New innovative technology is changing the financial world in revolutionary ways.
Today, the digital currency revolution, with Bitcoin leading the way, gives us alternatives to using paper currency for saving and alternatives to using traditional banking. (BitGold is not a cryptocurrency like Bitcoin; they are two distinct companies).
GOLD AS A SAVINGS PLAN
Gold can be useful to anyone’s overall savings. Gold has maintained purchasing power better than any other savings option throughout history.
Thanks to BitGold, a new generation financial platform, you can have a gold-based savings account & purchase gold online. As you save, you are working your way towards achieving greater ownership in gold. BitGold enables you to open a gold account online with minimal funds. You can start an account with as little as .01 grams of gold. Their innovative financial system enables you to buy increasing increments of gold as your savings account value increases. And BitGold has no monthly fees.
USING YOUR GOLD FOR MAKING PAYMENTS
BitGold enables you to not only save but you can also make payments using gold. They provide a way for people to use the gold by paying others in gold for good/services or earning gold through the platform by invoicing in gold. Personally, I think their platform has great value for longer-term savings as a way to build wealth. And it’s great to know we don’t need to rely only on paper money or traditional banks for everyday transactions.
How does gold differ from paper currency?
At the most fundamental level, BitGold helps you preserve your wealth. Unlike the value of our paper currency, which is not backed by real assets, gold holds its value because it is a real, physical asset.
It’s great news that we have alternatives to using paper currency, given that the value of the U.S. dollar is being threatened due to central banks’ policies of quantitative easing. With historical low interest rates and the resurgence in the price of gold, this is a great time for savers to discover the value of gold and new ways of saving.
How does gold differ from stocks or bonds?
Many people compare the price and performance of gold with investments such as stocks. But gold should only be compared to currencies because fiat currencies (a currency that is not backed by a physical commodity) were introduced by governments in 1971 to replace gold.
An investment in the stock market or the purchase of a house carries the risk of total loss. Share prices of companies can fall to zero due to poor corporate management, fraudulent accounting scandals or bankruptcy. Lehman Brothers is one example.
Gold does not carry the risk of total loss like share prices of companies.
While the price of gold will experience dips in the short-term, over the long-term horizon, it is likely to rise, according to many financial experts. Peter Schiff, an economist specializing in gold who predicted the 2008 financial market meltdown years before it happened, reports that the price of gold is likely to surpass past historic levels.
Gold is a store of value for long-term savings.
Learn more about BitGold and about BitGold’s prepaid card that can be used in ATMs globally. When you visit their website, you’ll find out the details of owning an account.
Note: Selling your ownership of gold can be a taxable event for jurisdictions that have capital gains taxes on fine bullion. Consult with your tax expert about possible capital gains taxes.
If you enjoyed this educational post, please share. And you might be interested in reading other blog posts that I’ve written which include an esoteric view of gold. The picture is much bigger than it appears!