What is VersaCoin?
Quite simply, its money. Money that you control and maintain without its value being manipulate or diminished by a centralized agency or government. A currency note is just a piece of paper that a society accepts as a method of payment for goods or services (commerce).
There was a time when that note represented an amount of gold or silver, but those days are long gone. Instead, it is a “promise” that a centralized agency is backing it, but what is it backed with? Instead, these same agencies just print more notes as time passes and they need more money. Every time that occurs, the “value” of the notes you hold diminishes. That is where inflation comes from. This is a very in-depth concept but as the user of the money, its simple. Your buying power keeps going down over time.
VersaCoins are created by way of a defined set of rules that can only be modified if the majority of all users (globally) agree to make any changes. This comes through “consensus”. Additionally, VersaCoin has a fixed supply and circulation. Unlike a centralized agency, which can “expand” their money supply at any time, VersaCoin will never create more coins than the coin rules define.
This creates a scarcity (like gold and silver) and over time, the value of VersaCoin will increase. When was the last time you put some currency notes in a drawer and they had more buying power over time? Just the opposite occurred, thanks to inflation and the ever expanding money suply.