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Why Use Online Currency?
Why Use Online Currency? What are the benefits?
by Simon Minister, DXTrainers
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, to 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!
About the Author:
This article was written by Simon Minister, creator and owner of Dynamic-Xchange.com, No#1 provider of DXInOne Training Courses.