FirstCoin Cryptocurrency Review: The Basics

FirstCoin Cryptocurrency Review: The Basics

Cryptocurrencies have been enjoying much success lately. As of 25th June 2017, it was reported that there were more than 900 cryptocurrencies availabl

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Cryptocurrencies have been enjoying much success lately. As of 25th June 2017, it was reported that there were more than 900 cryptocurrencies available on the Internet. One such secure way to transact on the Internet is through the FirstCoin project. Firstcoin is an easy and secure platform to transact without worrying about bank charges or levies. The platform has been gaining popularity and is supported by a robust community. Businesses are also supporting Firstcoin due to its security and similarity to the Bitcoin. It’s free to create and download a Firstcoin wallet and there are no monthly charges.

Security

Firstcoin seeks to decentralize the banking sector and still maintain security. It simulates the value addition of gold in that there can be only 110 million coins can be mined so it is virtually impossible to inflate its value like real currencies. This limited nature of the existence of Firstcoins brings a sense of security and anyone transacting on the network is assured of security and authenticity. To ensure there is little or no interference by governments and hackers, Firstcoin offers a value protection program which is tasked with the duty of verifying the authenticity of the coins. The scrypt algorithm which uses the POW/POS 6 verification system to verify transaction is another security measure adopted by this network.

Easy to setup

Firstcoin cryptocurrency works worldwide and it does matter which part of the world you are in. Setting up for you first transaction involves getting a Firstcoin wallet and users are assured of no monthly charges. Any transaction done on the Firstcoin cryptocurrency network is verified by POW hybrid 6 confirmation network. Little or no charges are charged on the transaction and users enjoy a secure transaction medium. Firstcoin is maintained by a robust team of developers and has been generating a lot of interest on the market. It is seen as a viable Bitcoin replacement. Governments, banks, and countries have little or no interference thus making Firstcoin a very reliable medium to transfer your money. Firstcoin users do not have to worry about limitations or sharing their personal information with anyone. Cryptocurrencies ensure utmost security and anonymity this has boosted their popularity.

Mining of FirstCoin

Anyone interest in mining Firstcoin needs to have a wallet and then run a specialized software to mine. Firstcoin is new cryptocurrency that mimics the Bitcoin but uses the Scrypt algorithm to ensure the authenticity of the coins. Computers running the Firstcoin mining software can join in specialized pools and get rewarded with payment for successfully completing a mathematical problem. The can only be 110 million coins on the network and this prevents inflation. Firstcoin is maintained by a team of programmers and eliminates the need for centralized banking architecture. Transactions on the network are authenticated and verified by the computers solving mathematical problems. Since it is a relatively new cryptocurrency, computers solve relatively easier mathematical problems and get better rewards. With time the mathematical problems will increase in complexity while securing the network. Firstcoin has been gaining popularity and more users and business are venturing int it as a new alternative.

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