E-Commerce: Gold as International Currency

With the wide use of the Internet the world is becoming a fast paced, international market place. The age of months of travel on the Silk Road has become obsolete and along with it perhaps the 100’s of countries currency.

The Euro was invented in the spirit of more efficient trade and has succeeded in making it easier for merchants within Europe to negotiate and sell to one another. What is to stop the gradual progression to a single world currency? Well the Euro and the Dollar are all examples of top down currencies that are controlled tightly by the issuing government. There is another currency that has been around longer then all the current governments and is just beginning to awaken from a 40-year nap.

Various places such as; GoldMoney and E-Gold issue digital gold. These are examples of a bottom up currency. What is interesting about basing money out of gold is the fact that it isn’t new. It is, in fact, the oldest form of money and up until fairly recently (1972) most of the worlds currencies could be exchanged directly into gold.

It is still early in its development, but I think that for more and more people, a day will come when they will order a product like our voice changing software MorphVOX, from anywhere in the world and pay for it in grams of gold. No longer will they have to worrying about the number dollars that convert into their local money on that given day.

Perhaps it is peoples growing distrust that the government has not been a good custodian of a citizen’s national money. Or perhaps or it is the convenience of the internationally recognize value of gold, but whatever it is the use of digital gold on the Internet seems to be growing.