From 01 December 2017, we will be giving members of the VICTVS Global Network the option to receive payment in Bitcoin.
By providing people all over the world with access to receiving payments using this innovative technology, we are helping them to gain greater control over their finances and providing them with the opportunity to be paid in an appreciating asset. Of course, using new technologies is not without its challenges, but for VICTVS, embracing new ideas, managing the complexities and finding ways to strengthen our global network is central to everything that we do.
What is Bitcoin?
Very briefly, Bitcoin is one of several cryptocurrencies that exist only online. Bitcoin does not have a physical form like cash, however it can be exchanged and traded for goods in much the same way. Everything from sushi to helicopters can now be traded for Bitcoin and increasing numbers of businesses are opting to provide a cryptocurrency payment option. To access Bitcoin and other cryptocurrencies, users need to open a digital wallet into which they can send and receive their payments.
Bitcoin is built on Blockchain technology which acts as a de-centralised digital ledger for all transactions involving the cryptocurrency. The Blockchain programme is widely regarded as the next evolution in internet technology and when used as the ledger for Bitcoin, it provides greater security against fraud and hacking. For a full explanation of what cryptocurrencies are and how they work, please click to read these excellent articles by Cryptocurrency Facts and Jesus Cedeno of Crypto Coin Society.
Why are we paying in Bitcoin?
At VICTVS we are committed to playing our part in changing how the world works together. Adopting innovative ideas, processes and technologies is a fundamental part of our approach to global business. We believe that innovations such as Bitcoin and Blockchain have the potential to reduce inequality around the world and to empower the people that we work with.
By way of an example, payments to our team members in Iran remain almost impossible to achieve through traditional banking and the SWIFT system despite the lifting of sanctions in January 2016. European banks are refusing to engage with Iran for fear of incurring fines or of the reinstatement of sanctions by the US. Using Bitcoin, Iranian nationals can send payments to each other, wherever they are in the world, instantly and cheaply.
The Iranian government is currently conducting research into the viability of using Bitcoin as a national currency and this serves to illustrate the potential of a de-centralised financial system that exists outside of national political agendas and that is sustained by its community of users.
Providing members of our global network with a new, alternative means to receive payments – in a way that eliminates unreasonable bank charges and delays, fits perfectly with our drive to contribute to the changing nature of the global workplace.
If you would like to know more about our cryptocurrency use, then please contact us.