E-Gold Accounts

Pros and Cons -   Having reviewed Paypal as a useful internet money transfer system I now turn my attentions to another such facility: E-Gold. The money exchange sites which appeared as the internet expanded were always going to be easy targets for scams, cheats and hackers. Paypal was hijacked by these a few years ago and so closed many accounts (this has since been shown to be accounts like Paid-to-Read email accounts, pointless pyramids system and the like). This meant all the legitimate programs and the hackers all looked for other suckers (suckers is the technical word here). E-Gold was created using a system of security of ""Turing Numbers"" this was an added level of security above the password and user name to log in to your account. Also using gold as the currency with agents to buy and sell gold seems to have worked well in resisting cheats and hackers. I would like to point out that there may be uses of E-Gold that I am unaware of this review is designed for casual users of money transfer systems who do not deal in large amounts of money and not webmasters of investment programs who may find this program useful. The Basics 1) You receive money from an E-Gold user it goes into your account 2) You pay for goods and services with the money in your account. 3) To ""cashout"" you pay a buyer to buy your gold and give you money for it. The Costs I will admit I do not understand fully how that side of the business works so I will not attempt to explain it here. 1) E-Gold receives its money through storage fees (which are 1 cent a year) and 2) Commissions from cashing our customers based on their value of Gold. Obviously E-Gold does not appear too popular enough to be used in WHSmith or Tesco so why should you use this program?

Recommended?   NO. I have an E-Gold account, but I really have no use for it and I am going to close it. I have accumulated the grand figure of $10 from a couple of sources who pay by E-Gold and I realize that I can't ""Cashout"" without high fees and no one uses E-Gol. If you are just someone who sells a few things on eBay and runs a trade business you are best to avoid this unless you deal in high value goods.