by CyberFreak » 14 Jun 2019, 10:01
ForumCoin is not a cryptocurrency but it is a similar concept. Like cmoneySpinner says above, it is a virtual currency. Crypto currencies are called as such as they use cryptography where as we don't. They also make use of "Blockchain" technology which is a ledger that anyone can download and/or store a copy to help verify transactions. No one can alter their copy to give themselves loads of cryptocurrency and then spend it and have it accepted throughout the network.
Instead we just have 1 centralised managed currency where users can only transact through our site and only we store a record of all balances and who sent what to who. While this does have some downsides such as you need to trust us and the fact that it is not as private/anonymous as Bitcoin for example, it does have some advantages. We don't have to get people to keep reliable copies of the users balances/transactions which will be hard for a small scale currency such as ours. It is also more simple. Alot of people don't understand cryptocurrencies at all. There is alot I don't know and I have been using them for years. Sometimes people just like things to be simple and that is why PayPal for example is still popular. It is simple to use and to send money to other people or to buy things. You don't need to read up about PayPal to use it properly.
Basically we are just a fixed rate virtual currency that users can exchange between each other here in exchange for services, goods or just to be help out a friend. Users don't have to worry about complicated to understand ways to manage or send funds and users don't have to worry about fluctuations of fees or value of the currency. 1 FC will always be worth a cent. It is semi anonymous aswell in that only we can see all the transactions made and we don't require users to use real names or provide location information, ID or cell/phone numbers. Think of us like PayPal but a bit more anonymous with less fees but unfortunately a bit less used
ForumCoin is not a cryptocurrency but it is a similar concept. Like cmoneySpinner says above, it is a virtual currency. Crypto currencies are called as such as they use cryptography where as we don't. They also make use of "Blockchain" technology which is a ledger that anyone can download and/or store a copy to help verify transactions. No one can alter their copy to give themselves loads of cryptocurrency and then spend it and have it accepted throughout the network.
Instead we just have 1 centralised managed currency where users can only transact through our site and only we store a record of all balances and who sent what to who. While this does have some downsides such as you need to trust us and the fact that it is not as private/anonymous as Bitcoin for example, it does have some advantages. We don't have to get people to keep reliable copies of the users balances/transactions which will be hard for a small scale currency such as ours. It is also more simple. Alot of people don't understand cryptocurrencies at all. There is alot I don't know and I have been using them for years. Sometimes people just like things to be simple and that is why PayPal for example is still popular. It is simple to use and to send money to other people or to buy things. You don't need to read up about PayPal to use it properly.
Basically we are just a fixed rate virtual currency that users can exchange between each other here in exchange for services, goods or just to be help out a friend. Users don't have to worry about complicated to understand ways to manage or send funds and users don't have to worry about fluctuations of fees or value of the currency. 1 FC will always be worth a cent. It is semi anonymous aswell in that only we can see all the transactions made and we don't require users to use real names or provide location information, ID or cell/phone numbers. Think of us like PayPal but a bit more anonymous with less fees but unfortunately a bit less used :thumbdown:
🙏Stay safe, look after one another and be positive!🙏
After the 31st of January, I will no longer offer Crypto exchanges --->
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