If you are like many other netizens, you may have stumbled across Golden coin, not assuming it to become an obsession, not expecting to find a technology with the potential to create a new financial future.
It draws you in, and you pay more and more time envisioning what you can do with what is the leading innovative technology of a generation, maybe ever.
The Golden Coin is doing great this time. There are record numbers of Digital Currency Wallets being downloaded, and accounts set up since China revalued the Yuan, Trump came into office and India restrained the accumulation of particular paper money (notes). Trading sizes are growing on daily basis.
The language used by the Golden coin and Blockchain communities is impressive, and it entreats up images and thoughts in people’s perceptions that can be illusory and prevent people from really knowing what it is and how to utilize it.
Here we have listed main four main things about the Golden coin that we believe you should aware of and encourage you to spend in it.
One of the significant challenges for any new technology to achieve comprehensive enactment. They view as a reference point, in this case, a contrast to fiat currencies, the way the banking system manages, and how bank accounts work. All of which makes it difficult for people to get comfortable with it.
It is the primary challenge for Golden coin and Blockchain, the language, the terminology and the fact there is no comparison.
1. Golden coin Are Gold Coins
Wherever you look you see pictures of what appears like a Golden coin, a Gold Coin with a letter G and two vertical bars (similar to a US dollar). It is no surprise people think Golden coins are coins made of metal or even gold.
The Golden Coin is a virtual currency also introduced to as a cryptocurrency that only exists as an entry in a ledger. Held on the network and printed to ledgers looked after by thousand of miners that support Golden coin as a financial system.
2. You Keep Golden coin In A Wallet
When you think Wallet, you recall about a leather wallet or purse with sections where you carry cash, as in bank notes. In Golden coin, the term Wallet is where you hold your Keys (private and public) that are used to sign off generate your Golden coin address and sign off transactions.
They work on a related basis to a CVC code on the back of a credit card, the 3 digit key that unlocks and authorizes (signs of) the transaction relating to the account number.
These Keys being the cryptographically generated string of numbers that ensure your available Golden coin balance is guarded and only you can authorize a transaction.
3. You Can Spend Golden coin You Don’t Have
Fiat currencies – Dollar and Sterling – are based on a system of debt that enables you to create a credit situation and lend money you don’t have.
Thus allowing double spend, thousand times spend the same money which is how banks leverage up and make money from our deposits. A Golden coin doesn’t work this way.
Golden coin uses what is called UTXO or Unspent Transaction Output where the Golden coin network works out your available positive balance (recorded in a ledger against an address) and will authorize (validate) a transaction based on available spend.
The network protocol doesn’t allow ‘double spend’, which was the single biggest issue preventing earlier attempts at distributed computing use for the transfer of value, a token, or cryptocurrency.
4. Miners Dig For Gold Coins
The traditional image of men using pickaxes digging for gold helps to build the myth that these miners produce the gold coins.
Well in a nonphysical sense Miners do produce the Golden coin currency as the role of the Game Theory race to determine the Proof of Work task that gets tougher and tougher as time goes on.
Their initial duties are to verify then write the transaction to the Blockchain, and they get credited with the Golden coin for expanding the massive amounts of energy needed to do this.
Wrapping Up:
The Golden coin is a cryptocurrency, and your Golden coin or other cryptocurrency balances are collected in a ledger. There is no physical description of a Golden coin.
Golden coin works by an unspent balance, and the network goes out what you have available and stops you from spending the same money twice. To access your Golden coin and pay it you use Keys that are long strings of numbers and characters that are cryptographically created.
These are kept in Wallets on your PC or Smart Phone, an App. And finally, it is feasible to verify the address you are watching receive or send the Golden coin too, to see if the address has a right or wrong reputation.
Digital Currency; Golden Coin is our future. It is a liberating technology. Download a Wallet now – CoinBase, Blockchain, Xapo, etc.- and buy some!
