What you'll learn 👉
Introduction
FairCoin is a cryptocurrency that is decentralized and deals with social justice and equality of users.
With this alternative approach to other cryptocurrencies, the developers of FairCoin have created a concept with which the user can actively participate in this and thus contribute to a stable cryptocurrency.
Currently, the company is trading around $55,406,163 USD of which $134,999 USD is traded daily in the form of coins.
The price is 1.04 USD per FairCoin Coin (as of 12.12.2017). The coins are obtained via the digital exchanges Bittrex and CoinExchange.
FairCoin Coin – The Cryptocurrency
FairCoin’s motto at FairCoin is “Proof of Cooperation” instead of “Proof of Stake” or “Proof of Work”.
The company is thus moving in a completely different direction than most competitors on the cryptocurrency market.
Proof of Cooperation “means that blocks are not generated by classical mining, but by certified validation nodes that work together to constantly improve the security of the system.
FairCoin rejects any mining- or mint system, which makes the currency very decentralized.
What distinguishes the currency is also its ecological sustainability. FairCoin is the currency of the online platform “FairCoop”, which deals with topics such as “FairTrade” and promotes projects in this area.
FairCoin itself even tries to use less electricity with its system to set a sign for sustainability.
The currency is also characterised by transparency and democracy. Rarely has the user had as much say as with a cryptocurrency as with FairCoin.
Online meetings are held monthly, at which the community decides when and in what proportion the revaluation of the currency is to be realized.
This makes the exchange rate of the currency very stable. Another reason for price stability is the “FairCoin 2”.
On July 18,2017, the issue of all 52,160,000 FairCoin coins was completed and the company decided to transfer them to a new blockchain.
Therefore, no new coins are to be generated and brought onto the market.
The long-term course is thus predicted to be secure and to increase over the long term.
With the right to participate in the course, users can make a very safe and fair investment at FairCoin.
When transferring to another blockchain, users don’t have to fear for their coins.
Digital wallets such as Android Wallet, Core Wallet and Electrum Wallet only needed to be updated.
FairCoin Coin – The Company
Thomas König is one of the leading figures behind FairCoin. In addition to his development activities in the company, he is also a partner at “LinuxIT”.
In addition to FairCoop, Faircoin also works closely with FairMarket, FreedomCoop and Bank of the Commons.
The company has thus created a broad network with many application possibilities.
The FairCoin Coin can therefore also be used for point-of-sale systems in shops, for prepaid cards, for direct currency exchange or for direct payment of invoices.
The social justice and stability of the currency implemented in the system can thus be used on many different levels.
Compared to other cryptocurrencies, FairCoin wants to confront its users democratically, rather than oligatorically or monopolistically.
The users themselves therefore have in their hands how successful the concept works and how much benefit it provides.
Conclusion
FairCoin Coin is a fair, democratically conceived cryptocurrency that is equal to all users.
The developers rely on the stability of the course through confidence in the users.
The company’s use of a large part of its profits for Faircoop’s social funds is particularly authentic.
FairCoin works so well because the community and users support each other.
You can’t buy it directly for fiat on any exchange. You can choose the where to buy bitcoins for your region and buy BTC there, then trade it for FAIR on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and is secure bitcoin service.
If Coinbase doesn’t support your country, use Cex.io – read about Cex.io here – it is another safe place to buy bitcoins. Coinmama is also legit exchange for buying Bitcoins – click here to visit Coinmama.
If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is safe and legit), instantly and directly to BTC.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our article on how to use Ledger Nano S wallet and what cryptocurrencies it supports or check out other best hardware crypto wallets here. You can also create a paper wallet – learn here more about cryptocurrency wallets.
