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Ecurrency and the World of E-Gold

Oct 9, 2007
Ecurrency is a type of electronic money that can be exchanged for certain products or services online. It is a topic that has increased in popularity as the world currency markets become increasingly unstable. You can think of ecurrency exchanging like you would the stock market with the ecurrencies being backed by real world assets such as regular currency or gold. For every unit of ecurrency, there is an equal amount of physical precious metals stored in a vaults and the person holding the ecurrency may redeem it for the exact amount of precious metal which it represents.

The using of the ecurrency services for, example e-gold and paypal, brings people a new way not to use their credit card as the only payment method on the internet since sometimes there exists a big risk to provide your credit card information to an unknown merchant. Ecurrency shops hope to have market a secured and reliable internet ecurrency exchanges that protect both the buyer and sellers.

The interest is obvious, as ecurrency search queries on Google and Yahoo have exploded. There has been a marketing frenzy for ecurrency merchant trading on the search engines as well. A tremendous amount of technology goes into creating a physical currency, so I think it is safe to say that establishment of an ecurrency waits upon a technology to implement it. But however there is no unified definition to the ecurrency service industries so caution is required.

Ecurrency Clarification

Ecurrencies are based in value to some form of hard currency or precious metals. Actually, it is something I've been pretty obsessed by the last year; the possibility of the exchanges for information-backed currencies are mind boggling. Ecurrency merchants, e-gold exchange are ecurrency keywords that are gaining popularity as DXinOne and other pure ecurrency markets, brand them selves globally. Ecurrency stands for electronic currency and is sometimes also used to refer to an electronic currency company. Best ecurrencies are currently, E-gold, E-bullion currency, E-bullion gold, and Netpay. These companies have been around for some time. Most important to note is the backing of the currency in the form of a precious metal. It has more to offer than the US dollar.

Egold

E-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and is a system which allows the instant transfer of gold ownership between users. E-gold Ltd. is incorporated in Nevis, Lesser Antilles founded in 1996 by Dr. Douglas Jackson and Barry K. Downey from Florida, US. Transactions using e-gold have grown dramatically since 2005.

Some companies like egold and ebullion announce that they are 100% backed by gold, although few (like egold) provide a daily check information for people who want to do a review of their gold storage. Most of the gold backed ecurrency you can't buy the currency directly from the company such as egold , e-bullion and GoldMoney. There is always a balance amount of transactional gold in the vault which is protected by The egold bullion reserve special purpose trust.

Pecunix

Pecunix is another big player who claims it is without borders. You can buy from merchants all over the world without worrying about unfavorable exchange rates. Companies like these claim to be secure and there are no lost payments and unparalleled data encryption keeps your details private. Additionally, they will claim to be fast and flexible with payments that clear instantly so there is no chance you can double-spend. Generally speaking, these companies have been around for at least 5 years and some even longer. They are financially strong but due diligence is still required.

Remember, ecurrency is a type of electronic money that can be exchanged for certain products or services online. Ecurrency shops (also spelled e-currency) hope to have market a secured and reliable internet ecurrency exchanges that protect both the buyer and sellers. The eCurrency Trade Association is an association currently being set up for the benefit of customers and market makers alike. Hard to know who to trust or who will be next on the FED radar, so stay clear of any ecurrency in the US. I have yet to come across someone who is not happy with ecurrency trading but as always, buyer beware.
About the Author
B. Charles Smith is a 15 year Fortune 50 Company veteran specializing in organizational development and technology application. He is the chief editor of Mynaukri.net , and many entertainment and finance sites including Slubber.com (video aggregator), Mybuzzcut.com and Ecurrency Trading
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