Liberty Reserve: What to look for before opening another ecurrency account

ecurrenciesMoments ago, we posted the news about the closure of liberty reserve website. If you missed the post, you can read it here While liberty reserve have come and gone, there is still the need for digital payment system online. It is no doubt that there are other ecurrency system out there and more are likely to spring up  soon. Before opening another ecurrency account for your online business and transactions, please read what an expert with payment processor in Nigeria had to say about LR and what to look out for before you open another digital currency account.

At last it happened. I’ve posted it in the past that Liberty Reserve would still go down. I have seen that it was a disaster going somewhere to happen and it eventually did. Anyway, it’s good riddance to bad rubbish.

After using the service for a while and promoting it rigorously, then receiving a backlash from the service, I knew the system is heading towards a bad direction. It was very clear that the system was designed by the thieves for the thieves. There are some features you should look out to know if a system is not appropriate as payment system.
1. If it does not allow chargeback, it means money stolen from one account cannot be reversed and that is an encouraging platform for fraudsters.
2. If it looks for every means to avoid government regulated banking institution. It means it doesn’t want anyone to know what is going on its system which is dangerous because such money can be used for illegal services.
3. If it is not licensed by government. It means it is not regulated and someone or few individuals can determine what happen to your money without you getting any help from someone else.
4. If the system wants you to operate anonymously while asking you to put in your money in the system. The day troubles come, it will be hard for you to prove you are the owner of the money.
All along, LR has all the features, but still many of us still risk our hard earn money into the system.

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