Announcement Upcoming changes to VirtaPay will allow you to exchange your VirtaPay currency for Bitcoin, and from there, to any national currency. The changes that will make this possible replace our original plans for a VirtaPay debit card. We are very excited about this development — read on to learn more! What is Bitcoin? Bitcoin is a virtual currency, like VirtaPay. Bitcoin launched in early 2009, about 18 months before VirtaPay. Bitcoin is the first virtual currency to achieve widespread acceptance as a form of payment. It has even begun to displace national currencies in countries with unstable economies and currencies. Bitcoin started as all virtual currencies do... worth nothing. Then it slowly gained value. For almost 2 years, you could buy hundreds or thousands of bitcoins for just US$1. But, then, the value of bitcoins began to steadily rise... In February 2011, 1 bitcoin finally cost US$1. In June 2011, 1 bitcoin cost US$10 In March 2013, 1 bitcoin cost US$50 In July 2013, 1 bitcoin cost US$100 In November 2013, 1 bitcoin cost US$500 In late November 2013, the price soared past US$1,000 for a single bitcoin! Debit Card Plans Terminated Creating our own debit card was one of our goals since VirtaPay began. But, we had no way of knowing the course history would take and how that would affect VirtaPay. Due to recent events surrounding Bitcoin, we have terminated our plans for a VirtaPay debit card. Instead, we plan to provide VirtaPay users with something much better — VirtaPay will be converted to a crypto-currency that will be exchangeable with Bitcoin. Why drop the Debit Card? Powerful banks and financial institutions have a strangle hold on the existing financial system. They were unwilling to let VirtaPay create a debit card and participate in their network. So, we planned to create our own network. We knew that developing our own debit card system on our own network would be a monumental task. Completion and large scale adoption of such a network would probably still be years away. Bitcoin has changed all of that! Bitcoin is Good for The World Bitcoin is decentralized. It operates on a peer-to-peer network of computers, without a central server. This makes Bitcoin nearly impossible to shut down. It is out of reach of the powerful players that control the existing financial system. Enough people are now using Bitcoin that governments, central banks, and almost everyone relying on the old financial system are starting to get scared. The central banks of most major governments have issued warnings to their citizens about Bitcoin. They see what is coming — as virtual currencies succeed, they will lose control of the people's money. Virtual currencies put the power back in the hands of the people. Which is the real scam? In its early days, many people called the Bitcoin project a scam — and some still do. But, Bitcoin went on to become the first virtual currency to gain enough traction among people to challenge fiat currencies issued by governments... and Bitcoin is winning. It seems clear that Bitcoin has embarrassed all national currencies, including the powerful U.S. dollar. People are tired of holding national currencies that lose value every time their central bank decides to print more money. Each time your government prints more money, it devalues the money held by you and everyone who holds that currency. Many people are beginning to wake up and realize that the "scam" is actually being run by the governments against their own people. Bitcoin is Good for VirtaPay Bitcoin proves virtual currencies can succeed. Thanks to Bitcoin, a healthy and triving ecosystem of independent virtual currencies has sprung up in defiance of the old system, putting the power back in the hands of individual people. The success of Bitcoin is extremely beneficial for the VP$ and for the health of the entire virtual currency ecosystem. Competition in markets is healthy. However, when a few big players control any market, that is unhealthy and bad news for everyone except those at the top. Bitcoin opens the door. The success of Bitcoin has opened the door for widespread acceptance of virtual currencies, including VirtaPay. Bitcoin has proven to many people that a virtual currency can be more desirable than fiat currency issued by a government central bank. Until recently, if you wanted to do business, you were forced to participate in the old, corrupt financial system... but now, you have a choice. VirtaPay is following Bitcoin's example. We are planning to migrate the technical framework of the VirtaPay currency to a crypto-currency similar to Bitcoin. This means that the VirtaPay currency: will be decentralized will be nearly impossible to shut down will have a mathematically limited amount of currency will be steadily created over time by people who contribute computational power ("miners") The Changes are Good for You It can be ready much more quickly. On a technical level, these upcoming changes will be far less difficult to develop than it would be to create our own debit card network. These changes could be available within weeks or months, instead of years. Spend your VP$. The changes will allow you to exchange your VP$ for bitcoins. From there, you can spend your bitcoins on goods and services offered by countless merchants worldwide that accept bitcoin payments. Convert your VP$. Another option is to exchange your VP$ for bitcoins and then convert those bitcoins into the national currency of your choice. There are now countless people and services worldwide who are willing to exchange bitcoins for national currencies. Just search for bitcoin exchanges. Invest in VP$. You may also choose to buy and hold VirtaPay dollars. Imagine if you sold off all of your VP$ balance and then VP$ rose thousands or millions of times in value as bitcoin has. Here is something to think about... In May 2010, a man purchased two pizzas for 10,000 bitcoins. In late November 2013, those same 10,000 bitcoins would have been worth almost $12 Million U.S. dollars. You may want to hold some VP$ in reserve, or even buy more, in case they experience a similar rise in value. Copy and paste this link in your browser to visit VirtaPay and find out more VirtaPay
Virtapay does state that the money in ones account is virtual currency. There are websites selling virtapay exchanger software but much of the software does not work and or contains malware. I have invested a lot of time and a small amount of real money to get my virtapay balance up over a million dollars. The currency will have value (as determined by the market); however, its primary function is providing a conversion path between other currencies. We hope that people will build applications on top of Stellar to help bridge the gap between digital and traditional currencies. Bitcoin's technology has set a new standard for virtual currencies. We have chosen to follow a course similar to Bitcoin. We plan to convert VirtaPay into a crypto-currency, using a framework similar to Bitcoin's. We named this effort the Satoshi Project — in honor of Satoshi Nakamoto, the creator of Bitcoin. In addition, we will xonverter a bitcoin payment of 10 satoshi to all VirtaPay users who created their account before Jan 25, Creating our own debit card was one of our goals since VirtaPay began. 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. Bitcoin ticker. Constantly shows the current exchange rate between Bitcoin and a currency of your choice. Currency converter. Includes precious metals, virtual currencies and the most common fiat currencies. Desktop notifications for when the current price exceeds some user selected values.
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