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November 14, 2014
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Wauters pioneers use of cryptocurrency payments within the GPVWC
The bitcoinbonus started out as a small fun experiment for Wauters Automotive at the start of 2013, but has since grew to a distinct property of the Belgian team. The concept is very simple: drivers just have fun as they always do, and in case points are awarded, a small reward in the form of a few fractions of the virtual currency bitcoin are waiting at the finish line. With the bonus calculated to award roughly the value of a small beer in case of a win, the earnings are by no means big, but they are a fun extra treat for drivers that are interested.
In the 2014 season a total of 27 drivers scored points for the team, with the lowest paid driver earning around â?¬0,06 for two amazing points in SC, and the highest one racking up a bit more than â?¬5 after a successful campaign in the World Sport Series.
Teamboss Andreas Wauters explains the initiative:
"We started the little project two years ago because we wanted to do something special as an extra motivation and fun factor for our team. Because cryptocurrencies are something new, weird and exciting, we decided to give a small amount to our drivers depending on performance. It's been a lot of fun overall. Because of the digital and decentralized nature of the currency it has been extremely easy for us to use this technology for our project. We paid out 27 drivers from 15 different countries, the furthest one located around 4000 miles from our base, across the Atlantic ocean, and the youngest one being only 15 years of age."
"The size of the bonus doesn't matter either, since transaction costs are virtually non existent, making it as easy to send ten euro cent to your friend sitting next to you at the bar as it would be to send a thousand dollars in remittances to a poor family in South Africa. There is no bank taking a cut on every transaction, and no one to ask permission, making it the ideal tool for the small payments we are doing. The drawback of course is that the currency is very volatile and isn't the best store of value, losing or gaining huge percentages of it's value in short time spans."
The team is also set to donate around â?¬20 worth of bitcoin (at current valuations) to charity. This charity pool was filled over the season after a commitment from the team to save up a small percentage per point scored in Supercup, as well as drivers deciding to give a cut of their own earnings to a good cause.
Fifty percent of this pool will go to a yet to be disclosed community project within GPVWC, with the other half being donated to Sean's outpost, an organisation that provides food and shelter to homeless people, solely funded with crypto currencies.
In the 2014 season a total of 27 drivers scored points for the team, with the lowest paid driver earning around â?¬0,06 for two amazing points in SC, and the highest one racking up a bit more than â?¬5 after a successful campaign in the World Sport Series.
Teamboss Andreas Wauters explains the initiative:
"We started the little project two years ago because we wanted to do something special as an extra motivation and fun factor for our team. Because cryptocurrencies are something new, weird and exciting, we decided to give a small amount to our drivers depending on performance. It's been a lot of fun overall. Because of the digital and decentralized nature of the currency it has been extremely easy for us to use this technology for our project. We paid out 27 drivers from 15 different countries, the furthest one located around 4000 miles from our base, across the Atlantic ocean, and the youngest one being only 15 years of age."
"The size of the bonus doesn't matter either, since transaction costs are virtually non existent, making it as easy to send ten euro cent to your friend sitting next to you at the bar as it would be to send a thousand dollars in remittances to a poor family in South Africa. There is no bank taking a cut on every transaction, and no one to ask permission, making it the ideal tool for the small payments we are doing. The drawback of course is that the currency is very volatile and isn't the best store of value, losing or gaining huge percentages of it's value in short time spans."
The team is also set to donate around â?¬20 worth of bitcoin (at current valuations) to charity. This charity pool was filled over the season after a commitment from the team to save up a small percentage per point scored in Supercup, as well as drivers deciding to give a cut of their own earnings to a good cause.
Fifty percent of this pool will go to a yet to be disclosed community project within GPVWC, with the other half being donated to Sean's outpost, an organisation that provides food and shelter to homeless people, solely funded with crypto currencies.
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