WOW! I go to 321gold.com last week to check the spot price. And I see this article about something called BitGold. To open an account for free, just click on that link or the link in the menu bar above. Apparently, they are a gold-backed Paypal service where you can buy gold with bank transfer, credit card, bitcoin, debit card, whatever you want, and store your gold in one of 6 vaults around the world.
You can redeem your gold physically for a $25 shipping fee. That’s it. The minimum delivery is 10 grams. That’s about $400, which is the smallest redemption minimum I’ve ever heard of.
The only fees are a 1% commission on each transaction, so if you buy $500 worth of gold, they get $5 on the buy, and $5 on the sell.
This is essentially a 100% backed gold standard bank account. That’s what it is. If it catches on, it will be huge.
And it is not open to US residents. (UPDATE: NOW OPEN TO US RESIDENTS) I signed up for an account and uploaded my Israeli driver’s license. Then they asked for my cell phone, and sent me a code by text to make sure I was physically in Israel. I now have a BitGold account and can buy physical gold down to a 10 gram cube and have it sent as payment to anyone else with a BitGold account, or have it physically delivered to me here in Israel.
This is just awesome. I literally shed tears of joy when I saw this.
And their stock, XAU on the Toronto Exchange, is going totally bonkers. Up 45% just today.
I wish them all the luck in the world, and soon I will be one of their competitors!
3 thoughts on “OH MY GOLD! BitGold a Service so Beautiful I Shed Tears of Joy!”
Yes their price is very close to the official market price for gold. Plus they sell at 40$, in jewelry shops in Europe you can get 14k gold (color light yellow; white gold is 52.5$) for estimated 47.5$/gram as a medium price (respectable shops that give certificates for what you buy that is) so I say it’s a very fair price Bit Gold offers.
How will you be one of their competitors? You’re going to try and do an Israeli version?
Not exactly. You’ll hear in two months.