July 12th 2019
We interrupt your normally scheduled broadcast to bring you…
At Verge, we are always looking for ways to expand our reach & presence in real world industries and as such we are excited to share with you the latest and greatest happenings from around the world.
We’d like to give a quick spotlight to all of our new community members who’ve joined us since the last marketing update, Welcome! We’re happy to have you here and we hope you are satisfied with the level of service we have provided to you thus far. We are constantly looking for ways to improve our project and to make our users’ experience smooth and seamless.
As most of you know, we at Verge would love to make it to a point in the future where you can pay anywhere, for anything, while preserving your transactional privacy, using Verge.
“It’s easy to attack and destroy an act of creation. It’s a lot more difficult to perform one.” — Chuck Palahniuk
One of the key elements to our strategy for this year is to listen & make informed decisions. We’ve been doing our due diligence to listen to our community members as well as our partners to absorb valuable feedback from every angle possible.
That being said we know that using only Twitter & Medium as our primary channels for announcing developments & general updates has cut out a large majority of people who may not be members of these platforms. As such, to combat this, we are working to get all of our relevant articles, announcements, and relevant information onto one consolidated platform, where anyone with a web browser can access everything we post, easily.
For now, we will be utilizing Zendesk and some initial information is already live and available for you to see. Keep in mind this is a work in progress, and if you see something we’ve missed or needs to be added please send a direct message to @3wizzlesticks on Twitter.
Bellow are a series of quick links to help quickly guide you to relevant information available on Zendesk.
It’s also worth mentioning that we are working on a potential in-house solution to act as an addition to our main website, similar to a blog-style news segment on which we may transition to in the future depending on the feedback we receive revolving around Zendesk.
We know you’ve all come to expect a development update every two weeks (or so ) and while we strive to continue and provide this content to you, it can also be challenging for our developers to find the time to focus on writing down everything while simultaneously handling change management across our suite of available software implementations.
We suspect our community would rather know that our team is working hard to deliver software vs. writing down every little nuance that occurs in order to generate an write up. Much like most of you will probably agree, it is more exciting to see larger & more impactful development updates full of juicy content rather than shorter, not so in-depths updates*.
*Be sure to smash that clap button if you agree with this sentiment.
Regardless, If you’ve missed out on the latest happenings please take a moment to check out whats been happening thus far by following these links:
In this segment we’re going to list out the most relevant updates with regard to our efforts on here on the marketing team.
Gil Linster has his first US race with a new car and new graphics!
e-Sports & Upstate racing are getting ready for the upcoming season
An add that ran in Blockchain Business Magazine:
Large Board Sports retailer BoardWorld starts accepting Verge:
Nice investment article written by our very own team member Stuart:
Now for the moment you’ve all been waiting for… Let’s get EDUCATED BITCHES!
One of the topics of interest that has been expressed by several individuals inside our community and just in the financial industry in general is the following:
“Speaking in the terms of financial transactional cost analysis, what incentives exist to encourage people to utilize a blockchain based payment solution over a traditional fiat solution.”
While this is an excessively open ended question that can lead into chaotic diatribes among participating parties, I thought it would be cool to try and simplify the topic and summarize my personal thoughts on the matter.
First of all, lets get one thing straight — There is no such thing as real-time electronic methods of transacting payments in the traditional financial system. Credit card, Debit, and general banking transactions, while instantly record — take several days to actually “process” funds which are then exchanged between two parties; a sending financial institution and a receiving financial institution.
To better visualize this as you can see from the chart below, traditional means are excessively inefficient when it comes to clearing monetary denominations in a quick fashion.
As a side statement it is worth noting that while these existing methods are slow to actually execute the exchange of cash, there are some instances where this method is applicable.
For example, If Marvin is sending Swen a sizeable wire transfer of ≥ $500,000.00 from all the money he made selling the top, there are protections in play such that depending on the geolocation of where the transaction took place — this money could be recovered in the event of an injected/intercepted/fraudulent attempt from a third party to take all of Marvin’s hard earned ponzi money.
This would be one of the only benefits when you compare an instant transaction with a crypto currency outside of a 3rd party contract or smart contract; you’re basically screwed if your monies get taken.
Furthermore, let’s get down to the meat & potatoes of this question. The following segment shows real world values based on one of our team member’s companies whom actively utilizes crypto currency based payments and is able to provide real percentage based fee comparisons:
· Fiat to Fiat fees: In Europe it is ~3%
· Fiat to Crypto exchange fee: Coinbase has 1.5%. Not sure about the others
Transactional Transition Times:
· Fiat Domestic Tx period: 1 Working day
· Fiat International Tx period: 2+ Working days
International & Domestic Fees:
· Fiat domestic transaction fee: 0%
· Fiat international transaction fee: ~3%.
· Western Union tx fee: 5%
· Crypto tx fee: 0,001$ / Tx
· ATMs: Mostly 0%
· BTMs: 6–9%
As you can tell by the above stated information, it’s fairly obvious (depending on the situation & outside of BTM’s) that crypto opens the doors for smoother, faster, and cheaper transactions which ultimately is what makes blockchain based payments* the better solution.
Situations will vary depending on the blockchain (e-cash/digital currency) that is being used to conduct the transaction.
While this is an extremely brief overview of a much larger topic, I hope you’ve enjoyed reading this blurb and hopefully you learned something new.
Not much, but here’s a pic of Lloyd’s Great Dane who’s not been feeling well this week so lets show her some love.