The Virtual Insurance Policy of the Cryptocurrency Arena

The Spendacoin Projects core mission is to create an environment in the Cryptocurrency Arena that with mass participation will create a strong foundation on which Cryptocurrencies can survive and thrive on.

The idea of creating the The Spendacoin Project came to light as rising situations in recent times in the Cryptocurrency Arena are heading in numerous directions with no final destination in sight, and much skepticism about the future of their existence. Cryptocurrencies are in essence virtual digital instruments that have been created on a decentralized platform known as The Blockchain, which can be transferred between interconnected global networks of computers that together manage databases and record the transactions. These digital instruments are also known as virtual currencies, coins, (tokens in some cases) and its most popular form; Cryptocurrencies.

The Spendacoin Project was created to describe the our understanding of the atmosphere of what we have labeled the “Cryptocurrency Arena”, at the time this document was prepared. In part some things that are occurring are exciting to the level of a phenomenon, which no doubt people that follow social media and the media in general are well aware of. We are referring to the hype that has been created in exchange markets worldwide where Cryptocurrencies are listed and traded 24/7 and for the most part just for investment purposes and quick profits without, most often, taking into consideration what each individual Cryptocurrency (or Token) was created for and not really utilizing them for their actual intended purposes.

Sadly, we at The Spendacoin Project feel that actual utilization and implementation of these Cryptocurrencies is pretty much an overlooked area because most of the hype about them is focused on investment and trading them for a quick profit. We feel that this is the main reason for their volatility because we are certain that the actual utilization and implementation of Cryptocurrencies is one, if not the most, important aspects of these digital instruments and what is needed to give Cryptocurrencies the strong foundation they need to survive and thrive on.

We at the Spendacoin Project are just like all of the rest of the folks out there. We are however a part of the most densely populated part of the global community more commonly referred to as the mass population, consumers, or as we like to describe ourselves, the average Joe (or the average Jane!). Our mission is to bring together enough interest to get our intended message brought out for the entire world to hear. The nice thing about being a part of this group is that its the biggest group in the world and we each have a voice. When enough of us get together about something we believe in and/or desire and let our voices sing out in harmony things change and history is written. Today in the Cryptocurrency Arena a situation has been created that is depriving us, the mass population, to fully understand and make full use of some of the benefits that these Cryptocurrencies, and Tokens, have been created for. We feel that these issues need to be addressed immediately not only for those reasons stated but also for the well-being and future of sustaining Cryptocurrencies’ mere existence and thereby simultaneously giving the entire Cryptocurrency Arena the foundations to survive that it so desperately needs.

Cryptocurrencies make it easier and less costly to transfer funds between two parties in a transaction as compared to regular fiat currencies. These transfers are facilitated through the use of public and private keys for security purposes. The funds transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers. Some Cryptocurrencies were created solely to substitute fiat currencies. Such ones are known by their names as: Litecoin (LTC), Ripple (XRP) and the ever so popular and pioneer of Cryptocurrencies, Bitcoin (BTC). These are also referred to at times as simply Coins. Off of the platforms of some Cryptocurrencies, with the Ethereum (ETH) platform being perhaps the most widely used, are being created and generated other similar digital instruments referred to as Tokens that, although are made up with the same characteristics as their sister Coins that are used solely as a monetary instrument, were designed to also serve a more specific and individual use that the issuer of the Token has developed for its business practice.

If you have been reading, listening and watching all forms of media these days then you will know that the main use and interest for these Cryptocurrencies and Tokens is to invest in them as you would a foreign currency, commodity, natural resource, bond or stock. Whether or not it was actually intended for Cryptocurrencies to possess this attribute isn’t important and apprecited by The Spendacoin Project. What is important is that investing in them is definitely not the whole idea behind them, yet, today practically all of the concentration in the Cryptocurrency Arena is being focused on just that and it seems that most of those involved have forgotten all about the other more important aspects and benefits Cryptocurrencies possess because those issues are hardly ever mentioned or reported about.

The investing that has been going on has created such hype in that in some cases Cryptocurrencies are being purchased solely to pump up the value and then selling them off just to make a quick profit. Then when the values go down far enough, repurchase them, and do the same thing all over thus creating very volatile and uncertain market conditions at times. Another attribute that has become popular are scams and fictitious ICO’s (Initial Coin Offerings) where people try to lure unsuspecting investors into purchasing a newly created Cryptocurrency or Token that will serve a certain purpose that actually doesn’t exist. Blockchain technology operates on a decentralized peer to peer network and it is not controlled by any central administrator nor any form of Government thereby making it possible for transactions to occur over it anonymously. This feature has created an invitation to criminal activity and raised much cause for concern in every walk of life and threatens the future of Cryptocurrencies mere existence.

Governments are now looking much closely at the situations just mentioned and doing what is necessary to keep things in order and security measures to the best of their ability. Some have already put policies, restrictions and regulations in place while others are still deliberating what is to be done as participation in the Cryptocurrency Arena broadens and the technology that drives it strives further to make it more efficient and secure.

In our research, sadly, we could not find too much that has been said about that in which we are stating our case, which is Cryptocurrencies’ other intended uses. However we did stumble across some related comments but nobody has said it better than David Garrity of GVA Research when he said in an interview that “in order for Cryptocurrencies to survive, mass adoption of them is needed”. What he is in fact referring to is that these Cryptocurrencies need to get into the hands of people from all walks of life and be used in everyday life for all that they were created for and intended to do, and not just invest in them.

It’s been said that it is sometimes hard to acquire certain Cryptocurrencies because those that have acquired them are holding them for investment purposes only and not spending them because they are hoping to cash in on the profits. For ICO’s it is a race to get newly acquired Cryptocurrencies before they hit the markets as they are usually sold with huge discounts to invite investors who will in turn be concerned to just pump up the price, take some profit and sell them. This practice is more commonly known as pump and dump.

For the monetary form of Cryptocurrencies, due to a high amount of focus and concentration on the investment area of the Cryptocurrency Arena a situation has arisen in that “what would one do with a Cryptocurrency if they acquired it’, and not have any interest nor knowledge on how to invest it, because there are not many places that will accept them as payment. Though this aspect is slowly evolving, we at The Spendacoin Project, in everybody’s interest, aim to pick up the pace to the best of our ability.

At the present time some reasons why most people do not and cannot spend Cryptocurrencies are as follows:

  1. Investors are hording them and not spending them minimizing their availability to the mass population.
  2. There are not enough people and places that are willing to accept them for various reasons so most people would not know what to do with them once acquired.
  3. Key Individuals of the Cryptocurrency Arena are not doing enough to promote this area for various reasons and constraints.

These are definitely some reasons of what are keeping Cryptocurrencies from being distributed and put to use in the mass population. The Spendacoin Project was created in an effort to help change that situation.

It is our goal that this document along with the thoughts and ideas that are being presented, and the implementation of this SPENDACOIN platform, that enough awareness and excitement worldwide to the other benefits of Cryptocurrencies can be created. This is in an effort to help get them into the hands of the mass population that will use them for the benefits and intended purposes they were created for. To achieve this goal, a large community of voices within the mass global population, including but not limited to, all forms of media, Key Individuals within the Global Cryptocurrency Arena are being called upon to join this Project now in an effort to spread the word and help implement the uses everywhere imaginable. The SPENDACOIN platform is structured to accommodate that cause and we encourage everyone to sign up and help build this community that will at a minimum only help to strengthen the foundations of the Cryptocurrency Arena.

It’s good to note and keep in mind that Cryptocurrencies are of an inexpensive means of transacting only when these transactions remain in Cryptocurrencies. Buying or selling Cryptocurrencies in and out of fiat currencies have additional costs that could make a transaction not cost effective and/or not worth the bother.

Another important thing to note is that there has been talk of large well known organizations and companies being coaxed and talks of their willingness to accept Cryptocurrencies as payment. Of these there are some that already do accept such Coins as Bitcoin for example, but only to a limited extent. The reason for this is exactly what was mentioned earlier “what would they do with them”. If they had to use them to do things, for example, like pay salaries or suppliers they would have to convert to fiat currencies and that most likely would not be cost effective especially on a wider scale. Therefore aiming high on the totem pole to gain mass adoption of Cryptocurrencies is interesting but not quite the solution to getting them to many of the hands they really need to be in, the range must be much braoder.

If you want to build the tallest building in the world you have to start with the ground floor. Such is the situation with getting Cryptocurrencies distributed throughout the world. Work must begin at the ground level and work its way up.

Here is, in our opinion, what can be done to help this cause:

  1. The mass population needs to become more widely educated, and made aware of all the benefits Cryptocurrencies and Tokens have to offer.
  2. Cryptocurrencies need to be made available to people of all walks of life and should be put immediately into use. The amount of how much each person should use at the beginning should be minimal and in accordance with each person’s individual needs and purposes. It could be as little as $20 worth to get things moving.
  3. Investors need to shed and start spending some of their holdings so that the Cryptocurrency Arena can thrive to its fullest.

Think of this scenario: If there were only $200,000,000 worth of a Cryptocurrency in the world, would it be easier for one huge Company to acquire all of them and then put them into use in an effort to disperse them throughout the world for everybody to use in everyday life; or would it be easier for 10,000,000 people to acquire $20 each worth of the same Cryptocurrency and immediately start transacting with them.

Clearly the later of the 2 examples is the more logical way and this is also another angle of what we are aiming to accomplish with The Spendacoin Project.

We at The Spendacoin Project are doing all we can to get the word out to people to start using Cryptocurrencies in everyday life and they should do so only to a certain extent as the uses will need time to grow. The participating communities around the world need to grow and connect which can and will be done as the word and ideas are spread. Ideas need to be thought of and shared to give people and business a clear vision and low risk way of entering into this promising bright new world.

We are calling on everyone to purchase some Cryptocurrencies that they can use to purchase even the smallest amount of goods and services and to accept them as payment for whatever reason in the same tolerable amounts. Get as much or as little as you can afford at first and then change those amounts as things progress.

Cryptocurrencies would make a great gift idea which is is one way of getting them into the hands of the main stream. If you’re old enough you can remember when renting videos was a big thing. If you are of that era then we wonder if you can count how many times you spent say around $20 to rent some videos that you either never watch and/or ended up paying late fees for when you returned them. Perhaps you grunted, swore and will never forget those moments but you really never missed the $20. That’s where we’re coming from when we say to get involved with Cryptocurrencies just a little to the point that you won’t even know that you have some if necessary. We are calling this an ‘adjustable personal entry point’ which should be able to be accomplished by just about anyone. As more and more people do this the momentum will pick up. More and more people and places will pop up that accept them and before you know it one day you will reach into your pocket or purse and pull out cash, credit cards and a Cryptocurrency  “Wallet”. (A Cryptocurrency “Wallet” is what is required to store and transfer Cryptocurrencies and Tokens).

Examples of what we envision on how people who might be leery or skeptical about entering into this current Cryptocurrency atmosphere, is to do the following.

Businesses that provide goods and services should dedicate a small part of their business to Cryptocurrency acceptance and grow as the uses become more widespread. Perhaps sell some outdated or no longer needed inventory at a discount just to make room for new inventory and at the same time enter into the Arena.

Individuals can be very creative in acquiring some Cryptocurrencies like by cleaning out an attic, basement or garage of things that won’t be missed. Instead of a yard or garage sale use an online outlet such as SPENDACOIN to turn them into Cryptocurrencies.

That which we can dream up is not enough. We need more opinions and ideas from many people so that more and more folks can get involved and benefit. That is why we are urging more people out there to get involved in the discussion and participate, we can do this. Furthermore we aren’t only doing this for ourselves. It’s said that Cryptocurrencies may hold a permanent place in our future and the future of our children. We firmly believe in this theory but are also quite sure that can only be sustained if they can overcome the volatility and are able to succeed.

People with voices louder than ours that are already being heard within the ranks are asked to join us in this movement. Key Players in the Cryptocurrency Arena like founders of Coins and Tokens along with their respectable teams, investors, persons with direct interest, scholars and developers alike are all being called upon to not necessarily shift their focus but to broaden their vision and look at the entire picture of the Cryptocurrency Arena discussing and referring to it for all its worthiness. We are asking them to get on board with us and spread the word about all the attributes and benefits Cryptocurrencies possess for mankind in an effort to create the foundation that is so very important and necessary at this present time. Our voices should become loud enough to reach the ears of the media and open their eyes to this other area of the Spectrum and help get the message out to the mass population.

Governments should also continue their journey to get together, get involved and play a role in making the playing field safe and fair for everyone by doing whatever is deemed necessary so that all aspects of the Cryptocurrency Arena can function and provide all the benefits it has been created to do for everyone.

It is a proven fact that everything is sturdier with a strong foundation. If you build a bridge that is beautiful because it is laced with gold and the trestles that hold it up are made of straw that bridge is sure to fall. So is it with Cryptocurrencies right now. They look good, they are making people money but they do not have a strong foundation to rely on to continue their existence and growth. If things continue like this then their future could be uncertain. If too much volatility occurs Governments will outlaw and shut them down. Interest could fade and take Cryptocurrencies to their knees. But if and when universal excitement, use and implementation falls in place then there is all hope they can survive.

The area of the Spectrum of the Cryptocurrency Arena that we here at The Spendacoin Project have pointed out which needs more concentration is so vaguely addressed throughout all forms of the media world. While looking for places, pages, articles and groups that are entertaining this area we came up with very little as compared to what it could be.

We cannot speak for people of all Countries of the world as to the uses and implementation of Cryptocurrencies regarding what we are suggesting at this present time nor when and how this could be done in such areas. In such cases awareness of their makeup at this point will be the key to their development and implementation process so they may prepare accordingly. Yet we welcome them, speak for them and ask for their participation as well. We are certain that the course of action on how to approach the entire Cryptocurrency Arena should have no problem being adapted on any level, acquire Government acceptance, as everything involved addresses whatever people and businesses do in everyday life. It just all needs to start happening more seriously.

Being based in the US where creating or participating in an ICO has already been regulated by the SEC (Securities and Exchange Commission) to its citizens and residents by deeming Cryptocurrencies “assets” and treating them as they do stocks and bonds, to a certain degree, has limited participation in the investment and creativity areas especially for ICO’s. The aspect of just transacting in them is something that doesn’t seem to have too many barriers except for the fact that one would have to declare Cryptocurrencies they possess and transact in just as they would US Dollars. For a US citizen the fact that a transaction on the blockchain can be done anonymously does not give the individual or entity involved the right to keep this knowledge secret. In fact if you are a US citizen or resident we’re quite certain it is illegal. In our opinion there is nothing wrong with what the US Government and the SEC, and other departments, are doing to protect the individual, the investor and keep order in the Cryptocurrency Arena. The Spendacoin Project welcomes and is in accord with these parameters because if forward moving progress is desired to be achieved, and if it cannot be done securely, efficiently, and according to law in then there is little hope of any sustainability.

The Spendacoin Project should not be frowned upon by the investor group of Cryptocurrencies as the purpose is in no way trying to infringe upon, downplay nor degrade the theory, actions and implementation of that practice but rather to create a backbone for the investment area and give the nature of investing in them stability to move forward on.

Putting into action the criteria that The Spendacoin Project is dedicated in achieving will only strengthen the existence of Cryptocurrencies, not curtail them, as well as provide a solid foundation which will help sustain the longevity of investment interest for the future in tandem with the rest of the attributes the entire Cryptocurrency Arena has to offer.

In conclusion we are reaching out to everyone around the world to join us in this adventure into the future. To spread the word about all of the benefits of Cryptocurrencies and all what they can do for people and businesses to better everyday life and write history. We are encouraging you to join us, as well as ask you to tell a relative, friend or co-worker to join the movement, acquire even the smallest amount of Cryptocurrencies, and create a place where they may be accepted and finally, “Spendacoin” on something nice. January 2018

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All donation proceeds to The Spendacoin Project will go toward further research of developments going on in the Cryptocurrency Arena, advertising and to fund the scope of our mission of getting Cryptocurrencies in the hands of the mass population to give the Cryptocurrency Arena the strong foundation that it so desperately needs. Thank You!


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