What's up with liberty reserve.

Sorry this may sound silly,but I want to know what they are really used for,the pros and cons and how to go about using them in Nigeria.
I heard some people got their money stucked in them like e gold .?

What is Liberty Reserve?

Liberty Reserve is an account-based payment system where you can store value in U.S. dollars and transfer payments to others and receive payments from others. It is safe, reliable and confidential. Payments are irrevocable (meaning they cannot be reversed). Liberty Reserve is instant, real-time currency for international commerce. In just minutes, you can send and receive payments from anyone, anywhere on the globe!

Account Concepts

It all starts with your account. This is where you see your balance, history of transactions, security features, private messaging, and all other features of the website. Access to your account requires the full spectrum of login and security details to be entered.

Security

One of the most important features of Liberty Reserve is the security of your account. Passwords, PIN's, stop account feature, and anti-keylogger (trojan) login system are just a few of the security precautions that Liberty Reserve has added to keep your value safe and secure within your account.

Nothing works better, however, than your own due diligence when it comes to security. Always use an anti-virus for safe computing.


Working with Liberty Reserve site
Account registration

Creating an account is easy at Liberty Reserve. Simply enter your details, such as your name, account title, and address, etc., and you will have a full-functioning, free Liberty Reserve account in minutes. Remember to write down all the information for future reference such as your Security Code, passwords, account number, etc.
Logging in

Once you create a Liberty Reserve account, you may access your account by logging in with your account number, password, and login PIN in order to access the value in your account and make payments, check history, use the internal messaging system, etc.
Profile settings

Once you are logged into your account at Liberty Reserve, you can click on "profile" and change your account name, password, and other features, such as email notifications.

Transfer

This feature allows you to send funds (make payments) to any other Liberty Reserve account instantly.

Withdraw

You can withdraw (redeem) value from your Liberty Reserve account by using any number of independent exchange providers listed on the Liberty Reserve website. Usually, exchange providers will have an account number starting with the letter, "x".

Exchange providers are not affiliated with Liberty Reserve and your dealings with them are at your own risk. We recommend that you only use exchange providers that are members of the Global Digital Currencies Association.

Deposit

You can deposit funds or value to your Liberty Reserve account by using any number of independent exchange providers listed on the Liberty Reserve website. Usually, exchange providers will have an account number starting with the letter, "x".

Exchange providers are not affiliated with Liberty Reserve and your dealings with them are at your own risk. We recommend that you only use exchange providers that are members of the Global Digital Currencies Association.
Internal messaging

Once you are logged into your Liberty Reserve account, you can send private messages to anyone else with a Liberty Reserve account. All you need to know is their account number. You can also check your message inbox to see if you received any messages, and you can save messages. This is a private, internal messaging system developed exclusively for Liberty Reserve account holders.

You may sign up at their sites here.Sign up for Liberty reserve.