“As a company that believes in the independent spirit, we feel that Bitcoin is a natural fit,” says founder Drew Falkman.
Bitcoin is a digital currency created in 2008 that has been in the press frequently due to its position as a rising currency and it’s insanely high valuation due to speculation. One Bitcoin has been worth over $1,000 and many are speculating on whether the currency will become the new thing, or simply go away.
One of the reasons Vinzy chose to use Bitcoin is that it is the closest thing to accepting cash on the Internet. It is not necessary to use banks to accept this currency, meaning that the minimum 2.9% processing fee + transaction fees is a thing of the past for those transactions.
Vinzy is aiming to be an alternative to current the three party distribution system, which makes it virtually impossible for small wineries to be profitable – unless they achieve cult status, at which point few can afford their wines any longer. Bitcoin fits into this because, once again, it enables Vinzy to remove wineries’ lost profits taken by large corporations that provide little in way of added value.
Vinzy is currently open to invitation. To get on the invite list, go to www.vinzy.com.
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