bitGold – Mind Mapped

Overview of bitGold

BitGold’s platform, which officially launched in May 2015, relies on a technology called Aurum – currently patent pending -, a ledger that collects and distributes real-time gold prices from bullion counterparties quoting bids and offers for the purchase or sale of physical gold bullion at each respective vaulting location where BitGold maintains a vault.

BitGold, the only gold-based payments and savings platform, is transforming the global cross-border payment experience by enabling business owners, freelancers, and sole proprietors to request and accept business and consumer payments in vaulted-gold bullion, enabling instant cross-border value settlement and reducing risks and delays in global commerce.

BitGold solved this problem by developing a patent-pending technology and platform that is part gold exchange, part payments technology and part custodian, resulting in a powerful user experience that advances gold from a physical element to an instantly accessible unit of account and store of value for the internet, an operating system for gold.

BitGold’s business proposition appears to be lucrative — this FinTech company which allows users to buy, save and make payments in physical gold bullion is often compared with FinTech giant PayPal, especially since the startup’s chief executive officer is a former PayPal executive.

BitGold seeks to give its users a fully secure vault that houses their owned gold; those without any to start can also make purchases through the account while sending and receiving instant payments as well as getting a debit card for traditional spending use.

BitGold uses proprietary technology in a symbiosis of gold-vault service and payment processing infrastructure in an online banking environment, providing innovative solutions to the challenge of transacting with fully allocated and securely vaulted gold.

BitGold is not a “bitcoin company” – if you need a comparison, it’s much more “PayPal” than “bitcoin”, but BitGold can be better understood as a “digital gold” company, which of course is what GoldMoney invented and patented.

BitGold is backed by a number of big names as well, which include: – Dundee Capital Markets – Sandstorm Gold – Sprott Inc – Power One Capital Markets Ltd – Clarus Securities Inc – GMP Securities

BitGold Inc., a Toronto, Canada-based consumer-focused internet platform offering free global payments combined with access to secure, redeemable gold for savings, closed a $3.5 Series A financing round.

BitGold stores users’ gold in seven vaults around the world located in Zurich, Toronto, Singapore, New York, London, Hong Kong and Dubai.

Blockchain

BitGold may be the first business of this kind to reap the benefits of making gold more accessible, but it is not the only company which tried to combine blockchain with gold.Other businesses which tried (and failed) to bring gold and blockchain together are Amagi Metals, DigitalTangible and Bullion Bitcoin.

Network

“We’re obsessed with injecting efficiencies into global commerce, so we created a better way for people and now businesses to take advantage of the benefits of using gold safely and securely using our network,” Darrell MacMullin, CEO of BitGold, announced.BitGold announced in early April the launch of BitGold Business Accounts; the new technology includes payment applications which will encompass invoicing, payroll, e-commerce and checkout solutions.

Support

If you truly want to learn more and/or obtain responses to your concerns or questions, you may reach me at support@bitgold.com

Transactions

Sebag, BitGold's CEO, said technological breakthroughs in decentralised payment technologies such as the blockchain and Ripple have created a historical opportunity to make gold a useful means of payment in daily transactions.

Can Gold Do For Business What Bitcoin Should Have Done?

The U.S.dollar is up, the Chinese yuan is down and both have had a ripple effect on the entire global economy.With businesses at the mercy of currency fluctuations in today’s international markets, innovators have looked for a way to ease that pain point.

Does BitGold Have Debit and Credit Cards?

While it has no direct link to Bitcoin, BitGold’s concept is similar to digital currencies.In this way, you can purchase gold from the company through an account and use it with a BitGold debit card.Although you can use credit cards to purchase gold, BitGold itself only provides a debit card for its purposes, ensuring you won’t overspend in any situation.

Hai dimenticato la password?

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How Is Bit Gold Different From Bitcoin?

Although bit gold and bitcoin are similar, there are some very clear differences between the two projects.

How Much Social Security Will I Get?

Social Security is a vital component of most people's retirement income picture.But it's just one of the three “legs” on the retirement income stool – the others being employer retirement plans (401ks, pensions, etc.) and private savings.So unless you are diligently saving money…

Is Bitgold financially solid?

On May 27, 2015 there was a very thorough article by Bullionvault CEO Paul Tustain on the Bitgold and Goldmoney merger where he raises very interesting points about the financial stability of the Bitgold and Goldmoney combination and presents a three year comparison chart between competitors Bullionvault and Goldmoney.

Is BitGold Potentially a Scam or Fraud?

While the company may be new, everything seems to be in perfect legal order with several satisfied customers.Perhaps the safest and most convenient means of exchange does rely on a mix between digital currency and traditional metals.

Is Bitgold safe?

Bitgold is new, unproven and appears to be in a regulatory grey area.The company itself does not appear to state what regulator has jurisdiction and oversees their trade practices such as ensuring that customer funds are kept safe.Additionally, the CEO has endorsed the use of the system with online gambling.

Is Bitgold, Inc a scam?

I opened a new account for this because I'm concerned about legal action from the people behind Bitgold, Inc.I'm not a nOOb and I've been a bitcoiner since 2012.

Is GoldMoney and Bitgold financially solid?

On May 27, 2015 there was a very thorough article, now unavailable, by Bullionvault CEO Paul Tustain on the Bitgold and Goldmoney merger where he raises very interesting points about the financial stability of the Bitgold and Goldmoney combination and presents a three year comparison chart between competitors Bullionvault and Goldmoney.

Is GoldMoney and Bitgold safe?

What are GoldMoney and Bitgold’s products and services?

The BitGold “Aurum” gold-settlement technology is now integrated via the Automated Clearing House (ACH) network in a NACHA compliant manner with nine of the top US financial institutions including: JP Morgan Chase, Bank of America, Wells Fargo, Citi, US Bank, USAA, Fidelity, Charles Schwab and Capital One.BitGold users with an account at one of these institutions can instantly authorize deposits or redemptions.This makes transactions more automated, secure and avoid possible bank wire fees.

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What Is Bit Gold?

Bit gold was one of the earliest attempts at creating a decentralized virtual currency, proposed by blockchain pioneer Nick Szabo in 1998.Although the bit gold project was never implemented, Szabo’s attempt is widely considered to be the precursor to Satoshi Nakamoto’s bitcoin protocol.In fact, the bit gold and bitcoin protocols draw such close parallels that people have speculated that Szabo is the anonymous bitcoin creator, Satoshi Nakamoto (although Szabo has denied this claim).

What is BitGold?

BitGold [BGD] is an new digital gold that enables instant payments to
anyone, anywhere in the world.BitGold uses peer-to-peer technology to operate
with no central authority: managing transactions and issuing money are carried
out collectively by the network.BitGold is the name of open source
software which enables the use of this currency.see Features
and RoadMaps.