Cyber currency

seems like a good idea, then why the need for real money...

In the UK I avoided all banking charges by making all online purchases using my "telco currency". Not prepaid, was on contract - the SPs took the risk of non-payment (I was never quite sure if this was legal as I dont think they were a registered credit provider). All you enter is your cell number, you receive a confirmation code, enter this in your browser and bob's your uncle - its that simple! You do however need to register for the service with your provider and you have a password/pin which is issued to you. But it really made life easy!

Tns said:

seems like a good idea, then why the need for real money...

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Because government need it for corruption purposes - e-commerce leave a perfect audit trail that can be traced from beginning to end but the printed stuff can change hands faster than a zu-ma shower!

See www.e-gold.com www.pecunix.com www.phoenixdollar.com www.webmoney.com www.moneybookers.com

My own South African version is "e-specie" - electronic specie // electronic minted coin back by actual Kruger Rands kept in safe keeping. This is creating a closed currency system where the circulating currency can never exceed or be lower than the actual Kruger Rands kept in safe keeping and the value of e-specie is linked to the twice a day gold price fixing in London.

The reserve bank did not have a problem with it on enquiry but the financial services board see a service like this as a "unit trust" or "fractional ownership" and was advised that I will not be given a financial service provider lisence for a service like this.

South Africa still has a long way to go and will have to loose the mentality of becoming the mini-me of the United States of America.

e-specie is a registered and gazzetted trademark

Lourens said:

South Africa still has a long way to go and will have to loose the mentality of becoming the mini-me of the United States of America.

e-specie is a registered and gazzetted trademark

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in other words nothing is going to happen with the current idiots in charge.

IMAGINE A CYBER CURRENCY where pre-paid airtime is traded across borders to exchange goods and services, cancelling conventional currency exchange and the associated costs from the equation. Where at the touch of a button, value can be transferred from your bank, stored as airtime and used to buy goods and services.

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What I imagine, is an increase in the number of cellphones being stolen, we have already seen SA banks having to beef up security surrounding pre-paid credit purchases via internet bankings - due to the criminal activity of syndicates, just imagine what will happen if pre-paid credit can change hands across borders.

ic said:

What I imagine, is an increase in the number of cellphones being stolen, we have already seen SA banks having to beef up security surrounding pre-paid credit purchases via internet bankings - due to the criminal activity of syndicates, just imagine what will happen if pre-paid credit can change hands across borders.

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instant gangsters paradise