Are People Actually Using Goldbacks?
Written by Jeremy Cordon, Founder & CEO of Goldback Inc.
The purpose of the Goldback is to function as inflation-resistant cash, but now, five and a half years in, it’s worth asking: Did we do it? Are people actually using the Goldback, or is it just a novelty?
Since Goldbacks function like cash, transactions are private unless one of the parties speaks up about it. This makes gathering hard data tricky. However, there are plenty of indicators—both anecdotal and measurable—that suggest a growing community of users.
Goldback Calculator Usage is Surging
One interesting data point comes from the Goldback calculator on Goldback.com. In 2023, the calculator page saw 67,117 hits. In 2024, that number jumped to 116,431—a huge increase in just one year.
But what does this actually tell us? Not every transaction requires a calculator. If the math is easy, people do it in their heads. Many Goldback transactions—especially tips and gifts—don’t use the calculator at all. I personally used it only a handful of times in the past year, and it was always for larger purchases.
If every calculator visit represented a single transaction, that would mean over 100,000 transactions in 2024. But in reality, most transactions likely happen without ever using the calculator—especially for simple exchanges, tips, and gifts. The actual number of Goldback transactions could be significantly higher, making this just a small glimpse into how widely they’re actually being used.
People Aren’t Rushing to Cash Out
Another key insight comes from conversations with our distributors. Unlike other forms of precious metals, very few people are selling Goldbacks back for cash. We estimate that only about 2% of Goldbacks purchased are resold for fiat within a five-year period.
This strongly suggests that people who receive Goldbacks are either spending them again or saving them, rather than immediately converting them into cash. That’s a major sign that Goldbacks are actually circulating as money, not just sitting in collections.
The Growth of Goldbacks is Accelerating
The growth rate of Goldback adoption also looks healthy. The value of Goldbacks in circulation is following a similar trend to the calculator page data—almost doubling year over year. If these trends continue (or even slow slightly), we could see a billion dollars’ worth of circulating Goldbacks in just a few years!
So, to answer the original question—yes, people are using Goldbacks. And if adoption continues at this pace, we’re just getting started.
