e-Currencies

I'm thrilled to the back teeth to see e-Currencies strengthen. It's a concept that I've only recently become aware of, and am already starting to get excited about.

In my understanding, in it's purest sense an e-Currency is a currency purportedly without nation or government that allows a non-currency exchange based transaction between entities.

Good old wikipedia has some references and links here:

http://www.blogger.com/post-edit.g?blogID=21285508&postID=114172759898792320

As an example of e-Currency, here's some information on a popular one - e-gold.

e-Gold (www.e-gold.com)

e-Gold is explained pretty well in this article (which also takes quotes from e-gold):

http://www.blonnet.com/ew/2002/11/06/stories/2002110600310100.htm

They explain the following:

"e-gold, quite simply, is an electronic currency issued by a company. ... , its currency is backed fully and at all times by gold bullion in allocated storage."

"Thus, e-gold is ideally suited for international transactions. Although e-gold is accounted by weight, the e-gold payment system allows spends to be expressed in terms of the eight major national currencies currently so accepted. For example, it's possible to spend 10 troy oz worth of e-gold or 5.3 grams worth of e-gold or US $100.00 worth of e-gold or CHF 685.88 worth of e-gold. This basically means that a Canadian, say, can pay a German or a Japanese can pay an Australian the correct weight of gold (e-gold) for a good or service as easily as if the price had been quoted in his own national currency."

"The bullion is held in the form of certified good delivery bars"

"...the company modestly identifies itself as a Nevis corporation. ... A Nevis corporation is one that is incorporated in the Island of Nevis ... It is currently a member of the Federation of St Kitts & Nevis, a sovereign, independent nation and a member of both the British Commonwealth and the United Nations. "

I expect that will be the regular assortment of scams by preying individuals and government misinformation (in fact if you read the whole article above which mentions the Reserve Bank of India you'll see some common nervousness).

To me this ushers in a new era where we can control our financial transactions, independent of government interference and busybodying. This personal power and responsibility can only be a good thing.

What can we do?

• Talk to people about this service and way of doing business
• Experiment with it ourselves. Use a tiny bit of money to find out your own reality.
  
• Think for ourselves