User:Search4Lancer/liberty

Liberty Reserve is an online payment system and digital gold currency (LR-gold), founded by Arthur Budovsky. They are an offshore company incorporated in Panama, with offices in New York, France, and Germany. They launched their USD backed digital currency (LR-USD) on May 28th, 2002. Their gold backed digital currency (LR-gold) was launched at some point thereafter. LR-USD and LR-gold are 100% backed by US Dollars and gold, respectively.

Liberty Reserve was originally an escrow service for clients doing importing and exporting internationally. Due to growing from there to an online currency system, they claim to be the first digital currency to have an escrow "built in." In actuality, it is the other way around - they are the first escrow service to have a digital currency built in.

Payments made via the Liberty Reserve system are irrevocable, similar to e-gold's policies. Internal payments are charged a 1% fee, with a minimum of one cent, and a maximum of 25 cents. The exception to this is anonymous internal payments, which are charged a flat fee of 75 cents. Liberty Reserve also provides a simple way to pay anyone without an account (and with no desire to have an account) by sending the recipient a check, care of an approved exchanger.

Unlike other popular DGCs, Liberty Reserve touts anonymity in its system.