VCoin unlocks the full potential of IMVU’s virtual economy by adding a robust service economy to its digital goods economy. VCoin is based on the widespread Ethereum blockchain and is an ERC20 token that can be traded both on the IMVU platform and, for the first time, outside the platform.
VCoin is available now for the IMVU desktop, mobile web, and web platforms. It integrates seamlessly with the IMVU experience and enables secure and global peer-to-peer transactions with one click. IMVU has 7 million monthly active users who exchange 14 billion credits per month and participate in 27.5 million unique monthly transactions.
The market today has more than 50 million products, with the catalogue growing by 400,000 items a month. With the introduction of VCoin, users can now pay for goods and services on the platform – No complicated crypto wallets or even bank accounts are required, and then convert your earned VCoins into cash at a set rate.
VCoin is a new digital currency that was developed for the Metaverse and was launched on the IMVU platform in January, building on the Ethereum blockchain and the ERC20 standard, which will benefit users, and all participants in the virtual economy.
It opens up more possibilities: users can buy, earn, exchange, and thus transfer VCoins for the first time within the IMVU platform, off the shelf and convert it to cash. A verified VCOIN wallet has been verified and linked to your Uphold account.
To create your Uphold account and link it to IMVU, click here. What is an unverified wallet? An unverified VCOIN wallet has not been verified and linked to your Uphold account. Wallets that have not been verified cannot withdraw VCOIN from IMVU to your Uphold account and therefore cannot be exchanged for cash, other cryptocurrencies, or with other crypto holders.
How does VCoin work?
VCoin is a blockchain-based digital currency backed by a massive user base (Ethereum) and a thriving economy launched on the IMVU platform. Blockchain is the transparent and secure digital ledger that enables a unique identification of objects, and blockchain technology is the foundation for cryptocurrencies, which are digital forms of money created by all types of businesses.
Ethereum has become popular because of its unique features (such as the ability to create smart contracts or set specific rules for using the currency) and its wide support, among other things. Payment is easier with VCoin.
Users can send VCoin to anyone else on the platform, and you can also convert it to real money through Ethereum cryptocurrency wallets. Several companies have their proprietary payment systems, but these are limited. Their coins only work on their platforms and it is quite difficult to convert these coins into cash.
Policies limit how often you can withdraw cash or maximum amounts. To transfer money between states, service companies must have licenses for each state, much like a company like Western Union.
The same applies to international money transfers. if VCoin were a security-like stock, it would have required much of the disclosures required by publicly traded companies, such as selling only to accredited investors who know what they are doing and the SEC issued a “letter for the third time in its history. VCoin is being sold for 250 VCoin for $ 1 or $ 0.004 per VCoin.
Users can buy, transact and trade VCoin on IMVU Earn and simply transfer VCoin from the platform to an open digital wallet, send it to any ERC20 wallet or convert the original to Fiat purchase price minus the transaction fee.
IMVU has created an economy where users can easily get real value from the tokens they are playing with. Unlike credits, users can convert VCOIN into real money without participating in the earn money program.
At IMVU, users can collect and submit VCOINs for all types of digital services, such as badge creation, editions, streaming services, or just as a gift. VCOIN is not tied to a single platform. Although it comes from the IMVU economy, users can also transfer and convert it to cash outside of IMVU.
How can one buy VCoin?
Anyone looking to buy and give away VCOIN can do so on IMVU Desktop and IMVU Next Use Add-On Image Yes, VCOIN is widely used in the US and more than 150 countries. Some states and countries cannot purchase or transfer VCOIN outside of IMVU.
However, all users can still send and receive VCOINs from other users while on the IMVU platform. You can only buy VCOIN on IMVU Desktop and IMVU Web
How safe is VCOIN?
VCOIN is an ERC20 token on the Ethereum blockchain. Ethereum is the most widespread and most secure blockchain network in the world. IMVU has also put security measures in place for your account to ensure your safety.
With two-factor authentication (2FA) and Keep Account Verification, VCOIN is securely stored in your VCOIN wallet.
What is unique about VCOIN?
To date, there are no other cryptocurrencies that offer the simplicity and value of VCOIN, and this new technology is available on IMVU, launched into IMVU’s massive economy.
We believe that it can change the nature of the digital and virtual economy by allowing more users to earn on IMVU and beyond, VCOIN is unique in that it is a cryptocurrency that does not require complicated cryptocurrency to be built into IMVU and can be easily purchased with a credit card and used immediately.
Users can also transfer VCOIN outside of IMVU with just a few clicks, opening up the endless possibilities for cash, exchanging with other cryptocurrencies, and using it on other platforms.
On which platforms can VCOIN be used?
At first, IMVU was the only platform on which users can transact with VCOIN. Users can buy, give away, and withdraw VCOIN on IMVU Desktop and IMVU Next.
You can also give away and withdraw VCOIN as well as access your transaction history through IMVU Mobile (Android and iOS). This enables users access to the new offer.
However, VCOIN can also be taken off the platform and traded with other cryptocurrency holders or used via Uphold to pay for services outside of IMVU. VCOIN can be used and accepted in many games and virtual communities in the future.
How can I withdraw VCOIN to my Uphold account?
The withdrawal process for VCOIN requires that both your account and VCoin are eligible for withdrawal. For your IMVU account to be withdrawn, it must have the following: Two-factor authentication (2FA) to link to your Uphold account.
For your VCOIN to be withdrawn, it must be in your VCOIN wallet for 30 days. Once both your account and your VCOIN meet these requirements, you can make a withdrawal. You can withdraw 1250 VCOIN. When you request a withdrawal, there is a 35 day processing time for our team to review your request.
Once your request has been approved, you will receive a notification informing you that your VCOIN is now in your Uphold account. From there, you can convert your VCOIN into cash. Please note that there is an “Exit” transaction fee of 10% with Uphold.
How to Buy VCOIN
Currently, you can only buy VCOIN on IMVU Desktop or IMVU website. To buy VCOIN, log into IMVU Desktop or IMVU and click on your VCOIN wallet. to bring up the purchase popup. Select one of the package options to purchase VCOIN.
To go directly to this purchase page, click here. Currently, you cannot buy VCOIN directly from IMVU Mobile. To be directed to purchase VCOIN from your mobile device: Tap your VCOIN balance in the top right corner of the app’s home screen, then tap the VCOIN button in the top right corner of your transaction history.
You will receive a message asking you to visit the Help Center. Once in the Help Center, tap on More Info and then tap How to Buy VCOIN. You will see a link to go straight to the purchase page. Tap to view the VCOIN call option. You can also buy VCOIN through your browser to get to the IMVU web page.
Just open your browser and go to www.next.imvu.com and then tap your VCOIN balance in the top right corner of the home page. From here, tap Buy and select one of the package options once the Buy VCOIN pop-up appears. After purchase, it will appear in your transaction history:
How to send VCOIN
There are two ways to send VCOIN through the VCOIN wallet or the gift module. As long as you send VCOIN, your recipient will receive VCOIN immediately!
For IMVU Desktop or IMVU Web: To send VCOIN, log into IMVU Desktop or IMVU Web and click on your VCOIN Wallet. Click Send VCOIN and select or enter your recipient’s username. Enter the amount of the gift by choosing one of the options below, or enter the amount you want to send. Add a note to personalize your gift and hit send VCOIN.
Via the Gift Module: To send VCOIN, log into IMVU Desktop or IMVU Next and click Send Gift on the main page. Click on VCOIN and select or enter your recipient’s username. Enter the gift amount by choosing one of the options below, or enter the amount you want to send. Add a note to personalize your gift and hit send VCOIN.
The minimum amount of VCOIN you can send is 20 VCOIN. Your recipient will receive the full amount minus 5% when sending. Please note: all transactions are instant and final. VCOIN has real value, make sure to send VCOIN securely and trust the person you are sending it to.
Please check the recipient’s name and amount before sending VCOIN. Once VCOIN has been sent, you can no longer cancel the transaction. You will only get it back if the recipient who sent it sends it back. You can also send VCOIN via IMVU Mobile (Android and iOS)! Simply tap your VCOIN balance in the top right corner of the app’s home screen. Here tap on Send to select your recipient.
How To Create an Uphold Account
To create an Uphold account, do the following:
Click on the VCOIN icon at the top right of your screen next to the Credits icon. Your VCOIN balance will be displayed.
Click the Withdraw button. A message will be displayed listing the requirements to withdraw VCOIN, including linking an Uphold account.
Click on Continue. You will receive a message to link an Uphold account.
Finally, having something like VCoin is important as the Metaverse is not expected to be a single world run by a single company. It’s likely a collection of virtual worlds, all of which are interconnected in such a way that travelling between worlds becomes easy and seamless.
- Venture Beat – IMVU launches transferable digital currency