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.
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. ...
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