Virtual Currencies won’t make anyone rich quickly

METRO MANILA, Philippines - Aug. 25, 2015 - PRLog -- Speaking at length on several issues, he said that those claiming that virtual currencies like Compuceeds, Bitcoin, and other cryptocurrencies to be a pyramid scheme or a get rich scheme have a wrong notion of the digital currency or the industry itself. He further explained that “there are a growing number of scams which try to ride on the bandwagon of Bitcoin’s fame by claiming that it is some sort of get rich quick secret scheme. Definitely not! Purchasing or investing in virtual currencies, by all intents and purposes, will not make anyone rich quickly. It is both a value transfer network and the digital currency within that network.”

Banayat also informed the delegates of the press that virtual currency is legal to own and use in all countries with the exception of Bolivia and Ecuador, the latter already has its own digital currency. He also dismissed the correlations that people draw between illegal activities like selling drugs and digital currency.

He further drew a line between digital currency and other fiat currencies saying that if a virtual currency is not backed by anything of intrinsic value then such is also the case with fiat currencies. He explained further that like fiat currencies are backed by the government of a certain country then such is also the case with the cryptocurrency or virtual currency as thousands of people “contribute their computing power to mine or support the network and the millions of people who own and use the virtual currency.”

CNI has also adopted the Cyclos mobile ewallet app also known as Cryptoceeds.com eWallet where the users can easily use to store their US Dollars (US currency) on their smart phones. E-wallet users can easily transfer funds which will enable their funds to be accepted by any Cryptoceeds merchant in any part of the world.