FAQ

Veightpay™: What is it and why is it important?

Veightpay™ is a solution that provides individuals and businesses with white-label financial services. Financial transactions are executed through Veightpay™ using our digital currency known as VeightCoin™. Veight Coin™ is accepted by multiple merchants and sold by multiple agents globally, making it the most convenient, fastest and secure way to execute cross-border payment and money transfers with the lowest charges and restrictions. Users can also use VeightPay™ to pay for products and services, reach new markets, send money to their loved ones anywhere in the world, and earn a living. Veightpay™ provides a secure platform for all these.

What is Digital Currency and Virtual Currency?

Digital Currency and Virtual Currency have the same meaning. They are simply digital commodities that enable users make secure online transactions at their convenience. A user can create a digital wallet on any digital currency platform and this digital wallets enables them store, send and receive virtual currencies.

Who developed VeightPay™?

VeightPay™ was developed by VCIU®.

What is a VeightPay™ wallet?

Just like the name suggests, a VeightPay™ wallet is an application that store, send and receive VeightCoin™. You can think of it like you would a leather wallet full of physical cash, and basically that’s all you need to use VeightCoin™ wallet to do. Also, some merchant platforms have features that add value to your VeightCoin™ using experience.

What is VeightPay™ wallet ledger?

VeightPay™ wallet depends on the Ledger that records transactions. The Ledger is a vast distributed record of transaction executions in a VeightPay™ wallet. It keeps track of every transaction made in the system, and all transactions are time stamped. Every transaction on the system is completely transparent and accounted for in its log. Users can also view a record of all their transactions under Transaction Records section.

What is VeightPay™ MarketPlace™?

VeightPay™ MarketPlace™ is an exchange provided for VeightPay™ Users to conveniently buy and sell VeightCoins™.

What can VeightPay™ do?

The VeightPay™ protocol can change the financial transactions framework we see today in money driven markets. The protocol can help small businesses and individuals avoid and overcome the hurdles, limits, difficulties and challenges posed by conventional payment processors and money transfer services. The digital currency application is just the beginning of the evolution of global financial services.

What are the fees involved using VeightPay™?

Fees for purchasing or selling VeightCoin™ may vary depending on the account type and method of transaction.
Please check the table below to view available commissions for your transaction type.

How does VeightPay™ transactions work?

VeightPay™ transactions works in five (5) ways and they are as follows;

1. Standard or Merchant Accounts purchasing VeightCoinsTM from Agent:
   From the Agent’s Account dashboard, there will be a "Sell VeightCoins™" button, clicking on this button will open the VeightPay™ MarketPlace™ sale order form, through which an agent can fill and advertise VeightCoins™ holdings for sale on the VeightPay™ MarketPlace™. Immediately a User sees a VeightPay™ MarketPlace™ listing that they are interested in buying, the User is to click on the "Buy Now" button. Once this is done, the buy form will be opened where the user can state total amount of VeightCoins™ that they are interested in buying from the Agent and then click the submit button, Immediately the submit button is clicked, The amount of VeightCoins™ stated by the user for purchase is automatically "Locked" by the system and subtracted from the Agent Accounts total available holdings for 6 hours, (this means that this amount stated by the buyer, is removed from circulation from the sellers wallet and held by the system, the seller can no longer access this amount of VeightCoins™ until either the transaction is completed, cancelled, or expired).
   Both the buyer and seller receive notifications. On the buyer’s notification of intention to buy, a summary of the transaction is also included
2. Agent purchasing VeightCoins™ from Standard Account:
   Standard Account must manually complete their VeightPay™ MarketPlace™ listing by filling the VeightPay™ sale order form, which can be accessed by clicking on the "Sell VeightCoins™" button present on their dashboard. Immediately an Agent sees a VeightPay™ MarketPlace™ listing that he is interested in buying, the Agent is to click on the "Buy Now" button. Once this is done, the total amount of VeightCoins™ listed for sale by the Standard Account, plus the stated commission in VeightCoins™, is automatically "Locked" by the system from the seller's wallet for 6 hours. (This means that this listed amount for sale by the seller, is removed from circulation from the sellers wallet and held by the system, the seller can no longer access this amount of VeightCoins™ until either the transaction is completed, cancelled, or expired)
3. Agent purchasing VeightCoins™ from VeightPay™ system:
   Agent Account is the only type of account where the "Buy VeightCoins™” button can be seen on the Agent Account dashboard when logged in. Clicking on this button will open the "buy" form from which the Agent Account can use to buy VeightCoins™ directly from the VeightPay™ system and pay for VeightCoins™ bought through our payment gateway.
4. Agent selling VeightCoins™ to VeightPay™ system:
   Agent Accounts can also sell VeightCoins™ directly back to the VeightPay™ system at a charge of 3% fixed commission which is paid by the agent (This is as a last resort for the Agent Account if it wants to liquidate some of its VeightCoins™ holdings). This can be achieved by clicking on the "sell coins to VeightPay™" button which can be found on the Agent Account dashboard. Clicking on this button will open the form through which the Agent Account can submit a sell order
5. Merchant selling VeightCoins™ to VeightPay™ system:
   Merchant Accounts can only sell their VeightCoins™ holdings directly back to the VeightPay™ system at a charge of 3% fixed commission. This commission is to be paid by the Merchant Account.

How can i buy VeightCoin™?

1. Users (standard and merchant accounts) can buy VeightCoinsTM listed for sale by Agents on the the VeightPay™ MarketPlace, using the payment method (for example; bank account information) provided by Agents.
2. Agent Account is the only accounts that can buy VeightCoin™ directly from the VeightPay™ system using the payment method (for example; credit/debit card).
3. Merchants can only buy VeightCoins™ listed for sale by Agent from the VeightPay™ MarketPlace™ using the payment method (for example; bank account information) provided by Agent.
4. Merchants can also receive VeightCoinsTM payments for their products or service.

Can i sell VeightCoin™?

1. All Users can list VeightCoins™ for sale by posting a sell order on the VeightPay™ MarketPlace™ at a charge of not more than 2% commission of the value of VeightCoins™ listed for sale is to be set and paid by Merchant and Standard Accounts whenever a sale is completed successfully.
2. Only Agent Accounts can sell VeightCoins™ to to both User Accounts and Merchant Accounts and earn a commission of not more than 2%.
3. Merchant Accounts can only sell their VeightCoins™ holdings directly back to the VeightPay™ system by clicking on the "sell coins to VeightPay™" button which can be found on the Merchant Account dashboard at a charge of 2% fixed commission of the value of VeightCoins™ for sale. This commission is to be paid by the Merchant Account.

What is the value of a VeightCoin™?

Until VeightCoin™ becomes a dominant method for payments on platforms and currency exchange around the world, where its value will be subject to market forces of supply and demand. Currently, its value will be equivalent to the US dollar.

How can i trade VeightCoin™?

Online trading of digital currency is an emerging market and VeightPay™ offer services that facilitates trade between users on our platform. A user can trade VeightCoin™ by simply visiting VeightPay™ MarketPlace.

What can i buy with VeightCoin™?

You can use VeightCoin™ to pay for products and services globally at your convenience.

How to accept VeightCoin™ payment for your business?

It is easy for any merchant to accept VeightCoin™. Currently, only merchants who have been doing business for a period of 6 months with valid company/business name registration can accept VeightCoin™ payments on their website. Other merchants can create an online store, add products and selling.Prospective Merchants can follow the simple steps below to activate their account or contact customer support at Support@veightpay.com

Step 1: Merchants are required to register a VeightPay™ Merchant Account

Step 2: Merchants will be verified by VeightPay™ (verification duration is 24 hours)

Step 3: If the verification process is successful, Merchant account will be activated.

Step 4: Merchant can start receiving VeightCoin™ payments on their website.

VeightPay™ commissions are flexible and the lowest compared to other payment services, making it more attractive to global users. Integrating VeightPay™ API on your website can also help you grow your business by reaching and providing your service to customers all over the world.

What is double spending?

Double-Spending is the act of using the same VeightCoin™ twice. Our system protects against double spending by verifying each recorded transaction. The system ledger ensures that the transactions are recorded. This protocol makes each unique VeightCoin™ and its subsequent transaction legitimate. If a user tries to duplicate a transaction, the original deterministic functions would change showing the system that it is counterfeit and would not be processed.

What does “unconfirmed transaction” mean?

An unconfirmed transaction is a transaction in the system that the seller of VeightCoins™ has not yet confirmed. Typically, confirmation takes less than 6 hours. However, as the popularity of the VeightCoin™ increases, system confirmation times may increase quite a bit. This is due to the security mechanism we have put in place to protect and secure user transactions. There are solution in the works to deal with this issue, as well as round the clock discussions within the VeightCoin™ community and our team of researchers on the best way to go about this process. If a transaction fails to confirm after 72 hours, the VeightCoin™ will be sent back to the original sender’s wallet. This mechanism has been put in place to give users a memorable experience using VeightPay™ as their preferred choice for financial transactions .