What is e-gold and how to fund your e-gold account?
WHAT IS EGOLD??
e-gold is a digital gold currency. It is issued by e-gold Ltd., a Nevis Corporation. It was established way back in 1996. This electronic currency is backed ounce for ounce by actual gold bullion. This system of online payment allows the transfer of money between e-gold account holders. According to recent estimates, there are approximately 2.4 million e-gold account holders at present.
What should be understood though, is that e-gold is in no way connected to banking. When you use an online system that utilizes a currency based online exchange system, you are considered to be engaged into banking transactions and as such you come under the jurisdiction of federal laws regarding banking. But when you exchange e-gold, you are just exchanging the actual ownership of the gold and nothing else and that is why you are in no way engaged in banking and consequently don't come under the purview of such federal laws like "Know your customers."
Now, for the part that e-gold is one hundred percent backed by gold. This means that when you are engaged in transactions through your e-gold account (if you buy something or if someone spends to your account) you are in reality receiving a weight of gold. The best thing about this type of transaction is that the amount of gold that you have is not going to change until you spend or redeem it for a currency or take delivery of it. But with currencies, the actual purchasing capacity of the currencies is sure to fluctuate. You would be at the mercy of economic policies of the government and the inflation that there wrong policies could bring. But with e-gold you are completely safe.
HOW TO FUND YOUR E-GOLD ACCOUNT?
Creating an e-gold account is a child's play. Anyone can do it. And what's more there is no fee to open an e-gold account and there is no minimum balance also. There are absolutely no restrictions on opening an e-gold account. No restrictions based on geographic locality, age, status or for that matter anything. To open a new e-gold account you just need to open the "new account page" on the e-gold site: https://www.e-gold.com/newacct/newaccount.asp?cid=156460 and then you just need to fill the simple form provided on it. The whole process won't take you more than five minutes or so.
Funding an e-gold account is being made more and more convenient. So, you can fund your e-gold with PayPal. You can also buy e-gold with a credit card. This option should generally be avoided because the market maker would charge you anything from 15% to 20% for it. This high cost is most probably because of cost to him of fraudulent charge backs. You can also use debit card, bank wire, bank draft, cash, electronic banking, and many more. As the time is passing the options are also being broadened. All the options of funding an e-gold account can be found at the site www.e-gold.com
