The transfer process is finally complete! All VirtaPay balances have been converted and transferred into the new crypto-currency — VirtaCoin. Learn how to get your new wallet and import your balance at the end of this blog post.
As VirtaPay ends, VirtaCoin begins
VirtaPay’s centralized virtual currency service has reached an end. The transition to VirtaCoin embraces a new way of thinking… a decentralized currency that is owned by everyone who holds it.
Centralized currencies have many inherent and potential problems:
- Centralized currencies are typically issued, governed and controlled by people. This adds costs and requires high levels of trust in those people, because they could easily manipulate the currency.
- Inflation is unpredictable and potentially devastating. Each time the controlling party adds more currency to the system, it devalues the existing currency base.
- The currency must “live” in a certain country. It must abide by the rules of a specific jurisdiction, which adds cost, risk and requires trust in the leaders of that country.
- If it’s a private currency (non-national) it can be easily targeted for shut-down, because all resources are centralized and controlled by a single party.
VirtaCoin is Decentralized
VirtaCoin reduces or eliminates those risks and problems. VirtaCoin is a decentralized crypto-currency, like bitcoin. In fact, it is based on the bitcoin codebase, so it works almost exactly like bitcoin.
Here are a few of the benefits of decentralization:
- There is no central organization or authority that controls VirtaCoin. It is completely governed and operated by an open source program. It is regulated by the laws of mathematics, not the whims of people.
- VirtaCoin is not a company or corporation. Instead, it exists as a distributed, peer-to-peer ledger on the computers of all who use it. It is collectively “owned” by all who hold the currency.
- VirtaCoin “lives” on every computer that installs and runs the wallet software… making it nearly impossible to shut down.
- It is “trustless”. This means that no trust is required for transactions. Funds are transferred directly between parties without risk of interception or interference by an intermediary.
- Fund transfers are permanent, without risk of refunds or charge backs.
- It would be nearly impossible for anyone (bank, government or other) to seize funds from a securely stored VirtaCoin wallet balance.
Because VirtaCoin is truly decentralized, the project is completely in the hands of the VirtaCoin community.
VirtaCoin is Yours
It is up to the VirtaCoin community to collectively contribute and make VirtaCoin what you want it to be. To give VirtaCoin the greatest chance of long-term success, please consider contributing to some or all of the following:
- Forums — VirtaCoin needs places for the community to gather and discuss issues and ideas. You could set up a forum, become a moderator, or even just contribute your ideas and opinions on a VirtaCoin community forum.
- Exchanges — If you would like to exchange your VirtaCoin for bitcoin, for other crypto-currencies, or even for fiat currency, please contact crypto-currency exchanges and follow their procedures to ask them to list VirtaCoin.
- Solo Mining — To earn more VirtaCoin and contribute computing power to securing the VirtaCoin network, you can try solo mining.
- Mining Pools — If you have the knowledge, you can create a mining pool. This helps large groups of people to work together and share in the mining rewards, while helping to secure the VirtaCoin network.
- Developers — If you are a programmer, or know someone who is, you can help to maintain and improve VirtaCoin by working on the open source VirtaCoin Project on GitHub.
Import Your Balance
If you answered “yes” to these questions, your balance has been transferred to VirtaCoin. To access it, you will need to download a VirtaCoin wallet and import your transferred balance…