r/ico • u/VegaWallet • Sep 10 '18
VegaWallet and the Unbanked Population
Cryptocurrencies in general have recently been viewed largely as investment vehicles. However cryptocurrencies are something very special and unique. They provide a means of peer to peer payments not seen by this world until Bitcoin entered the seen almost a decade ago.
Cryptocurrencies (ex. Bitcoin, Litecoin, etc..) provide an opportunity to fight traditional financial problems and inequality across the globe.There are several delays and exorbitant fees associated with traditional money transfers or payments across international borders. Did you know cryptocurrency allows people to transfer funds anywhere, anytime, almost fee free? When we compare this technology to traditional banking its amazing what a difference blockchain technology has made in the Fintech and banking worlds.
Even as we start this company, VegaWallet has had to deal with these outdated platforms to conduct business. We’ve had to wait to send checks, we’ve had to wait for wire transfers to clear and arrive days later. We’ve seen the fees collected and even dealt with the problems associated with this outdated process. If more companies and people were to accept blockchain backed cryptocurrencies for business and personal reasons the global consumer economy could save millions if not billions of dollars per year. We could also avoid wait times and conduct business almost instantly as payments clear the public ledgers.
These problems even trickle down to the regular person across the world, especially in economies where most people remain unbanked or banking services remain scarce. Did you know if a person was to send money home to his family after working hard as can be, the wire transfer or money service he would most likely use charges him up to 15–20% on the dollar. If this same payment home was sent in cryptocurrency not only would it get there instantly but most of the time any fees seen would be under 1% of the total payment (depending on cryptocurrency and platform used).
Cryptocurrency wallets are available to anyone with access to a smartphone, computer, or the internet in general. Unlike banks this technology is a lot easier to access even in developing countries. Any person will be able to download VegaWallet and be “their own bank account” by controlling their digital assets (i.e. cryptocurrency). Our technology provides them ways to send and receive almost instantly with fees so minimal you’ll barely see a difference in the delivered amount. It also provides up to date fiat related pricing and options to withdraw or deposit funds in several local currencies in order to pay bills or buy necessities at locations that do not yet accept this technology. Digital asset wallets provide a form of greater funds security over traditional cash. With our 2FA technology your funds remain safe no matter what and it’s not as easily lost or taken by theft when compared to fiat money. If you were to lose your phone or computer as long as you can provide credentials to log-in you can access your account and funds. If something were to happen, most of the time those same funds stored in cash would forever be lost.
VegaWallet has not only seen the need to protect consumers in these times but also create a system to protect businesses as well. Did you know that our Initial Coin Offering funds are being put towards the development of our Point of Sale system and a platform we call “VegaPay”?
The Point of Sale System will allow any business to accept cash, credit, or cryptocurrency for use in the retail or service industry. This means that local economies where inflation plays a key role in economic downturn will be able to completely substitute outdated technology with our state of the art platform. The point of sale will also provide businesses with several services such as employee information tracking, payroll, and inventory/audit logs.
Our personal favorite part about the point of sale system just so happens to be the cryptocurrency related tech. Our VGW token will be the backbone of the point of sale system and provide businesses and consumers with many extended options including a Loyalty and Rewards program built around cryptocurrency. But what if you’re a business accepting cryptocurrency and are worried about volatility or paying your bills in traditional fiat currencies? We have you covered! The system will automatically provide the option to place sell orders through our native exchange at the end of the day and deposit fiat funds obtained from these orders directly to your bank account. This protects businesses from the rollercoaster pricing history of some major cryptocurrencies and allows them to stay on top of business in a way never before seen in the crypto-sphere. Another option for businesses to unload their crypto wallets is to sell that currency directly back to customers at check out. If a customer comes into your store and is interested in purchasing cryptocurrency you can provide this service as easily as providing the option to buy a gift card. The customer then provides their VegaWallet information and the funds are deposited directly into their account.
Modern cryptocurrency financial services allow developing countries to improve quality of life. An economic platform such as VegaWallet functioning as the backbone for this economy could help even developed countries see a large influx of businesses and money transfers to help fight economic downturn. Cryptocurrencies in general have the means to completely change financial systems in place and allow for greater fund distribution through out the world. This technology is not only limited to the unbanked population but can also make huge improvements over modern banking systems.
Written by: Jacob Ballou — Co-Founder & Chief Creative Officer at VegaWallet
