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E-currency

November 29, 2005

Introduction

The e-currencies are cash or value transactions through electronic means such as the internet. Electronic Fund Transfer or EFT is a good example of e-currency. Due to the absence of a foolproof cryptography for e-currency it has not yet reached its true potential. Still there are two success stories of e-currency; Octopus card system of Hong Kong and Interac network of Canada.

At present, e-currency represents a system of Credits and Debits within a stand alone network or across selected networks. There are many variations in the networks such as PayPal selling it directly to the end user and other systems selling through their own exclusive e-currency Market Maker ( Omni pay for example ) or through an Independent Market Maker or e-currency Exchangers handling a range of Electronic Currencies.
These Exchangers are either automated or manually operated like Gold Age. Some community currencies, like LETS systems, work with electronic transactions. Cyclos software allows the creation of electronic community currencies.
Ripple monetary system is a project to develop a distributed system of electronic money independent of the currency.

Advantages

The e-currency transactions are picking up volume replacing cash or hard currency. The ever spreading reach of internet, online banking, credit and debit cards, online payments of bills and internet business are making paper money redundant in the developed societies. With banks extending customer specific online services such as money transfer, stock purchase and contributions to retirement schemes, e-currency has freed us from visiting a bank and standing up in a queue. Online bill payments and money transactions are very convenient for customers as well as the banks and other services.

Disadvantages

The e-currency, though fast and convenient, has some negative points too such as fraud, technical breakdown and loss of human touch. Hacking into bank accounts, frauds and stealing the personal details of customers are constant threats to e-currency. Software glitches and occasional power failures compound the problem with loss of records. For these reasons, a large section of population is still wary of embracing e-currency hampering its rapid growth.

Future Prospects

The e-currency focuses on the ability to spend it through secured credit cards, linked bank accounts that would be generally an internet enabled means of exchange and secure micro payment system in large corporations such as PayPal. To overcome the irritants of hacking, fraud and theft of identity, an enterprising company named DigiCash is working on a system of electronic coins issued to the user under his/her name or online identity and stored in one’s PC. All transactions are routed through the issuing company safeguarding the personal details. The future of e-currency is bright once the teething troubles of its security are taken care of. It is almost certain that our society, financial institutions and service sector will not revert back to paper currency. The e-currency has, therefore, only one direction to move- the forward direction.

Autor: Chris a.k.a NoProblem

HYIPNetwork.com and the partner sites TheHyip.com, HYIPTalk.com, HYIPAlert.com and HYIPBlog.com are the most innovative and comprehensive online resource for the presentation of your HYIP or e-currency business. Our network will provide your organization or business with instant exposure to a global community of thousands of dedicated online users who are sophisticated and engaged in the HYIP and e-currency arena.

Reprint rights: You are welcome to reprint any of our articles if you include the reference text including the links.

Written by HYIP Network · Filed Under Articles 

What is E-gold?

November 29, 2005

e-gold is a digital gold currency. It is issued by e-gold Ltd., a Nevis Corporation. It was established way back in 1996. This electronic currency is backed ounce for ounce by actual gold bullion. This system of online payment allows the transfer of money between e-gold account holders. According to recent estimates, there are approximately 2.4 million e-gold account holders at present.

You will find that e-gold Ltd. offers a variety of e-metals. So, there is e-silver, 100% backed by silver, e-platinum, 100% backed by platinum, and e-palladium, 100% backed by palladium. But without doubt e-gold beats all these metal currencies hands down. e-gold is has been integrated into an account based payment system. What this means is that an e-gold account holder can use gold as money. To be more precise, with e-gold system, you can transfer desired weights of gold to other e-gold accounts. What is more interesting to note is that in reality only the ownership changes. The gold in the treasury vaults remains there itself.

What should be understood though, is that e-gold is in no way connected to banking. When you use an online system that utilizes a currency based online exchange system, you are considered to be engaged into banking transactions and as such you come under the jurisdiction of federal laws regarding banking. But when you exchange e-gold, you are just exchanging the actual ownership of the gold and nothing else and that is why you are in no way engaged in banking and consequently don’t come under the purview of such federal laws like “Know your customers.â€

Now, for the part that e-gold is one hundred percent backed by gold. This means that when you are engaged in transactions through your e-gold account (if you buy something or if someone spends to your account) you are in reality receiving a weight of gold. The best thing about this type of transaction is that the amount of gold that you have is not going to change until you spend or redeem it for a currency or take delivery of it. But with currencies, the actual purchasing capacity of the currencies is sure to fluctuate. You would be at the mercy of economic policies of the government and the inflation that there wrong policies could bring. But with e-gold you are completely safe.

e-gold is considered a pioneer in the field of alternative currencies. It is considered the best alternative to traditional forms of payments. Most of the times, traditional forms of payment and that too in online transactions prove to be more costly and quite inefficient. When you deal in e-gold, you are provided with a system of transaction which clears instantly. And you must have dealt with cheques or credit card where a typical transaction takes days to process. Similarly, with most of the online payment systems like paypal, they make a distinction between merchant and non-merchant accounts. There is no such thing as merchant and non-merchant e-gold accounts and consequently all the e-gold accounts carry the same fees besides they also have the same capacity to receive and transfer e-gold account holdings.

Thus, we find that e-gold account is one of the finest ways of managing an online account and it has become a benchmark in online transactions.

Autor: Chris a.k.a NoProblem

HYIPNetwork.com and the partner sites TheHyip.com, HYIPTalk.com, HYIPAlert.com and HYIPBlog.com are the most innovative and comprehensive online resource for the presentation of your HYIP or e-currency business. Our network will provide your organization or business with instant exposure to a global community of thousands of dedicated online users who are sophisticated and engaged in the HYIP and e-currency arena.

Reprint rights: You are welcome to reprint any of our articles if you include the reference text including the links.

Written by HYIP Network · Filed Under Articles 

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