What is FirstCoin?
FirstCoin was founded on a great overall concept. Above all, it builds on the principle to which mining pools were created. While spending time away from your own PC, your own account balance is increasingly changing, as community mining takes place.
In this respect, there are some parallels between FirstCoin and the well-known Bitcoin. In some places, the developers even go one step further.
A Community That is Not Just Users
The developers are aware of the fact that a large and active community is important in ensuring the survival of a cryptocurrency. Since the coin is usually worth $1 to $2, it also has a goal that looks very promising. In addition, the community should also be based on various business partners.
In other words, it is one of the developer’s goals to bring companies who are interested in the active use of FirstCoin onboard. Specialists should be entrusted with development by networking and strengthening certain areas even more.
Meanwhile, it is a plan to strengthen market capital by introducing the use of FirstCoin as a global payment method. Therefore, attractive bonuses for business partners must come from it.
In order to implement this, it is necessary to have your own marketing department. For exactly that reason, FirstCoin does not work as a mere currency – a company was built around it.
Speed, Anonymity and Security
The cryptocurrency is based on the same unique principle as Bitcoin. The data records within the blockchains ensure the reliable processing of all transactions. Neither bad bookings nor chargebacks happen, which ensures that no misuse of accounts can occur. It is self-explanatory that the entire network is extremely secure against hacking attacks.
In addition to high-security standards, developers of a cryptocurrency always rely on anonymity. It is important that records of individual transactions can only be tracked until they are completed. This includes only the amount and the destination address of the wallet. The users themselves should remain anonymous.
When using FirstCoin as payment in shops, cafés or other places, it’s vital to ensure no private information is shared with others.
The last big point is the speed of individual processes. FirstCoin should be able to be used at any time and in any place in the world. Transactions should be completed within a few seconds, without depending on the activity within the community.
The Limitation of FirstCoin is Based on Gold
As for the limitation of this cryptocurrency, the developers compare it to gold. In total, there is a maximum of 110 million coins, which avoids inflation. At the same time, it is as rare as the aforementioned precious metal. Similar to gold, once it is all mined, there will be no more produced.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.