Alan"s Money Blog

Sep 14, 2007

Review: V-Money global payment system

Hi everyone. Okay, I took a little break from my GoldenBux site but I got a little bored so I decided to write a review. Lol, aren't I crazy ;)? Nevermind, don't answer that question! :)

Today I am going to briefly review a new e-currency called V-Money (v-money). Well, v-money is not exactly new; they've been around for a while, but I just never gave them much notice. I opened an account, hmm, about a year ago and then just sort of forgot about it. I came across it my bookmarks file and it just struck me today that I should do a review of it on my blog, so here I am doing exactly just that.

Effective July 1st, 2007 is owned and managed by Globyte S.A. a Panama Corporation duly incorporated and registered with the relevant authorities. On June 18, 2007 Globyte S.A has been issued a commercial license number 2007-4886 to process online payments. I believe they used to operate out of Switzerland with the corporation being registered in Seychelles, but as you can see above they've moved shop to Panama - a good thing in my humble opinion.

Now the first thing you should understand about v-money is that it is not backed by any precious metals so it is NOT what is commonly referred to as a DGC (digital gold currency). V-Money is more or less like paypal or like e-bullion e-currency, meaning that it is based solely on fiat money. There are obvious pros and cons to this, the most obvious pro is that you don't have to pay any storage fees like you do with e-gold or e-bullion. So like I've said, v-money is more or less an alternative to Paypal or e-bullion e-currency. However it would not be quite correct to compare it to paypal because there is one BIG difference between v-money and paypal. With PayPal you can add/withdraw money from your account using PayPal's OWN system, with v-money you CANNOT - you have to use a third party, or what most people call "an exchanger". So from that point of view v-money is more like e-bullion e-currency.

Lately I've noticed that a lot of HYIPs and autosurfs have flocked to v-money. Now, I am not a big fan of HYIPs or autosurfs (I'll be up front and tell you that most so called HYIPs are just scams and you WILL lose your money), but I can see why they've done so. V-Money being based out of Panama (and previously Switzerland with Seychelles IBC) offers excellent privacy and cannot be touched by the fascist US Government - like e-gold has been (and hurt quite badly I might add).

Ok, let's talk about the all important fees. Here is their fee table:

Fees Table

TypeFee PercentMinimum FeeMaximum Fee
Withdrawal to e-gold
Deposit from e-gold

You have the ability to nearly instantly move between v-money and e-gold. I say nearly instantly because most transfers are completed withing 24 hrs not instantly.

If you're wondering how you can withdraw your v-money to your bank account or to some other financial medium, well, you're going to have to use a third party exchanger. There is a list of officially sanctioned "exchange partners" on the v-money website.

I think that should be all the info you need to know. The next step is up to you. If you're looking to add another e-currency to your portfolio then you've found it. If you're like me your portfolio is probably already overflowing.

Have a good day/night/morning/evening/dusk/dawn..whatever...:)

P.S In case numerous links throughout the page have eluded your attention, the V-Money website can be seen at:

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