What is an e-currency account?

What is an e-currency?

E-currency is money that is exchanged electronically through the internet. The letter “E”  part of the word stands for “electronic” and “currency” stands for money so essentially e-currency is electronic money used to initiate transactions on the internet.  

One of the largest e-currency providers online that most people are aware of is Pay Pal. The company was made famous because of the rise in popularity of e-bay which transacts business through pay-pal. Pay Pal is one of the oldest and most reliable e-currency providers online. There are however other e-currency providers that offer a similar level of security and flexibility in purchasing and transacting business online like Payza and Solid Trust Pay. 

Funding your e-currency account- Most providers allow you to fund your account with a credit or debit card, bank wire or even a cashier’s check or money order sent to their office, preferably by overnight mail so there is a record of your deposit. 

Withdrawing money from your e-currency account has now become very easy and happens pretty quickly. Most providers allow you to have funds wired or sent by ach direct to your bank account. They can also send you check via regular or overnight mail or they may even offer their own brand of debit/credit card that you can use to withdraw funds at an atm or use as a visa or master-card.

If you intend to participate in what many may classify as High Yield Investment programs you may be restricted to using e-currency processors like Egopay, Solid Trust Pay, Liberty Reserve or Perfect Money. The most popular for passive residual income programs or h.y.i.p type programs are Egopay which is a sister company to Payza and Solid Trust Pay. 

Liberty Reserve and Perfect Money are not as strict as Paya and Solid Trust Pay (STP) in regards to identification requirements of account holders, address verification etc. Most  entrepreneurs that participate in high return ventures prefer programs that accept Payza or Solid Trust Pay because of the requirements they place on account holders for identification even if an account holder happens to be a business entity. It adds another layer of accountability in the mind of participants. Many scammers use Liberty Reserve because there is no way to get your money back after it is sent to another account holder.

Is there a cost to open an e-currency account?

Opening an account with an e-currency provider is generally free and unlike most banks there is generally no monthly fee no matter how much money is in you e-currency balance. In fact Pay Pal will even offer you the ability to pay later for certain transactions which will help you online money stretch further if you see a value in it. 

The one negative with having funds sit in specific  e-currency accounts is that the money  in the account can only be used at merchants that accept that e-currency. If a business or opportunity only accepts payza and solid trust pay you cannot ue money in your pay-pal account to fund it.  You would either have to fund one of the other accounts with one of the methods described previously or use an online exchanger that will charge you a fee to exchange currency from one provider to another. It is now quite easy to exchange money all over the world using e-currency.

Modern technology makes money exchange fast and secure so you might as well open an account with each of the major e-currency providers, get your account verified and ready for use so you can participate in the wonderful world of online e-currency exchange when the need arises.  

The application process generally involves verification of your identity or your business's identity and requires that you provide by fax or email copies of supporting documents, such as a government-issued ID, utility bills, bank statements and business registration documents.

Open an account with Payza Here

Open an account with EgoPay Here
 Egopay is the sister company of Payza and the premier exchange provider for Passive Income and High Yield Investment programs

Open an account with Solid Trust Pay Here

IF you want to learn more about Passive Residual Income Programs that you can fund with the e-currency accounts above to generate income Without Selling, Recruiting or Waiting for Spillover visit

www.passiveresidualincome.com 

  to discover the latest in High Yield Investment and passive income opportunities. 

 

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