Have You Heard Of “E-Gold” ?
What Is It – Are There Any Benefits? And What Are the Pros and Cons of this… It’s one of the new forms of crypto… What is the trend here on E-gold coins right now…? Well, E-gold is a virtual currency designed to be used to purchase goods and services over the Internet. The market determines the value of E-gold, but it can also be converted into “real” money for use in the physical world. There are many benefits associated with using this type of currency, including:
1) Security
Because transactions are anonymous, and you don’t have to provide any banking information, the risk of identity theft is significantly reduced. Also, because these types of transactions cannot be reversed, they cannot be retrieved by anyone once they are completed.
2) Savings
The fees associated with exchanging money into and out of E-gold accounts are deficient compared to other methods such as credit cards or bank wires. Also, there are no minimum balance requirements for an account holder to conduct a transaction.
Thus it costs less money in total if you purchase items valued under 100 dollars (for example) using E-gold than if you were to use another form of payment such as a card when making the same transaction.
3) Speed
There is no wait time for transactions because they are verified and then posted to other networked computers (servers). This localization of the system results in a much faster transaction than those conducted using credit cards.
4) Anonymity
Transactions can be conducted anonymously, making it possible for the account holder to work a business without divulging personal information such as name or address. It reduces the risk of identity theft and fraud since your credit card number could easily be stolen but not your E-gold number if you conduct transactions anonymously.
However, there are also downfalls associated with using this online currency:
1) The Value Fluctuates
The value or price of gold is constantly fluctuating, similar to the value of E-gold since it is based on gold’s value. Thus you run the risk of your E-gold worth less than when you first purchased it if the price of gold drops.
2) Account Security
This online currency system requires a secure password to ensure that only authorized users have access to it and to protect any funds held in an individual account. It would be easy for hackers to gain access and steal these virtual assets if proper security measures were not taken.
3) Transaction Fees
When transactions are conducted, small fees must be paid by the user. The exact amount varies depending on where they initiate their transaction from (their local currency). Also, some banks charge additional fees when converting the E-gold into a “local” currency such as Dollars.
It’s one of the new forms of cryptocurrencies; possible to invest in e-gold from various mobile e-wallets, including Phonepe, Paytm, and Google Play. Some brokers such as Motilal Oswal and HDFC have an option for investing in e-gold.
What Is the Trend Here On E-Gold Coins Right Now?
Currently, gold is observed as a hedge against inflation. It is also a storage of value of all times – as in, it still maintains its reputation in value. The median forecast for gold in 2021 in a separate poll was USD $1,784.
Using this type of virtual currency would only benefit those who do not need to use their assets in the real world and, therefore, can afford to take risks with them that they wouldn’t be able to if they were dealing in purely physical currencies.
However, for those conducting business solely over the internet, it is definitely worth joining an online currency system such as E-gold because it allows you complete anonymity which means less risk to your identity, and there are no fees associated with making purchases within this system.