How Does E-Currency Work

Thursday, 9 June 2011

1 How Does E-Currency Work

Online HYIPs need a payment channel to funnel in the cash quickly so they can get to work on their investments to make a profit. The most widely used E-Currency program used as a payment processor for HYIPs is libertyreserve. libertyreserve may be new to you as a payment processor, so let's talk about how to set up an account, how to use the account, and how to secure it.

The initial setup of your libertyreserve account is about as standard as any site registration can get. You go to the libertyreserve site, click on create an account, read through the user agreement and accept it, and then enter your contact details. Unlike other sites where you didn't care much about what your password was, and just wanted to be able to remember it, your "passphrase" on your libertyreserve account is the most important step. You want to create something that's not in any dictionary, contains a combination of letters and numbers, and cannot be "guessed" by your contact information. You should also use the "SRK Console" that libertyreserve provides, which is an Internet keyboard that allows you to click the keys instead of typing it out to prevent any viruses from picking up on your passphrase. Choosing a good password is a very important step to the security of your online moneymaking.

You fund your account by using an Exchange Service. An exchange service will convert your bank transfer, check, or money from other payment processors and for a fee deliver libertyreserve to your account. libertyreserve has a list of their recommended exchange services on their site.

Keeping abreast of the virus protection and updates on your computer is important when you're using an libertyreserve account. Identity theft is something you should be afraid of. It means that the bad, smart guy can use specific tricks to get your passwords, logins, and other sensitive information - which, of course, can include access to your e-currenty accounts. You should always use Firefox to log in, which has been proven to be a much more secure browser than Internet Explorer. Always run periodic virus scans to pick up keyloggers and trojans, and change your passphrase often, especially if you get IP change warnings from libertyreserve. All of these are strong ways of keeping your money and your account safe from hackers and scammers.