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Pecunix - Digital Gold Currency

By Edited May 15, 2016 0 0

Pecuinx is a digital gold currency (or DGC) operator. In order to understand exactly who or what Pecuix is, you must first understand the basics of digital currency and e-gold. In its most basic form, Pecunix digital gold currency is a form of electronic money based upon gold (typically measured in grams or troy ounces). This is very similar to the US Gold Certificate paper currency of the past that were exchangeable for gold bullion.

So why would this be of interest to anyone? If you want some gold, just go buy it right? While that is entirely doable, subsequently using it as a currency may prove difficult for you to do. Let's say you have 1 troy ounce of gold worth (approximately) $1250. You wish to buy an Ipod ($200-300). Good luck finding a vendor that will accept your gold bullion as cash let alone pay you back the difference in gold.

This is where Pecunix comes in. As a digital currency operator, you can make a deposit with Pecunix, who then purchases gold - which is then used to back your deposit essentially converting gold to electronic units. For every dollar deposited at Pecunix there is an equivalent amount of gold stored on hand with which to back it.

Many believe this allows for a universal currency - one that is truly global and without borders and is independent of exchange rates and/or political manipulations. Gold has been recognized by every society on earth at one point or another as a currency exchange mechanism. Pecunix takes this concept into the electronic medium.

With digital currency intermediaries such as Pecunix one can buy or sell goods and services around the world, domestic or international, without concern of currency exchange. This expands the marketing capacity of individuals and businesses to a global economy, not just a local one.

Digital currency exchanges are fast, secure and non-reversible so charge backs and reversal charges are a thing of the past. Because of these rules – funds are available immediately with no waiting for the deposit to clear.

Gold based internet currencies (GBIC) such as Pecunix have been around for quite some time (since 1995ish). GBIC's have processed billions of dollars in internet transactions and that figure continues to grow every day as the world becomes more of a global society instead of a local one.

Digital gold currencies have not been without their problems either. Several of the largest digital gold currency operators have collapsed due to mismanagement or outright fraud. In addition, because of the non-reversible charge rules of digital currency, this exchange medium currently offers very little protection should your account become compromised and the e-money stolen.

It certainly seems like digital currency is here to stay, but it's also clear there are still some kinks in the system to be worked out. Only time will tell if businesses such as Pecunix will succeed, but given their moderate success and current longevity – perhaps they already have.

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Jul 6, 2010 10:29am
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