You are here: HomeWallOpinionsArticles2015 05 24Article 359293

Opinions of Sunday, 24 May 2015

Columnist: Dzokoto, Divine Sewornu

Using cryptocurrency to inject massive capital into sports administration ...

.... in Ghana, an experiment, a reality or a big joke?

By Divine Sewornu Dzokoto

Abdul Wahid, relatively unknown, is a footballer in Ibadan, Nigeria. In December last year (2014), he tried to remit some cash to his mother in Ghana. He weighed all the options available to him at the time till he settled on one. The money was sent alright but he ended up paying 29% as transfer fee. That was way too high.

In the world of cryptocurrency, this exorbitant transaction fee could have been avoided. The reason is that transactions are made with no middle men. This means, no banks are involved.

You are probably wondering, "What is a cryptocurrecy?" A cryptocurrency is a digital currency which uses encryption techniques to regulate the generation of units of currency. calls it a medium of exchange using cryptography to secure transactions and control the creation of new coins. Crypocurrency is different from fiat money like the US dollar. While fiat money is backed by a promise, cryptocurrency is backed by mathematics since they are created by running a computer programme that solves mathematical equations. This is called “mining”. Any computer can participate, but the more power your computer has, the faster it will go. In other words, the more coins you will get as a reward.
The first cyptocurrency to emerge is called bitcoin (BTC). It was created by an unknown developer called Satoshi Nagamoto. Bitcoin is described as a system of payment in which all payments are recorded in a public ledger. The U.S Treasury department has described bitcoin as a decentralised cryptocurrency. Learn more from
The intention of this article is to show how bitcoins, from an insignificant beginning, created multi millionaires just a few years after launch. It will lead readers to the conclusion that, only a huge injection of capital can enable a newbie to make any meaningful profit from bitcoin. It will then introduce readers to another cryptocurrency that is similar to bitcoins. In fact, it works on the same code as bitcoins and has the potential of bringing massive wealth into Ghana sports and the lives of individual people. That coin is called virtacoin. The article will coach people on how to create their own virtacoin wallet and store coins in it either by buying it or getting free on the internet. Then it will show readers where and how to convert virtacoins into cash and withdraw at any MasterCard enabled ATM anywhere in the world. Finally, it will show how various Sporting Clubs, sports associations, sports newspapers can use virtacoins to inject a lot of capital into their sports business.
In the early days of bitcoin, a man used 10million bitcoins to buy a piece of pizza. It was that cheap. There was little value. Later, the price of one bitcoin rose to $1200.00. Today, the price is hovering around $230.00/240.00 per botcoin. 10,000,000 bitcoins would have fetched a whopping $2.3 billion. There are a few ATMs in the U.S. where one can cash bitcoins. Those who heard about bitcoins at that time and took advantage of it became multi-billionaires and millionaires. Anybody who had 100,000,000BTC became a multi-billionaire when BTC hit $1200 per coin.
The bitcoin windfall has eluded a big chunk of the world's population. However, one can still make money either by buying BTC and holding it till the value goes up or by trading in it, that is, buying and selling. There are a few merchants in Ghana buying and selling bitcoin. One needs a lot of money and patience, however, to make money from BTC at this point.
Over the past seven years, many cryptocurrencies have emerged. Many of them appear and disappear or become dormant. There is over 800 cryptocurrencies in the world today but only a hand full is doing well in terms of value and acceptability. Bitcoin is the most valuable of all the cryptocoins available currently and even though its value has dropped in recent times, it has currently the highest level of acceptance than it had previously.
The only other cryptocurrency that has the potential to hit it big, in the opinion of experts in the world of cryptocurrency, is virtacoins (VTA). It is a new digital currency that enables instant payments to anyone in any part of the world. It also uses peer-to-peer technology, like bitcoin, to operate. It has no central authority: meaning managing transactions and issuing money are carried out collectively by the network. The open source software which enables the use of this virtacoin currency is called virtacoin core.
The technical specifications are:
1. Scrypt: proof-of-work algorithm
2. 60 seconds block time target
3. 21billion total coins
4. 8000 coins per block, reduces by 0.5% each week starting from 6th June 2014.
5. Difficulty retarget every 1 block
Virtacoins was launched on 1st July 2014. It works just like bitcoin. In fact, it is based on the same code as bitcoin. The creators of both bitcoin and virtacoin are unknown. A bitcoin address can accept virtacoins because the addresses are similar, if not the same. It is being speculated that the creators of bitcoins are behind the creation of virtacoin. This is unconfirmed.
Where can one keep his/her virtacoins? Virtacoins are kept in a wallet. One can download the virtacoin wallet from there, look for and download, then follow the instructions to install it. This version is only for PC. You can download for Mac from You can only install onto your laptop or desktop. The mobile phone version of the wallet is yet to come out, in around August or September 2015. The desktop wallet will take a lot of time to synchronize; one must have the patience to wait. After that you just login and copy your VTA address with which you can receive virtacoins from anywhere around the world. The desktop wallet takes a very long time to synchronize but it is the safest. One can also open an online wallet at Though not as safe as the desktop wallet, it is fastest way to create a virtacoin wallet. You sign up and your wallet is created. You can then copy your address and start to receive virtacoins.
You may write to the and request for your Personal Identification Number (PIN). That is the PIN you shall use to withdraw or spend your coins in the future. Also write to the admin to configure your virtacoin address to receive bitcoins. You need this configuration to be able to get free virtacoins on the internet. There is a community of virtacoin users who can help you to solve any problems you might encounter while setting up your wallet or doing anything concerning virtacoin. You will find them at or
Now that you have your virtacoin address, you need to load it with VTAs. You can buy VTAs from online exchanges like,,,, or You may also go to, login and by virtacoins with paypal, Egopay, Skrill and bitcoins. You can also mine VTAs with your laptop. As said earlier, mining refers to the process of running computer programmes that solve mathematical equations and getting rewarded for ones services in virtacoins. You can even scavenge for it on virtacoin or bitcoin faucets. You can also buy with cash in your country. Just goggle 'buy virtacoins in ... (your country).' For example, "Buy virtacoins in Ghana” or “buy virtacoins in Nigeria”. Many options will come for you to choose who to buy from. You may go to virtacoin services at to buy. In Ghana, one can get virtacoins for between 100,000 to 200,000VTAs for $1.00 = GHc4.50.
One can also get virtacoins absolutely free. First ensure that your online virtacoin wallet at is configured to receive bitcoins (write to for assistance). Copy your virtacoin address to your clipboard. Go to and sign up pasting your virtacoin address into the bitcoin address slot. You may claim 0.0000800 bitcoins every hour. You can therefore get about 0.00008000 bitcoins a day if you claim ten times. When you withdraw your bitcoins, it is automatically converted into virtacoins by the system and deposited in your wallet. You can also do the same thing at and claim about 0.00006000 bitcoins everyday. In about one month, you should get over 100,000 or close to 200,000VTAs. You can stop there and watch as the value increases. That is big money if virtacoin hits $1.00 per coin. The fastest way to stock virtacoins, however, is to buy them cheap.
Just in case you bought 100,000VTAs at GHc4.50 or got them from the bitcoin or virtacoin faucets, it is of no real value, for now. However, if you keep it till the value rises to just $1.00, $0.50 or even $0.20 per coin, and then you are $100,000, $50,000 or $20,000 rich, as the case may be, for doing what, for lifting just a figure? In the early days of bitcoin, a man bought two pieces of pizza with 10,000,000 bitcoins. In the course of the history of bitcoins, the price had, at a point risen to $1200.00 per bitcoin. Even now, at $230 plus per bitcoin, 10,000,000 bitcoins is still huge money. Today, a 12" diameter pizza costs $9.95 in the U.S. That can translate into about 2,487,500 virtacoins. Would you like to buy a pizza with your virtacoins or keep it for it increase in value?
The question is, would you like to buy and hold GHc4.50, GHc45.00 or GHc450.00 worth of virtacoins? As you read this article up to this stage, be it known to you that, as a Ghanaian, you have the greatest opportunity to inject great capital into your sports club's finances. At the individual level, it is a good opportunity to, one day; donate those sports equipment to your favourite club. It is also an opportunity to start that sports project you always dreamed about up until this time. The opportunity is huge and the possibility is endless.
How can these virtacoins be turned into real cash? Let it be known to readers that as you read this article, virtacoins can be cashed at any MasterCard enabled ATM all over the world. One can also use it to buy at any Point of Sale Terminal anywhere in the world. The card being used is the Neteller Net+ prepaid MasterCard. (Check here to see the list of countries where neteller is available. How do you get the card? First sign up at and activate or validate your account. After your account is set up, you can now apply for Net+ MasterCard. There are fees and charges by
You can fund your neteller account with your bank account. You can also fund it with your virtacoin balance at by using the Net+ option. When one clicks on the Net+ option at, one would see the dollar equivalent of one’s balance. There are plans to add Skrill MasterCard in the future.
Why must one use virtacoins? Virtacoin transactions are executed without any middleman. No banks are involved. There are no transaction fees. The cost of transferring coins is absolutely free. Another reason is that, virtacoin is not tied to any country or subject to any regulations, so international payments are easy and cheap. It is easy to remain anonymous when spending virtacoins. One cannot be forced to reveal his or her identity. Finally transactions cannot be traced back to you. There is also transparency. Every transaction is recorded in a public ledger and must be confirmed many times before it is ready to be spent. For sports clubs, virtacoins makes the payment of players easy, whether they are home or abroad. Nobody has to carry a plane load of dollars across the globe to pay players. For individuals in Ghana and elsewhere, this is a great opportunity to inject unmerited supper capital into one’s life?
When would a high value for virtacoin be attained? Those who watch virtacoins and bitcoins have discovered that at one point, bitcoin and virtacoin would meet in one protocol/tunnel. In other words, the two coins would integrate.
Bitcoin started with core version 0.1/0.8 using protocol 70001. Virtacoin started with protocol 70002. Bitcoin has now moved to version 0.9/0.10 also using protocol 70002 like virtacoin. This puts the two coins in the same protocol. Expects in cryptocurrency believe that at some point, bitcoin and virtacoin shall integrate. When this happens, they believe virtacoin would jump in price many times higher.
The integration was first expected on 25th April 2015. At about 3pm GMT on that day, the bitcoin network was 353660 and that of virtacoin was 353647, just a difference of 13. The integration means the two coins should lock into one. If this had happened, the network value of virtacoin would have jumped to between $20.00 and $0.50. This would not have been too much of a surprise because even in the first two months of virtacoins, the price of virtacoin shot up to $0.17 before coming down again. This would have made millionaires or even billionaires out of people who have already acquired a lot of virtacoins. Just like how the bitcoin windfall eluded many, the virtacoin windfall would have eluded many. So would you like to miss out like people missed out on bitcoin and are now licking their wounds or would you like to get a few virtacoins and hold it for a future opportunity to become a millionaire?
What if the two coins never integrate? There are 9.9billion virtacoins in the open market and there is a huge scramble for them. Only about 21billion or a little less virtacoins would ever be generated by “miners”. When virtacoin finishes on the market, the forces of demand and supply would let the price rise, probably, a little at a time or could be sudden, but surely up.
I have told you the success story of bitcoins. I have also told you about virtacoins, the twin brother of bitcoins and the huge opportunity it holds in its belly. I have shown you how to open a virtacoin desktop and online wallet. I have told you how to buy virtacoins into your wallet or even get them absolutely free. I have shown you how to convert your virtacoin balance into dollars and cash them, in any local currency, at any MasterCard enabled ATM machine in the world. I have told you about virtacoin rising to $.17.00 in the first two months of launch and explained to you how one virtacoin nearly jumped to $0.20 or $0.50 on 25th April, 2015. I have told you that virtacoins can still be bought for a song.
Whether you take cryptocurrency as just an experiment, a reality or a big joke, you may be right or could be wrong. There is enough information for you to see what it is and what it can possibly be. The choice is entirely yours.