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While going through the entire website you may have noticed the words virtual currency,egold etc.What are these?
Now lets have a brief discussion.Online trancastions require that you transact in some currency so that amount can be specified.But different countries have different currencies & their value against other countriy's currency is not always same.For example 1 euro is not equivalent to 1 dollar.So while doing transcantions a conversion has to take place for the trade to be viable.Usually conversion rates are ever changing and in most of the cases a currency conversion rate is applicable.This makes trans-country and online trade money transcations very congested.To allay this problem,a kind of virtual currency which supposedly has a fixed value all around the globe was formulated.This virtual currency was just like real money which could be traded online and all around the world.
Some examples of virtual currencies are like Egold,Ebullion,netpay,evocash,etc.Of these the most famous and oldest was Egold established in 1996. E-gold is based on a system that uses the weight of the gold metal, not any one currency. These weights have a precise, internationally recognized definition as to their value thus standardising its international value.Using gold as a means of trade/investment works well because everyone values gold,regardless of what type of money its worth is being purchased with.Egold transactions are made in terms of weight of actual gold.You can buy a fixed amount of
egold with your local currency and then make your payment to anybody in any country.Let me explain this properly.So after you buy some fixed amount(weight) of egold(actual gold from Egold Ltd.) it gets credited in your egold online account.Now if you want to make a payment to some person say a german then you just need to give him a part of the amount(weight) of egold equivalent to the german currency amount.Thus trans-border transactions occur without any headache of any conversions,etc.This is the real liquidity of the system.I will give you an example for better understanding-
Suppose you are an Indian & you have to give a payment of 10$ to somebody.This means that first you must first buy some weight of egold from your local currency).You cannot buy directly from Egold Ltd but get it with the help of third party exchange services.In order to make the payment,you send a fixed weight of egold equivalent to 10$.Thus you virtually don't have to worry about any real currency conversion.
Now considering the opposite situation,if you get an egold payment from anybody say 10$ then how to get that money in Indian currency?Actaully Egold Ltd is a West Indies company which has got actual physical gold stores.So you can get your 10$ in two ways-
(1)Go directly to the Egold Ltd company and take away a fixed amount of physical gold equivalent to 10$
(2)Take the help of third party exchange services and exchange the egold possesion you have in exchange for real money(by far this is the default method that everybody uses with egold!)
Its that very simple!Read our next article to learn how to use egold.







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