What is FirstCoin – and what makes a currency “crypto”?
FirstCoin is one of a new type of digital currencies, so-called cryptocurrencies.
We will go over a quick history of cryptocurrencies, including the history of Bitcoin, before turning to how FirstCoin intends to conquer the world of digital currencies.
The success story of Bitcoin: where does its appeal come from?
The first cryptocurrency was the now well-known Bitcoin, launched in 2008 when a certain Satoshi Nakamoto published a study detailing how a peer-to-peer network could be used to create an encrypted currency and perform transactions. Early 2009 they published the first open-source Bitcoin client and immediately established the first such network. In the 8 years since, cryptocurrency has only had to face a single security vulnerability, and has become a worldwide online currency.
It is worth noting how Bitcoin’s exchange rate transformed.
But what is the Firstcoin Project?
FirstCoin is a special project with an exchange rate protection and eco-sharing program, which is planned to coordinate the sharing economy and crowdfunding, greatly supporting startups.
Obviously, the creation of FirstCoin was inspired by the success of Bitcoin. The basics are the same; anonymous, free transactions, limited amount. There are 110 million FirstCoins available – so inflation does not affect it, similarly to its inspiring cryptocurrency.
Eco-sharing
FirstCoin is also special because income is generated by ATMs and participating businesses – currently no other cryptocurrency offers anything similar. Income is also provided by sources related to the sharing economy.
Sharing economy means greater efficiency and sustainability, such innovative community solutions that can quickly transform industries even at a global scale – as seen with AirBnB and Uber.
ATM division
The first ATM capable of operating with FirstCoin is installed in the first half of 2017 – making it the third such cryptocurrency in the world.
Those who are just now getting familiar with the world of cryptocurrencies may find it strange that they can withdraw digital currency from a traditional ATM
but it really is not all that new. Such that there are several similar networks operating in the world already: for example, in Spain money can be withdrawn in exchange for Bitcoins in 11 000 ATMs; in Poland,
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