Using Goldbacks

How to use your Goldback® at Businesses

Shop owner helping customer buy vegetables with Goldbacks.

Goldbacks are meant to be spent, bartered with, and traded around the world. Many small business owners are open to accepting the Goldback for small transactions. Using gold as currency is important because it has lasting value that is not subject to the volatility of fiat or crypto currencies. Goldbacks are the most technologically advanced form of physical gold payment in the world.

From June 1st to September 30th of 2019 our staff conducted an experiment. Over 500 businesses in Utah were contacted and asked if they would take gold as payment. Each business was perceived as a locally owned small business (we didn’t go to Walmart or McDonalds). The businesses were shown prototypes of the Goldback and received a brief explanation of the program.

What we discovered . . .

 
33%

  • From our ‘non-scientific’ study of 500 businesses . . .

    One out of three accepting business owners expressed interest in being advertised as a Goldback accepting business, and be featured on our website. An important concern they expressed was privacy.

200%

  • From our ‘non-scientific’ study of 500 businesses . . .

    Men Business Owners are at least twice (200%+) as likely to accept the Goldback as women were.

50%

  • From our ‘non-scientific’ study of 500 businesses . . .

    When Business Owner was present, they would accept the Goldback as payment for goods and services about 50% of the time, if the business also accepts cash. Over half of the time we could not find the business owner.

 

From our experiment, we can infer that the Goldback has a respectable acceptance rate at small businesses in Utah. People by and large are impressed with the beauty of the Goldback even when they do not necessarily want to be paid with Gold.

Outside of the State of Utah Goldbacks can also be spent. In Oregon at a farmers market the Goldback had a about a 25% acceptance rate among business owners. This was based off of 40 vendors. Goldback users outside of Utah should not feel discouraged from trying to spend their Goldbacks as a barter tool.

Our experience with business owners was by no means a scientific study. It may even be considered anecdotal. Different people in different places will likely get different results under different circumstances. What is encouraging is that the acceptance rate was far higher than we anticipated.

 We encourage people everywhere to use sound money,
especially in a small business setting.