What Is VirtaCoin?

VirtaCoin (VTA) is a digital currency or cryptocurrency that enables instant payments to anyone, anywhere in the world.

VirtaCoin uses peer-to-peer technology to operate with no central authority.

Managing transactions and issuing money are carried out collectively by the VirtaCoin Network.

How VirtaCoin Began

VirtaCoin was launched on July 1, 2014 on its official website at www.virtacoin.com by VirtaPay (a former virtual currency and online payment website) in order to give its over 1.6 million members access to virtual funds or VP$  that they were accumulating since September 2010. 

In late December 2013  it was announced by VirtaPay that they would be converting their entire system into a cryptocurrency similarly to the popular Bitcoin, thus 6 months later VirtaCoin was born.

For more information on the history of VirtaCoin click here.

Technical Information About VirtaCoin

VirtaCoin is a scrypt coin which utilizes the proof-of-work algorithm. A total of 21 billion coins will be mined and there is currently a market supply of over 8.8 million coins. VirtaCoin has a block time of 60 seconds and with each block mined there is a reward of 8000 coins which is being reduced at a rate of 0.5% per week since 6/28/2014.
VirtaCoin Core is the name of the open source software which enables the use of VirtaCoin as a currency. VirtaCoin addresses are similar to Bitcoin addresses and what makes VirtaCoin unique is that the addresses can be used to send and receive Bitcoins as well as to send VirtaCoins to Bitcoin addresses. For more information about VirtaCoin and to download a VirtaCoin Core desktop wallet please click here.

Obtaining VirtaCoins

VirtaCoin and other cryptocurrencies like it differs from fiat currencies (such as the US Dollar) because instead of being backed by a promise, they are backed by mathematics, since they are created by running a computer program that solve mathematical equations. This is called "mining".  Any computer can participate, but the more power it has, the faster it will go (and the more coins the miner will get as a reward).
Mining also strengthens the VirtaCoin Blockchain, which is a public database of all the transactions every executed in the currency. The coins are held in a digital wallet, which can be stored on computers, smartphones, online wallets and cold storage wallet. In VirtaCoin's case for the moment, only computer wallets and online wallets at the Exchanges it is being traded on. To learn how to buy, sell and mine VirtaCoins please visit the Exchanges & Mining Page.
VirtaCoin is “owned” by everyone who holds the currency. It is up to the VirtaCoin Community (including the 1.6 million individuals who were members of VirtaPay) to collectively contribute and make VirtaCoin what they want it to be. How they contribute depends on their skills, abilities and available time.