What are e-currencies?

E-currencies are those which don’t have any physical form. These are digital currencies that can be used to purchase products and services online. One of the flexibilities of using e-currencies is that – once we pay someone using e-currencies, they will be deposited in the recipient’s account the same instant. Not just that, you can even withdraw the e-currencies that you have in your account directly to your bank account. Some e-currencies like paypal can be withdrawn directly to even credit cards and debit cards.

Some of the famous e-currencies are those of paypal, moneybookers, liberty reserve and alertpay. Among these, paypal is the most widely used e-currency. Almost all the merchants that do business online deal with paypal. Creating an account in these payment processors is free. And for adding funds into these accounts, you’ll be either asked to add your credit card or a bank account. If you add and verify your credit card, then you’ll be able to deposit funds into your account instantly. On the other hand, if you add a bank account, then it would be taking some time before you’ll see any fund in your account.

One thing to remember when you deal with online currencies and online payment processors is that – don’t add your credit card or bank details in sites that are pretty new or haven’t been ever heard. Paypal is the best one at the moment. So, if you are thinking of creating an account in an online payment processor to deal with e-currencies, then paypal is the right bet. They have been online for a long time now. They support even credit card payments. But the advantage of paying this way is that – the merchants won’t be getting your credit card details.

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