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Competition in business with cryptopayments: participants need ratings

Over the last few years, the market of cryptocurrency payments has vigorously developed, including due to the fact that business communities have appreciated the advantages of settlements in virtual coins. Every year, the volume of transactions grows; many businesses and corporations all over the world are massively implementing cryptopayments, as this method of transfer of funds is cheaper and more protected than the means of settlement offered by the bank system.

Problems with counterparty verification: "toxic" coins, fake firms

It has been a long time since cryptocurrency has been gladly accepted by companies offering expensive products: real estate, boats, say nothing of businesses dealing with everyday products and offering various services. In some countries, taxes, property insurance can be paid for with cryptocoins, as well as loans can be taken out in cryptocoins. However, there are some factors that do not allow some companies to assimilate into the global cryptocommunity. These are:

  • Difficulties with counterparty verification - working with unverified clients can cause losses and even problems with the law.
  • A consumer willing to pay with cryptocoins, in its turn, has to be sure that it will really receive a product or service of the required quality and generally that it will really get what it has paid for.

Thus, business needs a mechanism allowing for verification of transaction participants. In addition, each company wants to win competition with rivals working in the same niche and that is why a system of assessment of their activity is required – objective ratings reflecting honesty and allowing for assessment of the quality of services.

Risks of acceptance of cryptocoins from unverified counterparties

So, what are the risks associated with cryptocurrency payments in business? First of all, it is the risk of receiving as payment "toxic" coins – coins that were used in illegal transactions, for financing terrorist organizations, in drug trafficking, for buying weapons, etc. In a blockchain of each of the cryptonetworks, any user can track the path of each coin, beginning with its coming-into-being, say nothing of law enforcement organizations.

Thus, the holder of such coins stands a good chance to answer sooner or later quite tough questions from the police. Even if he or she does prove his/her noninvolvement in illegal activities, the fact alone may do serious harm to the businessman's reputation on which his/her business' success depends in many respects.

Ratings' necessity for competition

Basically, an opportunity to secure a reputation for oneself that determines the degree of consumers' or potential partners' confidence in the company, an opportunity to compete efficiently is what a business willing to get a dripping roast - audience of the global cryptocommunity - lacks so much.

Faceless wallets tell nothing about who is behind them. In relation to a consumer, a businessman who has entered the market just today and a company that has provided its services for decades are in the same position. And, perhaps, it is not a businessman or company that stands behind the wallet but an ordinary fraudster who accepts coins, having no intention of giving anything in return?

To gain a fair competitive advantage, a system of assessment of business of individuals and companies that deal with cryptocurrencies is necessary. The rating systems that exist in today's business and can provide consumers any information on suppliers are quite subjective. Internet resources specializing in ratings often cannot provide an understanding why one company holds a higher step than another one. In addition, ratings often contradict one another, which evidences the subjectiveness of assessments but not their impartiality.

Vivigle is a system of objective ratings for cryptocurrency business

A system of cryptocurrency ratings already exists; Vivigle service is the rating of individuals, companies, their cryptocurrency accounts that provides users an opportunity to receive analytics of each wallet, assessing its activity and, moreover, this applies even to wallets of unregistered users.

The developers have created and implemented a complex system in which numerous parameters are taken into account, such as based on wallet balances, activity in transactions, confidence and professionalism rating, and a few tens of parameters more that the developers do not want to disclose. All of these are an objective rating that cannot be forged, because each transaction, all agreements related to it, smart contracts and comments to the transaction are recorded in the blockchain.

Vivigle is an analytical center of all opened wallets in a blockchain and will help you to decide on many positions, beginning with who you are going to deal with and ending with the established rating determining the counterparty's performance. Companies that will sell goods and services for cryptocurrency should proceed from the history of cryptoaccounts and know who they deal with, as well as have their own reliability rating, as consumers want to know if they will get the ordered service (or goods) and if they will be of a proper quality.

Any user, when entering a crypto wallet in the search box of our resource, can get complete analytics on each wallet created on the planet, namely Big Data, for 4 key crypto currencies - Bitcoin, Bitcoin cash, Litecoin, Ethereum and, by the end of 2019, for the rest of the coins.

Based on these data, our system assigns a rating to each wallet and, according to the received characteristics from the resource's intellectual system, the activity of each cryptoperson on earth is derived. Trust based on an objective rating is the future of a business dealing with cryptopayments.

Join Vivigle and free yourself of futile worrying when choosing a company you want to deal with, position yourself to an audience of potential clients as a partner one can really trust!