Courtesy of Mish.
In response to BitGold Now Available in US! Why BitGold? I received many questions from readers.
Apologies for the delay. I was in Iceland for a 17 day vacation when the questions started coming in.
Reader questions and answers from BitGold follow.
Reader RP writes ….
Mish,
Thanks for the post on BitGold. I have gold with Goldmoney but when I called them they couldn’t tell me much about the significance of the merger with BitGold. Your post helped.
I’d love to see a little more. Specifically what does establishing a BitGold account have to do with my gold stored at GoldMoney vaults in Switzerland. My guess is that there is planning going on about how to let a BitGold card link up to the gold in my Goldmoney account. I read your post twice looking for an allusion to that but saw nothing. Can you share with your readers anything Turk has hinted may be coming along those lines?
Thanks!
RP
BitGold Response to RP
In the immediate future, GoldMoney customers must open a separate BitGold account to access BitGold’s full range of services. Going forward however, GoldMoney account holder benefits will include:
- Access to prepaid debit cards operating on the MasterCard network
- Lower precious metals storage fees
- Lower dealing rates
- An Active Trading Platform
- Simplified User Interface with Mobile Phone Application.
Keep in mind, BitGold will remain the high velocity payments engine of the combined entity, while GoldMoney will continue as the precious metals vaulting and investment firm. Think of it as your bank and Visa with Visa powering payments. We want our customers to have the option of using gold in real-world and online payments. It’s their choice whether they want to embrace this option or not. As James Turk has noted, “I really see the combined company as a true 1+1=3 situation – the whole is greater than the sum of its parts”. We couldn’t agree more, and users will experience these synergies and more in the coming months.
Reader Roy writes ….
Hi Mish,
I just finished your article on Bitgold. Sounds wonderfull. Hope it will spread….
