The Gold Blog

FAQ (1) Why is my e-gold balance showing ‘Weight Equivalent’? Why is it not like my PayPal account and showing me an exact dollar balance?

e-gold accounts are denominated by weight. The ‘balance’ of your account will show in grams or troy ounces, not Dollars, Euros or Yen.

Since the daily price of gold fluctuates, your account balance needs to be handled by weight. E-gold account balances are not permanently pegged to any one specific world currency they are displayed by weight. When you want to determine the exact value of an account from your account screen select your local currency and the current value will show for that moment in time. Since gold prices often move up or down so will the current value of your account based on that day’s gold price. The following screenshots show an e-gold account with a balance of 1.0011 grams (about one gram).

Account holders can find the value of their account anytime by selecting a local currency from the drop down box on the account screen. The three pictures below, were all copied at approximately the same time. E-gold offers account holders 21 different world currencies to quickly convert the value of any balance or transaction. This software makes cross border e-commerce a snap!

The current value in this box is determined in US Dollars. The balance of 1.0011 grams is equal to $20.67 USD.

The box below shows the exact same weight but the value was determined in EURO. The same weight equals 16.11 Euro

The box below again shows the exact same weight but the user has selected Japanese Yen. The same weight equals 2,324.58 Yen.

Equivalent current fiat values are displayed for reference only, and will fluctuate. The equivalent fiat values are calculated according to the exchange rates e-gold Ltd. displays.

FAQ (2) What happens if a trojan or a virus gives hackers access to my PC and the e-gold pass phrase is stolen followed by my e-gold balance? This happened with PayPal and they were able to refund my balance without any problems and my credit card company did the same last year when my card numbers were stolen. Will e-gold refund my balance if the account is compromised or I want my money back from a accidental spend transaction?

-No-

Protect your pass phrase information and your PC from compromise, theft and attack.

Finality of payments and no chargeback’s.

If your e-gold account is hacked or compromised and the balance is gone when you log in again, you are out of luck and no refund is possible.

However on the flip side merchants don’t have to worry about chargebacks. As a merchant, when you accept an e-gold payment, the balance arriving in your account from the transfer is 100% your money. Chargeback’s are not possible with e-gold. At the end of the month, if you accept credit cards, you may see your net income is substantially lower because of  fraudulant transactions, chargeback’s and cancelled sales. This is not possible with e-gold. All transactions are non reversible.

Below is a brief summary from the e-gold TOS on how e-gold non-reputable payments work and why:

The e-gold account holder, known also as the user, is responsible for the protection of user’s pass phrase that gives access to user’s e-gold account. Users must never divulge their account pass phrase to anyone and user’s agree that e-gold Ltd. will treat any person accessing a user’s account with the pass phrase as the actual user.

Irrevocability of Spends

“User agrees that all spends initiated by user are final and not reversible.”

By agreeing with the e-gold terms of service, account holders accept that in the event of a loss or misuse of user’s pass phrase the ‘Issuer’ (e-gold Ltd.) disclaims all liability for such loss. Account holders accept ALL responsibility for unauthorized spends from the account. The bottom line here is all transactions are non refundable so do not misuse your account access…you cannot get any lost funds back.

Chargeback’s, Credit Card Fraud, Identity Fraud and Cancelled Sale Transactions are all possible with PayPal and credit cards. It is true that their fraud experts work around the clock, behind the scenes, monitoring activity and trying to prevent possible online fraud or misuse of their product. They even offer a large and comprehensive packages for users, protecting them from fraudulent activity which has occurred and refunding some or all of the loss.

E-gold does not have to pursue such lofty goals, the transactions are not reversible so no refund policy is necessary. When you use e-gold, you get paid and stay paid, no fraud or chargeback’s are possible.

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