Concentric Sky, Inc.

Many authors and thinkers have posited the benefits of a digital currency backed by gold. Currencies backed by gold have been historically stable and not as subject to inflation as currencies that can just be rolled off the printing press at will. For many years I’ve been fascinated by the notion of such a currency and by partnering with GoldMoney, I’ve been able to help bring that idea to life.

GoldMoney has patented a process by which small units of gold and silver can be securely exchanged electronically. By taking this system into the mobile space, we are able to offer individuals and businesses a chance to make real-time, face-to-face financial transactions in units that have intrinsic value. This should not be underrated. By using the GoldMoney system there’s a huge reduction in counter party risk: You no longer have to rely on your bank to stay solvent - or on your government’s ability to borrow money. GoldMoney holds physical metal in secure vaults located in London and Zurich. All of the metal is audited quarterly by a third party and is insured by Lloyds of London. It’s as close as you can get to having your own personal Fort Knox.

Now, that’s not to say there is zero risk. As with anything tradable, market forces come into play. The value of gold goes up and down. Prudent investors stay diverse. However, gold was one of the only assets to actually gain in value during 2008 and it has a 5000 year track record as a tradable commodity. Compare this to the piles of paper currencies that have gone bust throughout history.

We might be years from the point where you buy your coffee with a digital gold based transaction, but current economic indicators are not looking good - and gold’s historic role as a safe haven in troubled times makes it an appealing instrument of trade as well as a sound investment. The ability to use GoldMoney as an IRA is equally appealing.

GoldMoney for the iPhone provides an easy to use trading system that you can hold in the palm of your hand. You open an account and trade with other account holders. You put money in and take it out as you need. In this respect it’s similar to Paypal and other familiar online payment systems.  With mobile devices becoming central to our everyday lives, someday you might actually be able to buy your coffee with digital gold. We hope this app is a step in that direction.

If you’re an iPhone user, you can check out the app here:

For everyone else, I invite you to visit our GoldMoney Product page. If you’d like to see this app ported to another device, please let us know.