![]() ![]() However, as expected it became the most favored place for cybercriminals and the government didn’t like it. User accounts were not verified and users also had an option to hide their Liberty Reserve account information from those whom they are transmitting money to. It allowed users to create accounts on the platform and transfer money to anyone without any verification. Liberty Reserve can be taken as a botched attempt towards creating a centralized anonymous money transfer business. WebMoney currently supports a number of international currencies including GBP, USD, Russian Rubles and even bitcoin. However, WebMoney made changes to its services soon after that to prevent its usage for illegal activities. WebMoney became the next best thing after e-gold and attracted many users, both good and bad from e-gold once it was shutdown. The Moscow based company offers a wide range of financial services including peer to peer payment solutions, merchant services, online billing and payments and even internet based trading platforms. Except for the decentralization part WebMoney is a form of digital currency for all practical purposes. Continued attacks on the platform by cybercriminals and use of e-gold as favored currency by extortionists and money launderers led to its downfall. The digital currency was backed by gold and it turned out to be a very successful venture until it entered the favorites list of criminals and hackers. E-gold grew so big, that even merchants had started accepting it. Started in 1996 by an oncologist named Douglas Jackson, a lawyer managed to have over 5 million user accounts by 2009. The concept of digital currency started while the internet was still catching up with most parts of the world.
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