Perhaps this is the concept of "moving forward to a new gold standard"?
Here are several of the old arguments regarding everyday commerce and a "gold standard" that are no longer valid using today's technology.
--"Gold and silver are too heavy to carry around a bag of metal to pay for everyday purchases."
--"Gold is too valuable, we'd be using pieces the size of rice to try and pay for things."
--"It's impossible to make change using gold and silver, the coins are not physically divisible at the cash register!"
Digital gold currency is gold bullion (and could also include U.S. gold coins) held securely in a vault. The digital units are not issued by the government and do not circulate through a bank. When one ounce of gold is deposited, one ounce's worth of digital units are created to circulated across the Internet. Digital Gold Currency or DGC is a privately issued closed system of debits and credits. Consequently, when one user sends a payment to another user, no physical gold changes hands or leaves the vault. One account is debited and the other is credited. Payments move instantly and effortlessly across the Internet using cell phones, mobile devices or computers.
I can already hear some readers mumbling this out loud right now, "why can't I just use my credit card to pay at the checkout, that does the exact same thing, instant payment?"
Remember when you could get a Coke and a Snickers for a dollar? While gold's price has fluctuated, its purchasing power has endured.
We need to recognize several important differences between digital gold currency payments and credit card payments. Digital gold payments are pushed from sender to receiver. The sender must authorize each transaction at the time of the payment. Conversely, transactions with credit cards move by "authorizing" a future payment, sometimes the funds are removed at the time of payment but more often a "credit card charge" means the receiver pulls funds from the card account at some future time. Credit cards, which were invented in the 1950's were not designed for today's high tech online payment world. Charges can be taken from a credit card account without the card holders knowledge and card fraud has become a massive problem around the world.
Digital gold solves this problem.
Digital gold currency payments, each one initiated by the account owner, are not reversible. There is no such thing as a merchant charge back or a fraudulent change.
Please, follow us forward to the new voluntary gold standard which will directly compete with paper dollars.
The good news is that U.S. States are not waiting around for the trickle down red tape of the federal government to engage in sound money commerce. Gold and silver as money are being written into the law books right now at the State level.
In Utah, it should not be long before a local digital gold currency solution begins to go mainstream.
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