Virtual CoinBox, Truly a Unique Marketplace
Virtual CoinBox is a unique online marketplace that allows for buyers to purchase from vendors with Bitcoin, Litecoin and Dogecoin while the seller receives payment in cash via Paypal. This effectively eliminates the risk vendors face, due to a coins price volatility, when accepting cryptocurrency as payment.
In the face of uncertainty and volatility that is cryptocurrency, people are always looking for ways to reduce their risk when adopting coins. In the last thirty days, Litecoin has fallen from $11 to the mid to upper $7. Dogecoin has faced fears due to the leaked video of Moolah CEO and Ultra Pros plans to trademark the word “Doge.”
It can be a scary time for a vendor offering products for cryptocurrency. The volatility of coins puts these vendors at high risk for losing money by the time they’ve cashed out for fiat currency. It’s hard to ensure profits or even breaking-even when the value of the currency fluctuates by several percent a day. That’s why Sam Paniagua, the head developer and CEO, created Virtual CoinBox.
There are many cryptocurrency marketplaces out there, but Virtual CoinBox is the first of its kind. Virtual CoinBox allows sellers to get paid cash while buyers pay with their coins. Without any prior knowledge of bitcoins or how they work, vendors can set up shop and offer their goods accepting, but not limited to, bitcoin, litecoin and dogecoin. When a buyer makes a purchase their coins will automatically be exchanged for cash and sent to the sellers account via Paypal, protecting sellers from the fluctuation in a coins market value.
Virtual CoinBox provides stability and confidence to those who want to accept and use cryptocurrency. Practically anyone with a Paypal account can sign up, regardless of how little they know about cryptocurrency, giving sellers the opportunity to enter the cryptocurrency market safely and buyers a place to use their coins. To ensure customers get what they paid for, Virtual CoinBox implements quality control. According to their website,
“Virtual CoinBox is committed to providing an exceptional online shopping experience. With strict quality control standards, measures and operating procedures in place, we ensure that the quality of service delivered always exceeds your expectations.”
Going a step beyond, Virtual CoinBox offers 24-hour support to answer any questions users might have or resolve any issues that arise day or night. Virtual CoinBox boasts a simple and comprehensive categorization and product classification system to enable customers to locate and purchase products quickly and easily. Furthermore, the cash out system offered to vendors will be available to buyers who no longer want to hold onto their coins.
Development is 90% complete, and registration for vendors and store setup is being accepted now. According to Sam Paniagua, the site will be fully operational mid to late August of 2014 and at the moment they are planning to invest in a marketing campaign to attract more vendors and buyers in order to increase the number of products offered. They also have plans to update the site’s appearance and functionality mid-2015.
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