Why Use Online Currency?
by Simon Minister, DXTrainers
What are the benefits?
Online Currency is an electronic, world wide form of currency
which has been created purposely for use on the Internet.
There are online payment systems that combine money, gold or
other precious metals with Internet based technology to provide
a safe and easy way for anyone to transact business 24 hours a
day.
Online Currency also links together financial institutions and
markets across the globe in a way that allows instantaneous
value transfers with a mere fraction of the cost associated with
traditional bank wires and credit cards.
Architects of the new digital economy such as DXInOne, are busily at work creating new
financial products and linking online currencies to "old-world"
financial networks, allowing you to easily convert your online
currencies to cash anywhere in the world.
Here are some of the reasons that Online Currencies are the
best way to do business on or off the Net.
Online Currencies are CHEAPER!
Transaction costs using credit cards or PayPal range from 2.5% to 4.5%. International
bank wires cost, on average, $40 to $70 using Western Union.
Online Currencies allow transactions to take place from as low
as 0.1%, to 2% on the very high end. In other words, the
cheapest online currency on the net allows online transactions
for forty-five times less than credit cards. Even the most
expensive online currency costs less than a credit card
transaction!
Online Currencies lower transaction costs by three orders of
magnitude! This means that transactions that were previously too
expensive to make because of the time, money, and effort
involved are now feasible by using online currencies such as, E-Gold, IntGold,
E-Bullion,
NetPay and Pecunix.
For retail merchants who process a high volume of credit card
transactions the savings can be significant! The savings in
transaction costs can then be passed along to their customers in
the form of lower prices, which helps merchants accepting online
currencies to gain a competitive advantage.
Online Currencies are FASTER!
The average credit card transaction can be reversed for three
to six months after the sale took place. This leaves merchants
in a vulnerable position. Cheapskates reverse the charges on a
regular basis against merchants who delivered the goods. This
kind of theft drives up prices for everyone to cover the cost of
lost goods and money due to fraudulent credit card use.
Bank wires in-country take at least three days to clear.
International bank wires can take up to two weeks to clear!
Online currencies solve these problems by allowing instantaneous
and non-reversible transactions. For merchants this means that
all sales are final. They don't have to worry about having their
account frozen because some hacker used a stolen credit card at
their store.
This also means that when you need to send money to a friend or
family member anywhere in the world, you can do it in a few
seconds, and they can withdraw it as cash from an ATM machine
the very next morning!
Online Currencies are INTERNATIONAL!
PayPal only works in the United States and EU. In order for
people outside the US and EU to sell their product or service to
the web, they have needed an international credit card merchant
account.
The problem is, outside the United States and EU, merchant
accounts can be difficult to obtain. This creates a barrier to
entry that makes it harder for international entrepreneurs to
offer their products and services to the world.
Online Currencies solve this problem by allowing instantaneous
transfers of money anywhere in the world! As the network of
exchange agents grows, it is now possible to quickly and easily
convert your online currency to cash in any country in the
world.
A Standard Reserve "Instant World Account" allows an account
holder to convert their Standard Gold or Standard Dollars into
cash at any ATM machine on the planet! E-Bullion offers an
anonymous numbered offshore debit card. This means that no
matter where you are, if you can find an ATM machine, you can
convert your online currency into local currency!
Online Currencies are SAFER!
Credit card fraud is becoming increasingly prevalent as hackers
steal card numbers from computer networks, crooks root through
your garbage and steal your identity, and other nefarious
thieves devise ways to get your account number.
Online currencies offer a higher level of security than credit
cards. Even the lowest level of security for digital money, an
account number and password, is one order of magnitude safer
than a credit card. All a thief needs to steal a credit card is
the account number.
With online currencies the merchant never sees your password,
so it is impossible for a thief to steal it, unless you give it
to him yourself by letting him access your computer.
Many support digital certificates for customer identification.
These certificates cryptographically verify that you are you.
This prevents thieves from accessing your account. E-Bullion and
E-Gold are now offering similar security measures to their
clients.
It is also possible to combine digital certificates with an
affordable biometric fingerprint reader to make sure that
absolutely no-one has access to your account but you. This is
the highest level of security currently available on the net,
but there are other improvements still to come.
Online Currencies allow PERSON TO PERSON PAYMENTS!
Online currencies allow one thing that credit cards never will:
Person to Person Payments. PayPal is limited to the United
States. So what do you do when you want to buy a collector's
doll that you found in an online classified ad, but the owner
lives in New Zealand and you live in the US?
Online currencies allow you to send your money to anyone else
who has an online currency account. It only takes a few moments
for your friend to open his own account using the Internet, and
in most cases it doesn't cost a penny!
Person to Person Payments allow small scale merchants to get
started without the added expense of maintaining a credit card
merchant account. This means lower costs of entry into the
marketplace and lower costs of doing business!