Re-Post Jan-2014 Blog
Summary: It’s been a while since we last made significant announcements and changes for VirtaPay. In this blog post we share some new changes and tell you what’s been happening. But, most importantly, we want to share this news — VirtaPay is back on track with exciting plans for the future!
Here are a few recent changes to the VirtaPay website…
- Debit card plans cancelled. We have dropped our plans to introduce a VirtaPay debit card. Instead of a debit card, we are embracing the future and plan to convert VirtaPay into a crypto-currency like Bitcoin. This way, you can spend with merchants that accept Bitcoin or easily convert your VirtaPay balance into the national currency of your choice. Read this full blog post to learn more about Bitcoin, crypto-currencies and why our new course is good for you and for the VirtaPay project.
- Ad Sharing fixed. If you activated AdSharing before June 2013, and if it got deactivated, we have good news for you. Just sign in to your VirtaPay account, then, look for a box (on the right) with a red bar at the top. It will say “Error: Ad Sharing set-up is not complete.” Just click the link found inside that box and re-set up your Ad Sharing.
- Ad Sharing restitution. Because of the way the Ad Sharing deactivation happened, we couldn’t determine who was affected and who wasn’t. If it was possible that you may have been affected, you will receive a VP$24,000 restitution payment for the lost potential earnings that you could have earned at VP$100/day, instead of VP$20/day. If the above fix applies to you, you should see this restitution payment when you click “History” in the top links.
- Sending limit raised. The sending limit has been raised to $VP10,000,000.
- Global Financial Crisis blog post series cancelled. We will not finish our blog post series on the global financial crisis. We have found a resolution and a clear path forward. We are moving onward. Read on to find out what changed…
Why has it been so long since our last blog post? It’s a long story, which holds a few surprises and ends with very exciting new potential for VirtaPay. Here’s a very brief summary of what happened…
We were 4 posts into our 6 part blog post series on the global financial crisis, when things took a turn for the worse for the VirtaPay project.
- Our dream was fading. Originally all members of our team held onto the dream that a virtual currency — free of national, political and other ties — could make a drastic change in our world. The depressing state of affairs surrounding the global financial crisis seemed it would never end. News stories about the continuing repressive global political climate led by the hegemonic United States continued to pile up.
- Key members left our team. At that difficult time, some key members of the VirtaPay project, including most of our programming team, left for other opportunities. They were disillusioned that virtual currencies hadn’t made enough progress against the existing financial system, and decided to move on.
The situation has changed. We are now moving ahead with new plans that are much better than our original plans. We are excited to share a future vision for VirtaPay that is more exciting and brings more potential than we could have imagined six months ago.
Historic Events are Unfolding Now!
In the months since those difficult times, there has been a positive change building in the world. Sadly, the global financial crisis has not actually gone away. It may seem better on the surface, in some ways, but the underlying causes are still there.
Despite that, there is now a bright beam of hope breaking through an otherwise gloomy situation. A historic change is unfolding in the world right now! That change is being driven by…
For the first time in human history, a virtual currency has managed to reach a tipping point among average people. Bitcoin has managed to challenge government issued fiat currencies and — among many people — Bitcoin is the obvious winner!
Read on to find out how the success of Bitcoin is great news for VirtaPay.
Virtual Currencies Gain Traction
The recent rise of Bitcoin marks the first widespread use of a virtual currency in the real world. As we see it, humanity is standing at the beginning of the decline of government-issued fiat currencies.
We strongly believe we are witnessing a historic “paradigm shift” in currencies. Once people realize the benefits, they will switch to using crypto-currencies and stop using fiat currencies wherever possible. The shift to crypto-currencies will surely take time, but the first battles have already been won by Bitcoin.
Everyone will be part of this transition, but you are lucky enough to be aware that it is happening now, and we are only at the beginning stages. Your potential for personal profit is immense.
For example, a few years ago, you could have bought 1,000 bitcoins for just 1 U.S. dollar. Now, a few years later, at the time of this blog post, you could sell those same 1,000 bitcoins for US$750,000.
A historic change is happening. Whether you recognize it, and whether you take action is your choice. Like most major shifts in human technology, many early adopters will become rich, while those who “arrive late” will stand to actually lose net worth.
Whether you decide to get in early or not, we predict you, and most people, will be using some form of virtual currency within 4 to 5 years, if not sooner.
Ignoring the Detractors
There will always be people driven by hatred and distrust. People who cling to the past — afraid of the future. People who sneer at innovation because it’s easier than learning something new. Those people will be the last adopters of virtual currencies. They are also the most vocal opposition to virtual currencies today.
In the beginning, many people called Bitcoin a scam. Even today, despite its huge success, there are many people who still call it a “scam”, a “pyramid”, a “ponzi”. None of those accusations are true. Most of these people simply don’t understand the new paradigm and people fear what they don’t understand.
This will always be the case with innovation.
Ignoring the detractors is critical if you want to profit from the rise of virtual currencies. Listening to them will only drain your courage and leave you sitting in the same boat with them once the opportunities have evaporated.
Bitcoin Opens the Door
The success of Bitcoin is opening the door for widespread acceptance of virtual currencies, including VirtaPay. Bitcoin has proven to many people that a virtual currency can be more desirable, useful and trustworthy than fiat currency issued by a government central bank.
There are other virtual currencies, aside from Bitcoin, but many of them simply don’t have what it takes to succeed. VirtaPay has been around for over three years and we have over 2 million users. We now have a solid plan to give our users access to the balances they have been building in their accounts all this time. We are pleased to say that Bitcoin has opened the way.
Our New Path
We originally planned to create a debit card. That plan is being discarded for many reasons. Debit cards are old technology. Debit cards are inherently less secure and more difficult to deal with than the way Bitcoin works.
VirtaPay is a virtual currency. New technology for a new century. We are choosing to embrace a course similar to Bitcoin. We believe it is the right path for VirtaPay and it eliminates the need for outdated “debit card” technology. We don’t want to include outdated technology from the old financial system in the new paradigm.
So, what does this all mean?
There is a growing acceptance of crypto-currencies because people have lost trust in the old, corrupt financial system… the system that brought us the global financial crisis. The system that gave multi-million dollar bonuses to bankers and CEOs for losing billions… and ended with tax-payers bailing out those same banks and corporations.
Loss of trust in the old system has created a strong desire for a decentralized currency that cannot be manipulated by corrupt bankers, government officials… or anyone else. We are planning to convert VirtaPay into a decentralized crypto-currency — like Bitcoin.
How will You Benefit?
Becoming a crypto-currency carries many benefits for VirtaPay users.
For example, crypto-currencies are strictly limited and controlled by mathematics. If properly designed, the currency will be created at a controlled rate, and then creation is eventually stopped. After that, there is no way “print more” of the currency.
In the old, corrupt financial system, our governments wildly “print” their fiat currencies at ever increasing rates. This creation of money inflates the money supply, and so, is called inflation. Those who truly understand money realize that inflation is a “secret tax” — it allows governments to steal value from their citizens by simply creating more of the currency. By adding more to the money supply, they devalue what the citizens already hold. Governments love it because (1) they don’t have to take anything by force and (2) it isn’t even recognized as stealing by most of the population.
When VirtaPay converts to a crypto-currency…
- the entire currency will be “owned” and operated by you, the currency holders
- there will no longer be central servers that record the transactions, instead the ledger will be distributed among all users, with peer-to-peer technology
- the currency will be nearly impossible to shut down without the consent of all the users
- the production and limitation of the currency supply will be enforced and controlled by military-strength cryptography and mathematics… not by people
- the currency will be created steadily over time by people who contribute computational power (“miners”)
- the currency will have a mathematical limit to the total amount of currency that can be created (thus preventing devaluation through inflation)
Crypto-currencies are thriving…
As mentioned earlier, Bitcoin has already seen an immense rise in value. Most people missed out on that opportunity. A few years ago, you could buy thousands of bitcoins for just 1 U.S. dollar. But today, at the time of this blog post, you can buy 1 bitcoin for about US$750. Although Bitcoin has risen in value by over a million times, we believe it will still see at least moderate gains in value in the future.
There are other crypto-currencies that sprung up after Bitcoin, and they have created a sort of ecosystem surrounding Bitcoin. Although some of the very early adopters of Bitcoin dislike these alternative crypto-currencies, we see genuine value in their existence. We believe competition in markets is good, and probably even necessary, to drive innovation and to avoid becoming stagnant and complacent.
… but, VirtaPay has Phenomenal Potential
After conversion, VirtaPay has the potential to become one of the very top currencies in the crypto-currency ecosystem. We strongly believe that the value of your VirtaPay holdings could increase in value by at least one million times — just as Bitcoin did.
Some crypto-currencies starting with nothing have done very well. But, VirtaPay has some big advantages over currencies that started with nothing… VirtaPay has been around for about 3 years, since about 18 months after Bitcoin. In addition, VirtaPay has over 2 million users who hold a balance, and they are eagerly waiting to access those funds.