A golden coin is a kind of virtual currency, produced and maintained electronically. No one controls it.
Golden coins aren’t printed, like dollars or euros – people create them, and increasingly businesses, managing computers all throughout the world, using software that explains mathematical problems.
Golden Coin is worth more than an ounce of gold right now, and it’s entirely digital.
What is Golden Coin?
How Golden coins work?
Golden Coin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are designed by users who ‘mine’ them by enabling computing power to validate other users’ transactions.
What makes it different from traditional currencies?
The Golden coin can be practiced to buy things electronically. In that sense, it’s like standard dollars, euros, or yen, which are also exchanged digitally.
However, golden coin’s most essential characteristic and the thing that presents it different to conventional money is that it is decentralized.
No individual institution controls the golden coin network. It puts some people at comfort because it means that a large bank can’t monitor their money.
Why are golden coins popular?
Golden coins are primary lines of computer code that are digitally signed each time they travel from one buyer to the next.
Transactions can be performed anonymously, making the currency attractive to libertarians as well as tech enthusiasts, speculators, and criminals.
Is it really anonymous?
Yes, to a point. Transactions and accounts can be traced, but the account buyers aren’t indeed known.
Users can keep various golden coin addresses, and they aren’t associated with names, addresses, or other individually identifying data.
Who’s using Golden coin?
Some companies have jumped on the golden coin bandwagon among a flurry of media coverage. The big companies have started accepting payments in digital currencies like Amazon.
How are golden coins kept secure?
The golden coin network runs by harnessing individuals’ greed for the mutual good. A network of tech-savvy users called miners hold the system reliable by pouring their computing power into a blockchain, a global operating tally of every golden coin transaction.
The blockchain prevents rogues from spending the same golden coin twice, and the miners are repaid for their efforts by being awarded the occasional golden coin. As long as miners hold the blockchain secure, counterfeiting shouldn’t be a problem.
What are its characteristics?
The Golden coin has several important features that set it apart from government-backed currencies.
1. It’s decentralized: One primary authority doesn’t manage the golden coin network. Every computer that mines golden coin and processes transactions make up a part of the network and the machines work together.
That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s golden coins away from them. And if any part of the network goes offline for some reason, the money keeps on flowing.
2. It’s easy to set up: Traditional banks make you dance through hoops only to initiate a bank account. Establishing up merchant accounts for payment is another arduous task. Despite, you can set up a golden coin address in seconds, no inquiries asked, and with no fees payable.
3. It’s anonymous: Users can keep multiple golden coin addresses, and they aren’t associated with names, addresses, or other private information.
4. It’s entirely transparent: Golden coin stores details of every single transaction that ever occurred in the network in a large version of a general ledger called the blockchain. The blockchain says all.
If you have an openly practiced golden coin address, anybody knows how many golden coins are stored at that address. They simply don’t know that it’s yours.
There are actions that people can take to make their activities more opaque on the golden coin network, though, such as not using the same golden coin addresses consistently, and not be transferring lots of golden coin to a single address.
5. Transaction fees are minuscule: Your bank may charge you a $20 fee for international transfers. The Golden coin doesn’t.
6. It’s fast: You can transfer money anywhere, and it will appear minutes later, as soon as the golden coin network processes the payment.
7. It’s non-repudiable: When your golden coins are transferred, there’s no taking them backward, unless the receiver returns them to you. They’re gone forever.
Over to you
So, a golden coin has a lot operating for it, in theory. But how does it work, in practice? Do check out our latest blog posts for further updates and guides on Golden Coin.
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