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BitGold announces a bitcoin-like system for gold storage and payments

Section: Daily Dispatches

By Giulio Prisco
Bitcoin Magazine, Huntsville, Alabama
Wednesday, May 6, 2015

BitGold Inc. has announced the launch of the BitGold platform, a software service that connects gold storage with payment networks, resulting in a banking-like platform for gold.

The announcement refers to the BitGold platform as a "new global operating system for gold." In fact BitGold is a digital payments platform that connects gold stored in real-world vaults with online payments.

... Dispatch continues below ...



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Though the BitGold press release emphasizes that BitGold is not a cryptocurrency like bitcoin, there are similarities. In particular, the BitGold platform allows for the quick settlement of gold trades so that a user's gold is easily acquired and accessible across various payment networks such as SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express, and others -- including bitcoin.

BitGold payment fees are higher than those of bitcoin payment processors but lower than most alternatives.

Thus, BitGold provides some of the advantages of bitcoin payments -- faster and cheaper digital cross-border transactions -- combined with the advantages of gold as a store of value, and can be seen as a Bitcoin-like system for gold. BitGold seems likely to become an appealing option for those who trust gold more than bitcoin. ...

... For the remainder of the report:

https://bitcoinmagazine.com/20291/bitgold-announces-bitcoin-like-system-...

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