A Trip Down Crytocurrency Lane – A Wallet With Three Lives

I heard about cryptocurrency in January 2013 when virtapay, an online payment system was converting to virtacoin. That was three whole years after bitcoin, the first cryptocurrency, was launched. It is now five years after bitcoin was launched but though cryptocurrency is popular and used in every continent of the world, it is still not known by millions of people.

I have come to understand that cryptocurrency is a digital money. It uses encryption techniques to regulate the generation of units of currency. http://www.wikipedia.org calls it a medium of exchange using cryptography to secure transactions and control the creation of new coins. Cryptocurrency is different from fiat monies like the US dollar or the British pound in the sense that while fiat money is backed by a promise, cryptocurrency is backed by mathematics.

The currencies are created by running a computer programme that solves mathematical equations. Bitcoin itself is described as a system of payment in which all transactions are recorded in a public ledger, http://www.wikipedia.org/wiki/History_of_Bitcoin .

Though bitcoin is the most popular cryptocurrency, there are other cryptocurrecies like Litecoin, namecoin, peercoin, Hellascoin etc. but the closest to bitcoin is virtacoin (VTA). It is based on the same code base as bitcoin so it works just like bitcoin http://www.reddit.com/r/virtacoin/wiki/index#wiki_what_is_virtaoin.3F or http://www.virtacurrent.blogspot.com .

Virtacoin was launched on 1st July 2014 but before that launch, it had existed in two previous lives.

In its first life, virtacoin was called paybox.me. It was launched on 22^nd September, 2010. It promised person-person transactions. It promised small, medium and major online business integration. It planned to introduce a debit card linked to paybox.me accounts and finally, it promised currency exchange with all major world currencies.

On 28^th February, 2011, Paybox.me announced the beginning of a rebranding project. This marked the beginning of the demise of paybox.me. The official reason was that paybox.me had seen a major growth and they were preparing to start accepting digitally delivered goods. Others thought the rebranding was necessary because there was another company with a similar name and people were confusing the two. Still others thought it was because there were rumours that the whole paybox.me project was a huge scam. This rumour was purportedly being spread by "early bird" bonus holders who were becoming impatient about when to spend their dollars. So to repair their damaged image, there was the need for a major rebranding. Whatever the reasons were for the rebranding, on 3th March 2011, paybox.me died and resurrected with a new brand name “virtapay”.

After a few months, virtapay itself seemed to have died also. There was little correspondence from the creators for long periods while clients continued to accumulate $20.00 every day as "early birds" users. Every now and then the virtapay group posted messages on their blog page. Apparently, virtapay was not dead afterall, it had only gone comatose. They had been working things out behind the scene.

On 1^st January, 2013, virtapay announced its plans to convert the whole virtapay system into a cryptocurrency like bitcoin. By this time, bitcoin had made a lot of waves in terms of popularity and value. Six months later, on 1^st July, 2014, virtapay died and in its second resurrection it came with the new name “virtacoin” (VTA). By this time, between paybox.me and virtapay, a whooping following of 1.6million adherents had been created. Virtacoin does not have a central administrator as the previous paybox.me and virtapay. Virtacoin is owned by anybody who has a wallet and coins. It does seem that in its third life, virtacoin will die no more deaths, it has come to stay. There is information on virtacoin at virtacurrent news website.

All of the 1.6million members of paybox.me and virtapay do not seem to have moved over to virtacoin. Most of them fell along the way due to fatigue, impatience and the fact that they were not aware virtapay was changing over to virtacoin.

Not withstanding the huge drop in membership, it is expected that virtacoin will rise in value in the near future. The market watchers are predicting that 1VTA will become equivalent to 0.00010000BTC. Whether the pundits are right or wrong only time will tell.

Meanwhile, how can one take advantage of this new digital gold? There are 100,000,000 satoshis in every bitcoin, satoshi, being the smallest denomination of a bitcoin. One can buy 1virtacoin for just 2 satoshis. With one bitcoin, therefore, one can get 50,000,000 virtacoins. One could buy from local agents in respective countries. For example, google "buy virtacoins in Ghana" and you will find a seller not too far away. You need a wallet to keep the coins in. Get an online wallet from virtacoinwallet.eu

After purchase, hold on to your coins till 1VTA start selling at $0.10, at least. You will surely be on your way to becoming the next millionaire.

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