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Today's topic is level (3) Online Currency'

All of these accounts are free and simple to open!

An Online Currency' is a privately issued electronic unit of value similar to the units previously discussed which were lower on the pyramid such as Online Payment Systems'.

There are two huge differences which distinguish this third level from the lower levels of our currency pyramid.

First, Online Currency' transactions are final. They are non refundable and cannot be reversed. That means no chargeback's.

NowInternet retailers, please say this out loud, "If today I sell then ship a product and accept Online Currency', there is NO chance a month from now that charge will be reversed".

Second, some Online Currency' units can be bought and sold from the issuing parent company plus third party independent exchange agents may also sell the units.

However, and slightly different, other types of Online Currency' units can only be purchased from third party independent agents. The parent company makes it their only priority to accurately maintain the Online Currency'. All sales both small and large are transacted through thrid party independent agents.

Two fine examples of Online Currency' which can only be bought from third part independent exchange agents are Webmoney and Liberty Reserve. As long as the transactions in these Online Currencies' are final - just about any reputable exchange agent has no problem, accepting and exchanging these popular units.

Use your common sense and try to understand this example of a bad' transaction. Imagine if an independent exchange agent accepted $1000 in PayPal (a reversible Online Payment System') in exchange for $1000 USD in Webmoney (a non reversible Online Currency'). A week goes by and agent gets a surprise email from PayPal saying they are reversing the transaction and the funds have now removed from his account! He is out of luck, the Webmoney is now gone and that transaction ($1000 Loss) is final.

Online Currency' transactions are not reversible and this is much of what separates them from their lower cousins on our currency pyramid.

Since most Online Currency' is pegged to a local government currency such as the USD or euro, third party exchange agents also consider this larger group of popular Online Currencies' to be interchangeable between other units of the same value. Consequently, $100 USD in one kind of Online Currency' usually can be exchanged into another type of Online Currency' valued at around $100 or the equivalent in foreign

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