Nowadays, E-gold is one of the two most popular methods of payment on the web (altogether with Paypal, which is more oriented on auction sales, but slowly loses its popularity due to the charge-back option meaning that a payment can be reversed by sender). All E-gold account balances are backed by large storages of precious metals the company possesses, namely of gold, silver, and platinum, with gold being the most popular by an overwhelming margin. This allows account balances not to be tied to a particular currency (like USD or CAD in case with Paypal), but only to the prices of the above-mentioned metals. Taking into consideration the fact that gold is scarce nowadays (all large natural deposits of it have already been discovered), it can only gradually increase in value on a large time scale.

At the same time, payments can be conducted in numerous currencies by simply transferring the equivalent amount of gold to another E-gold account. For instance, if one needs to send somebody US $100, he simply chooses US Dollar as a preferred currency from the drop-down menu, enters "100" in the amount section, and the equivalent amount of gold in grams is sent instantaneously and will clear on the receiver's account within a few seconds, regardless of his location. No matter what monetary equivalent you are choosing to conduct a particular transaction (e.g. USD, CAD, EUR etc), no conversion fee is applicable.

In contrast to Paypal, which is not available in many countries, E-gold can be used virtually anywhere, regardless of one's citizenship or country of residence. Given this, altogether with the fact that E-gold is fully offshore and accounts are free to open, it is easy to realize reasons for the emerging popularity of this method of payment.

E-gold has a list of trusted exchangers placed on its website - this is where one can buy or sell his gold for cash. We advise to be careful with services offering to exchange your E-gold and use only the one's listed on its website.

The irreversibility of E-gold transactions has both its advantages and disadvantages. One main advantage can be expressed by the words "Get paid, stay paid" - this prevents the possibility of sellers getting scammed after they have shipped a particular good to a client or provided certain services to him.

On the other hand, the irreversibility of E-gold payments is widely used by fraudsters, especially the ones in the world of investing. They open fake investment programs, collect deposits from naïve members, cash out, and rush with the money. As for the investors, their money is lost forever, since the transactions cannot be reversed and personal information of the receiving account holder can be provided only upon a court order or legal subpoena being issued. To obtain one, a legal claim needs to be filed with a court process being initiated. However, the costs of hiring a lawyer are much higher than the amount of money one has lost, so most cases go unreported.

Another big issue is hackers. For this reason E-gold uses extensive security measures, such as SSL (Security Socket Layer), turning numbers, and virtual keyboard (SRK) to prevent the users' passwords from being detected by Trojans and key-loggers. The installation of proper anti-virus software and firewall, altogether with periodical cleaning of browser cache, would greatly eliminate the possibility of one's E-gold being hacked.

The total amount of funds being involved in E-gold transactions currently equals to several million US Dollars daily and keeps growing exponentially. Once E-gold becomes a widely acceptable method of payment (both online and offline), with a developed system of multi-currency debit cards being implemented, it will truly change the system of monetary relations in the world, with high fees, reversed payments, and pending periods becoming history - as opposite to instant, safe and irreversible transactions.

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