FirstCoin refers to a digital currency, which is decentralized with no control from a single individual. The goal of FirstCoin is to ensure transactions are anonymous and free, where inflation does not influence its value. Therefore, it is not affected by troubled countries, banks, governments or authorities.
FirstCoin is simple and secure where you can send it and receive it from anywhere in the world. Within seconds you can complete your
transactions without worrying about banks slowing it down. FirstCoin uses block chain technology, which helps users to track cryptocoin generation and authenticity of transactions. Because the network authenticates itself, it’s difficult for anyone to circumvent
it ensuring user protection.
First Coin was created following the success of Bitcoin. In 2008 Satoshi Nakamoto published a detailed report on how peer to peer network can be used in ensuring transactions are secure and currencies are encrypted. It uses the same technology and basics such as limited amount, free and anonymous transactions which made Bitcoin successful. Just like Bitcoin which started with 21 million BTC, FirstCoin has limited its coin to 110 million which cannot be affected by inflation.
Compared to other cryptocurrencies, FirstCoin prides itself at being the first to use ATMs
and other participating businesses to generate its income. Earlier this year saw the installation of the first ATM capable of trading FirstCoin. This made it only the third ATM in the world of cryptocurrency. If you are new to cryptocurrencies, it may sound strange that you can withdraw digital coins from a traditional ATM.
In addition, FirstCoin generates income through a sharing economy where goods can be accessed instead of ownership. The concept of sharing economy has enjoyed tremendous success in startups such as AirBnB and Uber. When it was first launched, it had a value of $0.6 cent which
increased to $2.89 per FirstCoin today.
One big problem in the trading of cryptocurrencies is that buyers purchase their coins from at prices not set by the market. In case of a coin commerce and cryptocoins are released, it leads to a rush of people who want to sell their coins in the exchange market. When this happens, exchange rates will fall leading to investors incurring losses as a result of losing their money. First coin addressed this problem by offering coins that are exchange rates exclusive. Hence there will be more buyers and sellers exchanging cryptocoins without the
risk of exchange rates falling.
The main FirstCoin exchange that is currently used is the Live Coin.
FirstCoin is a unique project That uses eco sharing program and exchange rate protection
program. This project also has an education program where users can gain valuable knowledge about FirstCoin and the economy. Because FirstCoin is not involved in selling of packages or tokens, they do not demonetize the currency.
This avoids the disaster witnessed in earlier cryptocurrencies. FirstCoin allows the community to earn 9 different types of commission from this project. They include exchange rate income, rewards for referrals, ATM network shares and eco sharing participating business.
FirstCoin is a company which is based in London, England. The team is made up of programmers, in addition to internationally renowned networking and marketing specialists. The team behind FirstCoin is headed by Terance Andrew Tirant who is the company’s CEO. FirstCoin aims at expanding the number of participating business. To
ensure long term stability of FirstCoin, they continue to involve groups, associations, communities and sharing economy startups.
FirstCoin will not be riding on their current success as they have come up with ambitious
long term goals. It seeks to ensure the provision of continuous exchange with plans to start FirstCoin based startups. This project is quite special because of its background where issuers want to avoid mistakes made by other cryptocurrencies. They are looking to achieve international recognition as they continually expand.
FirstCoin may not be the most popular cryptocurrency we have today, but it is the only one which has an exchange rate protection policy. Also it regulates cryptocoin mining and ensure they are mined on demand to protect the exchange rates from falling. FirstCoin is only available via exchanges, and starting October this year, they will start trading real and authenticated coins.
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