✭✭✭
    Accepted Answer
    As far as I know, GM is still the only place to accumulate gold in a cost effective way for small guys like me. I used to buy coins from local shop. To get better price, I have to go for the 1 OZ coin. Need to save for a while to be able to do that. With GM, I am doing bi-weekly recurring purchase. I choose the amount/frequency based on my personally situation. It is really convenient. This is for old personal account and ACH though. I hope holding offer this feature soon.

Answers

  • GoldNRollGoldNRoll Posts: 214 Bronze ✭✭✭
    Hi @marcus_1982
    I recommend this paper of @Roy Sebag about Glint. There is often more about services and companies than we see at the surface.

    https://www.scribd.com/document/365513333/Glint-Pay-Thoughts-and-Warning-By-Roy-Sebag
  • HobenHoben Posts: 3 Tin ✭
    Hi @marcus_1982
    For me it seams like GM has gone backwards. They have removed som many services that I also wonder if I should stay.
    Not possible in Personal account to take delivery of gold, I liked the small cubes they hade.
    I hade a credit card refill every month, it just stopped working a year ago.
    Now they have removed the credit card possibility.
    They also had other methods of adding money but they are also removed.

    My Holding account, seams also has become worse.
    And no App any longer.
    And they also removed the possibility to get a metal (silver or gold) prepaid card.

    Everything is going backwards. You want a company that is developing not going backwards. What is happening?
    Any comments from GM?
  • nienie Posts: 135 Bronze ✭✭✭
    No criticism, just my thoughts:
    a) Why do you need a silver or gold prepaid card? If you want silver, buy it in form of a coin or bar.
    b) An app would be great, but do you really need it? I can do everything by using my browser Safari.
    c) Wouldn't it make more sense to concentrate on the important parts instead on adding more features that are just nice to have (low fees, security/safety, customer support)?
    d) What I would like to see are automatic orders to buy gold/silver (Holding).
  • HobenHoben Posts: 3 Tin ✭
    Hi @nie
    a) Gold and Silver coins I already have. But no metal card. Just nice to have if you like the metals.
    b) Face login or with finger, we do live in modern times. Check Glintpay App and you might understand how easy it should be.
    c) if you should attract some younger people you need some features. Needs to be cool to own gold, not just bitcoins.
    d) See you also want features.
  • BigMouseBigMouse Posts: 140 Bronze ✭✭✭
    Let's give GM time to sort things out. I am sure the features will come. I am patient and I am happy to use GM service to accumulate gold. I think GM is the only company allow regular folks to accumulate gold by small amount at a time.
  • AmsterdamDanAmsterdamDan Posts: 14 Copper ✭✭
    At one time Goldmoney (Bitgold) had all the features the people want. For some reason and without explanation they removed all the features that made this company exciting and simple to use. I use to buy chunks of gold from an app on my iPhone and immediately load it onto a debit card and make transactions, those days are gone but I can guarantee this business would grow extensively if they brought it back. Possibly some regulatory reasons why this is not possible.
    Seems like management is always onto the next thing instead of focusing on the fundamentals of what enticed the people in the first place.
    Gold bull run and XAU doing nothing says it all.

    I still have some faith. Wish the members and management best of luck.
  • mo7881mo7881 Posts: 20 Tin ✭
    i've had money stuck on the personal account for over a year. Also the support for Goldmoney Personal is some of the worst i have ever seen. I have well over 20 unreplied support emails. I am unable to get any sort of answer why no redemptions have been sent to my UK account.
  • HobenHoben Posts: 3 Tin ✭
    Ping @Richard_Cuddy2019
    Is the company dying slowly or will you do something about our concerns?
  • GoldNRollGoldNRoll Posts: 214 Bronze ✭✭✭
    @AmsterdamDan @Hoben
    Don't forget that BitGold became popular for empowering people to use gold as money in real life scenarios: the Pay with Bitgold/Goldmoney widget allowed us to pay with gold for stuff to any merchant with a GM account and there was also the feature to pay wages in Gold. Opening an account was a 2 clicks experience - username, email, password, boom you had an account.

    The problem was that all the above are illegal for any company, not to mention a financial institution. You can't open an asset custodian without banking-level KYC policies (the reason why the new holdings were introduced) and the Pay with Goldmoney widget is in the eye of the legislator a money laundering feature.

    I own a small gold bar and coin shop in Romania and I still have to keep records of all customer ID and transactions I make. My company's bank account was flagged for money laundering just for paying international invoices from bullion suppliers through TransferWise. I can't even imagine what struggles GM goes through.

    It's obvious that if GM couldn't keep those friendly, popular features, it had to shift to something more like a trading platform with a strong emphasis on trusted custodian. I like how GM used it's ties with Mene and SchiffGold to provide gold deposits and withdrawals through them.

    There are 2 things I could blame GM for:

    (1) Not being very transparent on the tax and legal issues it goes through in relation to clients and the general public. We, the clients, may in turn direct our rage towards the legislator.

    (2) Going public. For 3 reasons. First, I guess being a public company causes problem (1). The communication is drastically restricted by the stock market rules. Second, GM stocks are currently valued more in line with the stock market indexes more than the physical gold. And third, GM is a mission-driven company. A mission-driven business cannot dilute it's capital on the stock market without losing control over the core principles of the company for quarter-by-quarter profits.

    I do hope GM will be taken private and I think the soon expected stock-market crash will be a great opportunity. The strategy I envision is :
    - to advertise GM as a fintech company, not a precious metals company. So that the company's value evolves in line with the fintech sector;
    - to stockpile physical gold;
    - when the stock market crashes, gold mining companies may perform reasonably. But GM should fall like all the bubble inflated fintech startups.
    - physical gold is expected to raise, making easier for founders to buy-back GM and take it out of the stock exchange.

    @BigMouse , @nie What are your thought on GM being taken private?
  • BigMouseBigMouse Posts: 140 Bronze ✭✭✭
    @GoldNRoll Impressive posting. We as investor will take heavy loss if GM being taken private, correct? I have being accumulate GM shares since bitgold start trading in TSX. I have never sold a single share. So I hope they don't.
  • nienie Posts: 135 Bronze ✭✭✭
    Thanks for your comment @GoldNRoll
    GoldNRoll said:

    @AmsterdamDan @Hoben
    - when the stock market crashes, gold mining companies may perform reasonably. But GM should fall like all the bubble inflated fintech startups.

    The current stock market share is more or less the value of all Goldmoney assets (phys. Gold/Silver, real estate, MENE, SchiffGold, ...). The website itself (Goldmoney.com with all of its customers) is – as far as I understand – still not included. By looking on MENE and the huge potential of a hype in physical metals, I hope that Goldmoney will be at the stock market at least until 2025. :)
  • GoldNRollGoldNRoll Posts: 214 Bronze ✭✭✭
    @BigMouse , @nie
    I understand your perspective as shareholders, I'm glad I asked. I realize that the strategy I imagined for being taken private is foolish.

    But nevertheless, I hope that GM will be taken in private hands in a way that is win-win for the company and for the current shareholders. :smile:
  • marcus_1982marcus_1982 Posts: 4 Tin ✭
    edited September 3
Sign In or Register to comment.