Liberty Reserve is a 100% irrevocable payment system and digital currency. Using the Liberty Reserve payment system money can be sent to or received from anybody in the world.
Liberty Reserve History
Liberty Reserve payment system has been existing since 2002, but till 2007 was almost unknown. The payment system became popular after the rules on the usage of E-gold payment system were tightened, this caused displeasure among HYIP gamblers and most part of them decided not to change the way of earning, but to change the payment tool.
Despite the fact, that the payment system has a long service, Liberty Reserve is still in the completion phase.
Country. Legal Space
Liberty Reserve complies with legislation of Costa Rica.
Currency
- LRUSD - the US dollar
- LREUR - the Euro
Login
In order to login the Liberty Reserve system it is necessary to complete registration procedure at the official web-site. In the appropriate column the correct information about you must be entered, as well as e-mail because a letter with PIN-code will be sent to it, without which you will not be able to authorize in the system. Only after PIN-code is entered the authorization procedure will be completed and the option to enter the usual password will appear. The real as well as virtual keyboard can be used.
After authorization you receive the personal greeting. This is an additional security level of user's identification data. After this you can enter your account and receive the access to fund management.
Backing of funds
All currency units are attached to the Gold.
Anonymity of payments, privacy
At the account opening it is not required to provide real personal data, in such way all transactions can be made incognito. Besides, the system intends the additional option of anonymous payments, with usage of which the recipient of funds will not know from which account these funds are received.
Deposit and Withdrawal of Funds
The bank transfer as well as plastic card can not be used for depositing and withdrawal of funds from Liberty Reserve. At the present time the withdraw or replenishment of money can be made only through exchange operations. The list of exchange offices is at the official web-site of the payment system.
Money can be deposited in three different ways:
1. Bank transfer. The transfer can be made through one of the exchange offices-partners.
2. Through the exchange offices-partners money transfer via Western Union and MoneyGram.
3. Exchange via WebMoney and Liberty Reserve.
Money withdrawal:
1. Bank transfer to your account through the exchange offices-partners of Liberty Reserve system.
2. Money transfer through Western Union and MoneyGram.
3. The exchange at WebMoney and receiving of cash in the exchange offices.
"Advantages and disadvantages"
Advantages
• Possibility of full anonymity obtaining at the transactions, up to concealment of payer's account number.
• Possibility of anonymous payments.
• Relatively low commission which is 1% at the receiving. The money transfer is made for free.
• The work for HYIP-projects is allowed.
• The convenient user interface.
• Free of charge account's opening.
• Possibility of referrals' attraction.
• Strong protection of accounts against cracks.
Disadvantages
• There is no possibility to make a repayment.
• There is no possibility to deposit the balance or to withdraw funds directly through banks and plastic cards. All exchange operations are available only through exchange offices.
Charges and commissions of the system
- Commission for the money transfer is 1%:
• at the receiving of the payment (minimum $0,01, maximum $0,4)
• at the payment sending is $0,00.
- The additional secure of the payment at the sending is $0,75.
- Monthly payment is $0,00.
- Commission for the account opening is $0,00.
Cryptography and security
There are two levels of security in the system. Besides the usual password and reference image at the account entering, there is an additional level: entering of PIN-code, which is created at registration. Moreover this PIN-code can not be typed on the usual keyboard; it is entered only with the help of virtual. This protects user from the interception of PIN-code by the virus programs-loggers. Moreover, the keyboard layout is inconstant, it is changed at every page-in, this does not give chances for swindlers, who use the programs, which remember the mouse movements.
