What is Virtacoinplus?
Virtacoinplus (XVP) is a digital asset designed to help drive a balance between investment opportunities and ease of business. The cryptocurrency development started back in 2010 and had evolved progressively to become the Virtacoinplus that people know of today.
The Virtacoinplus is an X11 coin that previously operated as Virtacoin, PayBox.me, and VirtaPay. The PayBox.me was a virtual currency platform started back in 2010. Then, it rebranded to VirtaPay in 2011 and finally to Virtacoinplus. However, the performance of the Virtacoinplus coins in the market can only be traced back to early 2017.
In March 2017, the value of Virtacoinplus was $0.008. Then, it took an uptrend that culminated to a sharp rise of about 1900% to $0.16 in July 2017. This was the highest mark in the coin’s history. Then, the value took a downtrend decreasing to $0.006 in November 2017 before rising significantly to peak at $0.06 in early January 2018.
After hitting the peak, the value took another gradual decline culminating to $0.0031 in April 2017. As the value started growing in May, the coin exited the market. The community has been wondering why the coin simply went off without a word.
What is the problem that Virtacoinplus solves?
The financial niche has been facing major issues that resulted in experts in cryptography and blockchain niches to seek solutions to help the niche grow. One of the solutions has been to use cryptocurrencies as a means of sending value.
However, even the pioneer crypto platforms that came to address the financial issues also came with their share of issues. Here are some of the issues that Virtacoinplus solves.
- Slow uptake of cryptocurrencies
The uptake of cryptocurrencies in the society has been sluggish since the entry of blockchain technology. Though there were more than 1600 coins in the market by mid-2018, it is ironical that very few stores downtown accept direct payment in digital coins. Many stores and indeed the community have opted to simply watch and see the direction that governments will take on cryptos.
The slow uptake of the coins is also associated with the complex procedures involved in purchasing the digital tokens. In a standard scenario, users are required to create accounts in crypto exchanges and select crypto pairs before making purchases. The process is complex and often scares many people away.
Virtacoinplus and its native platform target to simplify this process so that any person can easily purchase the tokens of choice and use them.
- Lack of privacy in financial transactions
Many financial organizations out there are operated in strict conformity with the requirement for know your customer (KYC) and anti-money laundering (AML). This means that transactions details can easily be accessed by cashiers, bank management, a court of law, and the political administration of the day.
But it is not just the conventional financial services that lack privacy. The early blockchain networks such as Litecoin and Bitcoin have also been proven to lack privacy. For example, Bitcoin relies on pseudonyms that are easy to follow transactions from a specific IP address to know about the user. The Virtacoinplus coin and platform target to make the system completely anonymous.
- Centralization of financial services
If you use the standard banking or credit card company to make payment or send value, your funds and data are centralized and at a high risk of getting stolen or damaged. Your resources can be at risk if the leadership of the bank mismanages it. In many cases, mismanagement results in bankruptcy that can take years before customer deposits are recovered.
Another risk of centralized financial services is that data can be attacked by malware such as ransomware. This could result in damage to your details and result in possible loss of money. Virtacoinplus solution is using a decentralized system that does not have a single point of failure.
- High cost of sending value/ running transactions
For a long time, the cost of sending value has been punitive especially when relaying value between countries. This is caused by the profit model that is used by most financial institutions. Besides, the centralized financial companies have to raise the cost of transactions to help raise funds to pay staff, rent and other expenses.
How does Virtacoinplus solve the problem?
The commitment of the Virtacoinplus development team to address the issues facing the financial and blockchain niche made them adopt a holistic approach. Here are some of the strategies:
- The VirtaLocal program
When people want to buy items or services, Virtacoinplus want them to feel connected with the seller. They want to have the attention and get all the questions answered. Virtacoinplus targeted to make this possible by running the VirtaLocal program that stationed agents in different areas. Users can visit the agents to know about the right wallets, the accepted method of payment, and how to process stored coins.
- Total decentralization
Decentralization is probably the main strategy used to help Virtacoinplus address the above issues. Instead of running as a centralized firm, the Virtacoinplus is a set of nodes spread across the globe on its native network.
When a transaction is initiated, it is taken by nodes spread in the system. The nodes follow the transaction to ensure that the sender has ample funds to send and is not trying to double spend. Once the details are confirmed, they are added to the next block and embedded into the ever-growing blockchain for a reward.
The nodes spread in the Virtacoinplus system also vote on different governance issues. For example, before new features can be introduced, the nodes have to come to a consensus about it. They can also suggest new changes that can help to improve the network.
- The application of X11 hashing algorithm
This is a proof of work hashing function that was created by Evan Duffield and initially used in the Darkcoin protocol. Its design was targeted at helping the problem of centralization of crypto mining by increasing the time required for Application specific integrated circuits (ASICs) to mine efficiently. The objective was to ensure that more people could mine the Virtacoinplus to reduce the danger of 51% attack.
Despite its impressive show especially in the early years of application, X11 hashing algorithm soon became inefficient. Companies that create ASICs managed to come up with equipment that could mine even the X11 hashing based coins.
What makes Virtacoinplus better than it’s competitors?
The transformation of Virtacoinplus from PayBox.me was meant to help reposition it strategically in the market and outdo competitors. However, the competition has been growing steadily as new cryptos hit the market at a high rate. Here are some of the things that make Virtacoinplus better than competitors.
- The Virtacoinplus coin and platform operate as a completely decentralized system. This makes it a better option than centralized banks or credit card companies that are easy targets for attackers.
- Because Virtacoinplus is a peer2peer coin, it implies that transactions are completed faster no matter the location of the recipient. The transactions are also cheaper compared to sending value using the banking system. It is indeed cheaper than even the top crypto networks such as Bitcoin and Ethereum because their value is very high.
- The Virtacoinplus network allows users to operate anonymously. Unlike credit card companies and banks that take customer information and share it with third parties without consent, the Virtacoinplus is completely anonymous. Since cryptocurrencies are not regulated, even a court of law cannot order for your personal details.
- The Virtacoinplus system allows people to use and own the network. When you join the Virtacoinplus as a node, you also become part of the governance system. This means that you will be called when key decisions are being made.
- The Virtacoinplus system has simplified the process of acquitting its native tokens by stationing agents in its target areas. This means that you do not have to worry about selecting the right wallet or installing Virtacoinplus clients. The agents are there to assist you.
- The Virtacoinplus platform is led by a highly aggressive team. Its commitment to progressively improve the network has helped to grow the community and increase its potential.
- The Virtacoinplus system can be traced back to 2010. This means that most of its features have been tested and proven to work. Therefore, you cannot risk investing your money in a pump and dump scheme.
NOTE: Note that though these attributes put the coin well ahead of others, it is advisable to start by carrying additional review to establish why it has not been participating in the market. This is a bad indicator! Besides, investing in cryptos should be guided by the best practices including only using the funds you are ready to lose.
How can Virtacoinplus’ be categorized?
Virtacoinplus is a truly decentralized system that is targeted at helping the crypto niche grow to the next level. The development team was especially concerned that though many people appreciated the advantages that come with cryptos, a more aggressive method was needed to encourage their adoption and use in everyday purchases.
What is Virtacoinplus’ vision on security?
The Virtacoinplus’ vision on security is to become a highly secure network and crypto coin that all can use with ease in everyday operations. To achieve the vision, the Virtacoinplus development team ensured that the system is encrypted so that no third-party can easily know about personal details.
The Virtacoinplus system is reviewed regularly to identify gap and vulnerabilities. This helps ensures that all vulnerabilities are cleared through updates and attackers do not have a loophole to enter and attack. It is also important to work ensure that the updates are effected so that your node does not become a simple target for attackers.
Examples of Virtacoinplus use cases/ applications
To know the value of a cryptocurrency, you can simply check at its use cases. The Virtacoinplus development team has been working very hard to win acceptance in different stores and institutions. Here are some of the main use cases:
- Use Virtacoinplus to send value on a peer2peer basis
If you want to send value across the globe faster and more conveniently, it is advisable to go for a cryptocurrency such as Virtacoinplus instead of a bank. Because Virtacoinplus is a completely decentralized system, the transactions are completed on a peer2peer basis. This helps to make the process instant and convenient.
Note that for such payments to be effected, both the sender and recipient should be in the Virtacoinplus network. They also need to have the right wallets that support Virtacoinplus network.
- Trade Virtacoinplus in the market
To trade cryptocurrencies in the market, you need to identify and join the exchanges. These are markets that help people to trade digital coins based on the demand and supply. To trade XVP, make sure to register for a trading account in an appropriate exchange such as TradeSatoshi and or BiteBTC. Then, confirm your address, create an appropriate trading pair, and trade depending on the prevailing trends.
To make returns from your trading efforts, it is advisable to start by learning how to trade. For example, do you opt for day trading Virtacoinplus or long-term strategy? Here, you need to learn how to interpret trends so that you take the trading position at the right time.
- You can use the Virtacoinplus coin to pay for government services
Though governments were very negative about cryptocurrencies when they were founded, the perception is changing and some of them are even supporting direct payment with digital coins. In Arizona, the state parliament passed bill HB 1091 in April 2018 that allowed residents to pay for taxes using crypto coins. When you pay taxes in Virtacoinplus, the coins are immediately converted to USD before being credited to the payer’s tax account.
In Singapore, the county’s leadership holds that there is no difference between making payment in fiat or cryptos. Therefore, you only need to have ample Virtacoinplus coins that are enough to pay for the services of interest.
- Use Virtacoinplus to invest or store value
Like other cryptocurrencies, Virtacoinplus can be used as a store of value. You only need to buy the coins and store them in a secure wallet waiting for the value to rise before selling. Note that this type of investment requires patience to get the anticipated rewards.
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