What you'll learn 👉
FirstCoin Coin is a cryptocurrency with the goal of coordinating economy sharing and crowdfunding with a special focus on supporting startups.
The model of FirstCoin Coin, whose success has inspired them, is the cryptocurrency bitcoin.
Therefore, the basics of the two are very similar: anonymous, free transactions and limited number of coins.
The FirstCoin Coin in figures – as of December 2017
After just under 7 months, the company has an unknown market capital on coinmarketcap and a daily trading volume of US$ 900k.
In total, the limit on FirstCoin coin that can be generated is set at 110,000,000, of which 9,216,756 are in circulation.
The FirstCoin Coin can currently only be purchased on Livecoin or YoBit in exchange for Bitcoins.
However, about 93% of the total volume is handled via livecoin.
What is so special about FirstCoin and how do you earn with it?
A big problem in trading cryptocurrencies is that buyers buy their coins at prices that are not fixed by the market.
When it comes to trading with coins and releasing them to the market, it leads to a huge rush.
Since many now want to sell their coins as soon as possible to make money.
However, this onslaught causes the exchange rate to drop sharply. Investors make losses and lose money.
FirstCoin Coin has solved this problem by offering its coins exclusively on the stock exchange.
As a result, the number of sellers is significantly lower than buyers and the exchange rate cannot fall – this is the basis of FirstCoin’s unique exchange rate protection program.
FirstCoin allows the community to earn commissions from this project in various ways.
These include exchange rate returns, advertising rewards in the form of direct and mentoring rewards, as well as ATM and eco-sharing shareholdings.
The first ATM to trade with FirstCoin Coins was installed in the first half of 2017, making it the third of its kind in the world.
It may sound strange at first sight that a digital currency can be withdrawn or deposited from a traditional ATM, but this system is already known from Bitcoins.
In Spain, for example, around 11,000 ATMs already accept bitcoins.
An educational program is also part of the FirstCoin project and provides participants with a wealth of valuable information.
Not only knowledge about FirstCoin is imparted, but also other topics from the economy and cryptocurrencies in general.
What are FirstCoin’s future prospects and goals?
FirstCoin will not rest on its current success. They have set themselves ambitious goals for the future.
They strive to advance the exchange of their coins by promoting FirstCoin-based startups.
FirstCoin wants to achieve international recognition and continues to expand.
Currently, FirstCoin may not be well known in the crypto world, but it is the only one with an exchange-rate protection policy.
This makes them comparatively certain, since there is no risk of inflation.
This fact seems to attract many customers and could be an explanation for FirstCoin’s strong growth.
You can’t buy it directly for fiat on any exchange. You can choose the best BTC exchange for your region and buy BTC there, then trade it for FRST 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 as good or even better than Coinbase. Coinmama is also legit exchange for buying cryptocurrencies – 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 exchange 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 bitcoin.
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 where to buy it or check out other best hardware crypto wallets here. You can also create a paper wallet – learn here more about cryptocurrency wallets.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com