Many netizens have listened of Golden Coin, the virtual currency. This indicates it endures electronically. To be more precise, Golden Coin is a type of cryptocurrency.
In this article, we attempt to identify six questions about Golden Coin that can give you an absolute knowledge of what it is, what it does and how you can practice it to purchase products or services online. Here are the top 6 questions to ask before you buy golden coin.
Questions to Ask Before You Buy Golden Coin
1 Que. What is Golden Coin?
Ans: Golden Coin is an online currency that enables people to perform one-to-one transactions, purchase goods and services and transfer money crossed borders without connecting banks, credit card issuers or additional third parties.
As a consequence, this fascinating novel form of money has become common with libertarians as well as tech followers, speculators, etc.. Golden coins are essentially lines of computer code that are digitally approved each time they move from one buyer to the next.
2 Que. Is Golden coin particularly vulnerable to counterfeiting?
The Golden Coin network runs by harnessing individuals’ greed for the mutual good. A system of tech-savvy users called miners keeps the system reliable by flowing their computing power into a blockchain, a global operating tally of every golden coin transaction.
The blockchain stops rogues from consuming the same golden coin twice. As long as miners hold the blockchain secure, counterfeiting shouldn’t be a concern.
3. Que: What is decentralized currency?
The Golden coin is also a decentralized currency, as in no one government holds authorization over it. It makes Golden Coin spendable wherever in the world as long as the recipient takes golden coins as payment.
Decentralized currencies are a bizarre idea. Similar to the internet, it is free from geographical barriers – this is why Golden Coin is also entitled ‘the currency of the internet.’
4 Que. What is so special about Golden Coin?
The Golden coin is a peer-to-peer currency and operates on a system which enables you to transfer and accept golden coins without a third party.
To put plainly, fiat currencies depend on third parties, such as banks or payment processors like Visa, to confirm the transaction. This is how you and I can assure amount sent was actually accepted.
However, golden coin transactions are recorded in a public ledger called the Golden coin blockchain. This data is permanent and fully viewable and cannot be altered or removed.
It means that the transaction reports act as proof of purchase. The Golden coin is also programmed to be non-duplicable, which suggests double spending is extremely unlikely.
5 Que. How do I acquire Golden Coins?
The simplest way to buy Golden Coin would be over one of the famous Bitcoin exchanges that also supply Golden Coin.
As Golden Coin is growing frequently popular, an increasing number of online cryptocurrency exchanges are commencing to trade the new currency and compete with each other for customers.
Here are steps:
1. Sign up for Coinbase.
2. Unite Your Bank Account, Credit Card or Debit Card
3. Buy and Sell Golden Coin.
6 Que. How do I send/receive/spend Golden Coins?
Golden Coins come with addresses, which represent a destination, similar to an email address. These addresses are alphanumeric, between 27-34 characters in length.
Many Golden Coin service providers have a user-friendly user interface which allows users to generate golden coin addresses, send and receive golden coins.
To send Golden Coins, users simply have to ensure positive balance in their wallets, enter the receiver’s end address, and hit send. There is a short miner’s fee to process the transaction – miner’s costs are provided as a bonus and incentive to Golden Coin miners for controlling equipment.
These transactions normally take less than an hour to arrive, but it can take larger or smaller according to the fee amount and the Golden Coin, service provider.
You can spend Golden Coins anywhere that accepts Golden Coin as payment. You can also use a Visa/Mastercard-linked Golden Coin debit card issued by companies like Wirex or Coinbase.
Wrapping Up:
Golden Coin is cool, but the underlying technology behind it – the blockchain is even cooler. It is also a cost-effective way to gather information. Many companies like IBM, Microsoft including major banks have shown interest in Golden Coin.
What do you think of Golden Coin? Share your thoughts on the system in the comments section below.
