Tue, Apr 15 – Funding Complete

In our last blog post we mentioned that funding for the Satoshi Project had possibly stalled at round 63. Since that time, we left funding open for a full month, just in case contributions resumed again. We are now satisfied that will not happen. As a result, we are now moving on to the final stage of the Satoshi Project!

Funding is Complete

Since we have officially declared funding to be complete, we want to again thank all of our contributors for participating — your contributions have made it possible for us to convert VirtaPay into a crypto-currency, like Bitcoin.

The terms below were displayed on the pre-purchase pages since the beginning of the Satoshi Project. In making the final payouts, we have invoked the Terms of Participation…

Terms of Participation: Your payout may be sent in your alternate currency at any time, based on the needs of the Satoshi Project. If we send your alternate currency, your payout will be converted using the exchange rate $VP 1000 = 1 mBTC (0.001 bitcoin). Sending a contribution signifies your acceptance of this condition and the specified exchange rate.

Therefore, all contributors to round 61, 62 and 63 have now been paid out in VirtaPay dollars, to your VirtaPay account balance. Also, we removed our minimum payout threshold. So, if you ever contributed a very small amount of bitcoin, you should have received a payout in VP$. However, bonuses less than 100 satoshi cannot be paid because they would convert to less than VP$0.01.

Conversion Process Begins

We are now focusing our energies on the next step of the process; converting VirtaPay into a crypto-currency. All VirtaPay balances will be transferred into our new crypto-currency as part of the conversion process. Once conversion is complete, it will become possible to buy and sell your holdings on crypto-currency exchanges for Bitcoin, Litecoin or other crypto-currencies.

What to Expect

We don’t have an estimated timeline for the conversion process, because we are not quite sure what to expect. We hope to have the conversion process completed within about 8 weeks, but, due to the possibility of unforeseen technical challenges, it may take longer. We will post updates in the event of unforseen delays.

Again, thank you everyone who contributed to the Satoshi Project!

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