This post is also available in: Español (Spanish)
The VIVAconomy does not intend to substitute the traditional economy. Our goal is not to replace existing fiat or crypto currencies. Instead, we work to build a streamlined, sustainable parallel economy that makes life easier for every Vivo on the planet.
For this reason, we have always understood that the gateways between the VIVAconomy and the traditional economy are essential to our success.
While the TradeQwik exchange is our first and primary gateway, we harbor no delusions about the general public being interested in a currency exchange system. After all, most people want to use money to buy goods and services like bread and doctor’s appointments. Exchanging currencies is normally a seldom used process when you’re traveling abroad.
However, one group of normal citizens do, in fact, come into contact with foreign currency exchange rates on a regular basis: immigrants living abroad who help sustain their families back home.
Often these people live and work on the bottom rungs of the social ladder and are forced to pay through the nose for a simple financial service. Companies like Western Union and Moneygram charge exorbitant fees precisely because these populations of people have little or no recourse.
One simple page that explains how the VIVAconomy can help you reach your financial goals. Includes a direct link to our complete white paper.
The VIVA ATM and Remittance network solves this problem in a uniquely powerful manner.
In the traditional financial system there are three steps in this process where the consumer pays:
1. Converting the payee’s currency into the local currency back home.
2. Transporting the funds from the payee’s country to the receiver’s country.
3. Withdrawing the funds in the receiver’s country.
The VIVAconomy not only reduces all three, but it does so in a way that benefits both the payee and the receiver as well as the entire VIVAconomy!
Thanks to the second tier vX digital currency in the VIVAconomy, the payee can simply convert his VIVAcoins into the payee’s currency within his or her own wallet. While this transaction actually occurs on the TradeQwik Exchange, it is transparent to the user and the fees are minimal. Even more importantly, once converted there is no risk to either party regarding the value. For example, $100 vUSD will always be worth exactly $100 USD.
Since the VIVAconomy is a truly global economy, there is no difference between moving funds between people located across the room or across the globe. In both cases it just a simple transaction between wallets. For those needing to send funds to family members back home, this is a huge benefit.
Finally, the receiver must be able to easily and affordably withdraw the funds.
To solve this final hurdle in the process, the VIVAconomy provides two remarkable resources that no other cryptocurrency has resolved so simply:
1. A network of ATM machines
2. Connected Mastercard debit cards
For over twelve months, the VIVA organization has been successfully operating two cryptocurrency ATM machines in the Tijuana region of Mexico. Using our own software stack these ATM machines are capable of operating with any currencies available on the TradeQwik Exchange.
They can also both accept and dispense Mexican Pesos.
Over the first twelve months after the VIVA Crown ICO, we will be rolling out a network of 1000 VIVA ATMs around the world.
The second way a receiver can withdraw funds is to connect the vX balance in their local fiat currency of their VIVA wallet to a Mastercard debit card.
We have already secured an agreement with a reliable Mastercard provider that allows us to provide Mastercard debit cards that can be used anywhere Mastercard is accepted.
This means that the receiver can use his or her funds in millions of online and offline merchants at no additional costs!
Clearly, the VIVA ATM and Remittance network will be hugely disruptive for companies in the financial sector that have basically been scamming the most vulnerable populations in our society for decades.
Dennis H. Lewis is our CMO and is a serial entrepreneur and self-proclaimed digital storyteller. An author of three books, he has an uncanny knack of being able to distill complex technologies and explain them in ways that are fun and approachable. Over his extensive career he has lead startups both in Europe and the United States and currently runs a successful digital marketing firm in Orlando, FL. He has been featured on mainstream media outlets like The New York Times, Good Morning America and the BBC.