BitGold may be the most exciting development in the area of funds transfer in a decade.
In many ways it operates similar to BitCoin. You establish an account. You fund it and then you
can conduct transactions with other BitGold users both private and public. The major difference
is that with BitGold, you are buying, selling and conducting commerce with a centuries old established asset – Gold. The implications and possibilities for gamblers are promising.
When compared to the pseudo-currency that BitCoin offers, BitGold seems like the perfect blend.
It pairs an established tangible asset used world-wide with all the mobile functionality that our internet-age commerce requires. It’s too early to tell but BitGold looks like a winner.
BitGold went public on May 13th and it’s shares rose from an open of $2.50 per share to $3.77
per share in the first two days of trading. Buying and selling Gold via BitGold will cost 1% of
the transaction. Sending BitGold, however, will be free. That makes it a very strong candidate for gambling deposits and other transactions. No fee for either side should mean a big savings for those now using all the common methods like Western Union and MoneyGram. By eliminating international considerations (conversion fees etc) it becomes a world-wide platform. We will be posting a how-to series on BitGold during the month of May. The first of those are up now on the main page.