Blockchain

Trade Virtual Currencies with your 3D avatar @SnapSwap

Of late, there has been a phenomenon that has caught the attention of every trader, broker, or anyone involved in currency market and even the companies like McAfee (software security company). It is the proliferation of virtual currencies over the cyberspace. SnapSwap aims at leveraging the online gamers and enthusiasts who would be more than willing to connect to whole gamut of new players available in the digital arena and would love to spend time with each other.

Snapswap was established in May 2012, and develops & operates services in the virtual currency space. The biggest challenge with the use of these virtual currencies is the anonymity of the user. And whenever one is close to identification of users of the same, they change the business altogether. Virtual Currencies as of now are primarily being used in the field of gaming, online gambling and social entertainment. Despite all its fallacies there are people and organizations which are trying to make maximum use of this ‘skeptical’ business opportunity in a legitimate manner.

Snapswap promises to provide a safe, fun and easy way to provide game developers with new ways to attract players and generate revenues. How is Snapswap different from others? It is unlike other currencies rather it is a platform that facilitates the trading of online currencies. It is a virtual currency exchange platform. The price of any currency is defined by standard economic principles of demand and supply. The company says it is a registered PayPal member and IMVU (another virtual currency) reseller.

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Some features of SnapSwap's Platform:

  • It is quite an interesting way where a user employs an online 3D avatar to his/her credit. Once he/she is interested in any purchase, using PayPal exact amount will be transferred/credited to the avatar’s account (again anonymity of the user is maintained). 
  • It works more or less buying and selling of stocks in the trading market. Once the request to buy certain amount of credits is sent through the paypal, the request goes to the market and waits for another player to come and sell on specified price. 
  • The process can be initiated by clicking on BUY button and similarly if one wishes to sell credits, one needs to start by pressing the SELL button. 
  • Users need to deposit the credits they have and wish to sell in the market. They can also sell the credits at a better offering for which the users need to wait in the online market for a better offer to match the offering they have given/offered to sell. 

SnapSwap recently became the first gateway for Ripple Labs in the U.S. Users can top up their Ripple wallet with USD via SnapSwap and buy XRP (Ripple Currency). Send a request to support@snapswap.us, and users will receive an invoice with bank account info. They can use any online or offline payment service to transfer funds to SnapSwap's bank account. The USD amount minus standard commission will be posted to your Ripple wallet on the same business day as their transaction is posted to SnapSwap's bank account. You can read Lets Talk Payments article on Ripple.

Though there have been attempts to shut down virtual currency providers of the like of IMVU and Liberty Reserves, one can’t simply do away with them. The only thing that can be maintained is Caveat Emptor!

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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