Pecunix
Encyclopedia
Pecunix is a digital gold currency
founded in 2002 by Simon Davis. Similar to competing systems such as e-gold
, Pecunix allows for the instant transfer of gold
between user accounts.
Estimates at the end of 2004 suggest that there were over 6,500 funded accounts in the Pecunix system at that time. Pecunix had at that time 1,579.499 oz of gold in storage, but the amount has grown since. As of November 2011, Pecunix had 2777.796 oz of gold in storage, which as of November 2011 is valued at approximately $4,914,754 http://pecunix.com/money.refined...ind.goldbars. Pecunix gold bullion is stored with Mat Securitas Express AG in Zurich
, Switzerland
. Pecunix, Inc. is incorporated
in the Republic of Panama
.
, one avoids some inflation
ary risks. Another claimed benefit is low fees. Transactions made in the Pecunix system are charged a fee of 0.50% of the payment amount up to 100 gram
s of gold and 0.15% of any amount over 100 grams up to a maximum fee of 3 grams. The minimum fee payment is 0.0001 gram.
According to Jim Davidson, author of The Indomitus Report, Pecunix has never had a security breach of any kind and never had an account emptied by trojan
or phishing
attacks. Its software integrates PGP
in order to enhance privacy and security.
s selling Pecunix in exchange for fiat currency and a transaction fee.
Digital gold currency
Digital gold currency 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 that these were exchangeable for gold on demand. The typical unit of account for such currency is the gold gram or the troy ounce,...
founded in 2002 by Simon Davis. Similar to competing systems such as e-gold
E-gold
e-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and allowed the instant transfer of gold ownership between users until 2009 when transfers were suspended due to legal issues. e-gold Ltd...
, Pecunix allows for the instant transfer of gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
between user accounts.
Estimates at the end of 2004 suggest that there were over 6,500 funded accounts in the Pecunix system at that time. Pecunix had at that time 1,579.499 oz of gold in storage, but the amount has grown since. As of November 2011, Pecunix had 2777.796 oz of gold in storage, which as of November 2011 is valued at approximately $4,914,754 http://pecunix.com/money.refined...ind.goldbars. Pecunix gold bullion is stored with Mat Securitas Express AG in Zurich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
. Pecunix, Inc. is incorporated
Incorporation (business)
Incorporation is the forming of a new corporation . The corporation may be a business, a non-profit organisation, sports club, or a government of a new city or town...
in the Republic of Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
.
Features
Pecunix provides an alternative to reserveless currencies, as do the other competing digital gold currencies. One benefit claimed by many proponents of digital gold currencies is that by keeping assets out of fiat currenciesFiat money
Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.Fiat money originated in 11th...
, one avoids some inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
ary risks. Another claimed benefit is low fees. Transactions made in the Pecunix system are charged a fee of 0.50% of the payment amount up to 100 gram
Gram
The gram is a metric system unit of mass....
s of gold and 0.15% of any amount over 100 grams up to a maximum fee of 3 grams. The minimum fee payment is 0.0001 gram.
According to Jim Davidson, author of The Indomitus Report, Pecunix has never had a security breach of any kind and never had an account emptied by trojan
Trojan horse (computing)
A Trojan horse, or Trojan, is software that appears to perform a desirable function for the user prior to run or install, but steals information or harms the system. The term is derived from the Trojan Horse story in Greek mythology.-Malware:A destructive program that masquerades as a benign...
or phishing
Phishing
Phishing is a way of attempting to acquire information such as usernames, passwords, and credit card details by masquerading as a trustworthy entity in an electronic communication. Communications purporting to be from popular social web sites, auction sites, online payment processors or IT...
attacks. Its software integrates PGP
Pretty Good Privacy
Pretty Good Privacy is a data encryption and decryption computer program that provides cryptographic privacy and authentication for data communication. PGP is often used for signing, encrypting and decrypting texts, E-mails, files, directories and whole disk partitions to increase the security...
in order to enhance privacy and security.
Exchanging fiat currency
Pecunix does not sell its currency directly to clients. Instead numerous digital currency exchangers act as market makerMarket maker
A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn. From a market microstructure theory standpoint, market makers are net sellers of an option to be...
s selling Pecunix in exchange for fiat currency and a transaction fee.