The Ultimate – Alternate Payment System (APS) Pt.3
Again, why are we using Gold as a common denominator between all countries and all users?
Gold is accepted by everyone – everywhere. When used in global online business, national currency denominated accounts of dollars, euros or yen constantly have to be exchanged for one another. People recognize gold as a global store of value, its easily denominated by weight (online and off) plus the liquid value of ‘an online account’ can be instantly determined in any global currency.
After we have established Gold as the value behind our digital money units, that unit can be quickly converted into any government or private currency. Our digital money then becomes denominated by weight and not by any local currency’s unit. Account holders can instantly convert any specific amount of Gold into their choice of local currency. This can be done instantly at the time of the online transaction or anytime for calculating the value of an account in your local currency.
The gold in your new ‘Ultimate APS’ account is the common denominator of value between all users in all countries. The value of Gold in your account is clearly recognized by all people, governments and religions around the world. Global transactions and local transactions are now simple to perform.
The accepted measures of weight for gold are Troy ounce and gram. A gram of gold in West Africa is the same as a gram of gold in Canada, or a gram of gold in Panama etc. Using Gold to back our digital currency makes online transactions between these three example locations painless and instant. A digital gram of Gold can be split right down to one thousandth of a gram or .001.
How does this work?
Take a quick look at how some existing Digital Gold Currency (DGC) is transacted on the Internet. GAU and OAU are symbols given to the value of Pecunix. GAU means Grams (G) of Gold (AU). OAU means Ounces (O) of Gold (AU) Pecunix always requires the payment in actual units of GAU (shown by weight) but has a handy calculator on the payment form for currency price conversions. Here is a screen shot of the actual drop down form which appear in the Pecunix account. You can see all the options for calculating an instant conversion into national currencies.
This system of Gold back digital currency is already in use today, not only Pecunix but also e-gold, 1MDC, GoldMoney and e-dinar.
Take a look (right) at how the weight of gold in these accounts is effortlessly converted into the popular national currencies on the e-gold web form,
Our ‘Ultimate Alternative Payment System’ will be borrowing heavily from this type of Digital Gold Currency. Remember, each digital dollar is always backed by one dollar’s worth of gold on deposit. This type of system can never go bankrupt, even if everyone with digital dollars in their account withdrew them all at the same time, the gold would just be sold at the market and the dollars exchanged back to the account holders. That is the simplified version of a run on the bank, but there is no financial risk to users.
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Check out what others are saying about this post...[...] have already established that Gold should is the preferred backing behind our digital dollars. Plus we have also now understand that the OUR digital currency [...]
[...] have already established that Gold should is the preferred backing behind our digital dollars. Plus we have also now understand that the OUR digital currency [...]