Here are some practical instructions on how to open and operate gold currencies. Each currency
is different so we will take one at a time and I have included some screen shots to guide you step
by step and help you on your way.
The accounts featured will be in order:
e-gold
GoldMoney
Pecunix
And 1mdc.
1mdc is not a separate currency issuer in fact but a separate account within e-gold which one can
use as a safe area to store gold for a length of time. Specific details will be provided about 1mdc
when we come to use it.
As the oldest and probably the most popular, we will start with e-gold.
top
Gold Currencies and How to Use Them
12
e-gold
Here is the first page you see when you go to http://www.e-gold.com
From this screen you select Create Account from the menu on the left which will bring
you to the following screen.
Read the Terms & Conditions then select the I AGREE button. You will then be presented with
the New e-gold™ Account Creation Form on the next page.
Gold Currencies and How to Use Them
13
This is the first section of the application form. Scrolling down you will see the balance of the
form to be filled in.
This is the last part of the form.
All sections need to be completed with your details by following the instructions as designated on
the screen.
Gold Currencies and How to Use Them
14
Your application should then look something like this but with your personal details:
Second screen:
And third screen:
You then select the Open button and wait.
Gold Currencies and How to Use Them
15
You will then see the following screen:
Go to your email account and there should be an email address with your new e-gold account
Number as shown below. Ensure you read and understand the instructions contained in the email.
The next section will show you how to operate your e-gold account.
Date: Saturday, March 19, 2005 5:52 PM
From: NewAccountRobot_donotreply@e-gold.com To: goldcentury@telstra.com
Subject: Welcome new e-gold user!
Your new e-gold account number is:
1990779
Click on "Access your Account" at the e-gold site to login and begin using
your e-gold account. The e-gold site is at:
http://www.e-gold.com
--------------------------------------------------
* * * Read/Save/Print this email message * * *
--------------------------------------------------
Important information about your e-gold account:
- It's OK to tell others your e-gold account number!
Other e-gold Users need your e-gold account number in order to Spend
e-gold to you. So don't hesitate to display it on your web page,
your business cards, or your e-mail signature file.
- However, *DO NOT* reveal your passphrase to others!!!
Anybody with knowledge of both your e-gold account number and your e-gold
passphrase has complete access to your e-gold account; therefore, do not
reveal your e-gold account passphrase to others. *NEVER* enter your
passphrase on any website other than the www.e-gold.com web site.
top
Sunday, 15 July 2007
Thursday, 5 July 2007
Other eCurrencies
eCurrencies seem to come and go. Currently there are systems such as PayPal, NetPay,
WebMoney and EZCMoney to name just a few. Doubtless there are many others and who knows
what the future holds. The purpose of each is the same of course. To provide a secure efficient
speedy method of transporting value from one person or business to another. Some do it better
than others do. Some don’t.
Many merchants accept eCurrencies as well as the traditional transactional mediums. Some of
these are good in that they may offer a sort of guarantee in the case of fraud. Not all do however
and one should study the terms and condition of those he or she proposes to accept. Bear in mind
it is a form of third party payment and as such subject to the same fraudulent problems as third
party cheques. PayPal, for example, tends to hold the merchant responsible for fraudulent funds
going through its accounts and has a track record of freezing merchant’s accounts without notice,
tying up the merchant’s PayPal account and the funds in it. Then extracting the funds they
consider fraudulently obtained. This can happen well after the event and the ‘customer’ has long
gone. The merchant has little come back in this situation. An exchange provider recently ran a
pilot using PayPal for a while and found that during that time 50% of the orders he received were
fraudulent. So be wary of using third party arrangements. I do not say don’t use them. Just be
aware of what is involved and the potential risks
Some years back the New York Times ran a story on Flooz.com, a past purveyor of online
currency using electronic gift certificates (the company is now defunct). They had come to a dead
stop apparently due to being defrauded of about $300,000 US dollars from scammers in Eastern
Europe and Russia who have a stolen credit card fraud system well set up and operating. To show
how large this operating was the company sold $25 million USD dollars of Flooz currency in
2000. There have, over the years, been a number of proposed alternatives to online credit card
transactions some of which have, like Flooz, fallen by the way side and some have achieved a
modicum of success.
Such systems, like any other, invite the criminals who see it as an excellent way to whitewash
their ill-gotten gains and it is quite likely used as such on occasion. However that applies to all
types of transactions and some of the biggest banks in the world have been embarrassed to find
themselves ‘doing the laundry’ so to speak.
WebMoney and EZCMoney to name just a few. Doubtless there are many others and who knows
what the future holds. The purpose of each is the same of course. To provide a secure efficient
speedy method of transporting value from one person or business to another. Some do it better
than others do. Some don’t.
Many merchants accept eCurrencies as well as the traditional transactional mediums. Some of
these are good in that they may offer a sort of guarantee in the case of fraud. Not all do however
and one should study the terms and condition of those he or she proposes to accept. Bear in mind
it is a form of third party payment and as such subject to the same fraudulent problems as third
party cheques. PayPal, for example, tends to hold the merchant responsible for fraudulent funds
going through its accounts and has a track record of freezing merchant’s accounts without notice,
tying up the merchant’s PayPal account and the funds in it. Then extracting the funds they
consider fraudulently obtained. This can happen well after the event and the ‘customer’ has long
gone. The merchant has little come back in this situation. An exchange provider recently ran a
pilot using PayPal for a while and found that during that time 50% of the orders he received were
fraudulent. So be wary of using third party arrangements. I do not say don’t use them. Just be
aware of what is involved and the potential risks
Some years back the New York Times ran a story on Flooz.com, a past purveyor of online
currency using electronic gift certificates (the company is now defunct). They had come to a dead
stop apparently due to being defrauded of about $300,000 US dollars from scammers in Eastern
Europe and Russia who have a stolen credit card fraud system well set up and operating. To show
how large this operating was the company sold $25 million USD dollars of Flooz currency in
2000. There have, over the years, been a number of proposed alternatives to online credit card
transactions some of which have, like Flooz, fallen by the way side and some have achieved a
modicum of success.
Such systems, like any other, invite the criminals who see it as an excellent way to whitewash
their ill-gotten gains and it is quite likely used as such on occasion. However that applies to all
types of transactions and some of the biggest banks in the world have been embarrassed to find
themselves ‘doing the laundry’ so to speak.
Subscribe to:
Posts (Atom)
