Digital gold currency (or DGC) is a form of electronic money based on ounces of gold. It is a kind of representative money, like a US paper gold certificate at the time (from 1873 to 1933) that these were exchangeable for gold on demand. The typical unit of account for such currency is the gold gram or the troy ounce, although other units such as the gold dinar are sometimes used. DGCs are backed by gold through unallocated or allocated gold storage.
Digital gold currencies are issued by a number of companies, each of which provides a system that enables users to pay each other in units that hold the same value as gold bullion. These competing providers issue a type of independent currency.
Read more about Digital Gold Currency: Risks, Providers, Criticisms, Cultural References
Famous quotes containing the words gold and/or currency:
“Holland is a dream, Monsieur, a dream of gold and smoke—smokier by day, more gilded by night. And night and day that dream is peopled with Lohengrins like these, dreamily riding their black bicycles with high handle-bars, funereal swans constantly drifting throughout the whole country, around the seas, along the canals.”
—Albert Camus (1913–1960)
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)