Good-Guy
VIP Contributor
Liberty Reserve was one of the most popular payment processor of its time. It had millions of users around the world. However, it was closed by the government and many people lost its money. I am kind of interested in payment processor so I always try to look into how the payment systems worked and when I looked into how Liberty Reserve woked someothing struck me. In the Wikipedia page it has been stated that all the transactions on Liberty Reserve were based on Digital currency transfer. The problem was that the cryptocurrencies were not invented in the year 2006, so how did this system actually used digital currencies. Does it mean that Liberty Reserve was based on some other kind of digital asset? What kind of digital asset did Liberty Reserve use?
