- 01. What is a cryptocurrency?
A cryptocurrency is a virtual medium of exchange that uses cryptography to secure the transactions and to control the creation of new units. In short term, cryptocurrency represents money in digital form. It is based on cryptography, networking and open-source software. It lets people avoid fees that banks charge and take part in non-cash transactions anonymously while still guaranteeing that transactions would be secure.
- 02. How many cryptocurrencies there exist?
The number of cryptocurrencies is constantly growing since almost anyone can create his or her own using open-source code. At the moment there are more than 500 cryptocurrencies. One of the most up-to-date list of the cryptocurrencies, along with the most fundamental data on each of them, is available at coinmarketcap.com.
- 03. What is an alternative currency?
It is a currency which is an alternative to the officially used national or international currency. They are created by an individual, a corporation or an organization, they can be created by national, state or local governments, or they can arise naturally as people begin to use a certain commodity as currency.
- 04. Is it difficult to obtain a coin of a given cryptocurrency?
It depends on a few factors. Generally speaking, if the cryptocurrency was introduced relatively recently, the computing power needed to mine a coin is significantly lower than the well-established cryptocurrency coins.
You can get it:
• As a payment for goods or services.
• by purchasing coins at coin exchange websites.
• by exchanging coins with someone near you.
• by earning it through mining.
- 05. Why should I get involved?
Because it is very profitable. You can either mine coins or you can simply invest in them. Ever-expanding ecosystems provide multiple opportunities for doubling or even tripling your assets. What is more, the value of cryptocurrency is constantly being evaluated and re-evaluated as more and more people join. At the beginning of the cryptocurrency revolution an initial 100$ investment brought hundreds of thousands of dollars of profit- and this opportunity is still available to you!
- 06. What is a difference between the particular cryptocurrencies?
Basically, all cryptocurrencies follow the same peer-to peer consensus network mechanisms, although every currency has its own unique characteristics, like calculating algorithms. The difference lies mostly in popularity of the given currency- how many people are involved in circulating the coin, and how many places accept the currency.
However, most currencies are not compatible to each other and do not interoperate – they operate in their own ecosystems.
- 07. What is the difference between a cryptocurrency, a digital currency, and a virtual currency?
Virtual Currency is any currency that is not printed on paper or stamped into metal. It’s virtual because it only exists in the virtual world. Virtual currency potentially can represent physical currency. Money you have in a bank can be considered virtual currency, as it is not in physical form and only exists in the bank’s ledger. If they lose the ledger, your money is gone.
Digital currency is a virtual currency that specifically exists in the digital space, meaning that it maps to some digital storage, likely a hard drive somewhere. Digital Currency includes things like Microsoft Points, Wii Points, Facebook points and cryptocurrency.
Cryptocurrency is both digital and virtual currency that is created based on some cryptographic algorithm. No one ‘mints’ this currency, they solve cryptographic algorithms using hardware and electricity to get the representation of one unit of value, typically called a ‘coin’. Bitcoin, Litecoin, and altcoins are all cryptocurrencies.
- 08. Where can I use cryptocurrency?
With many companies accepting the change and others getting ready to, cryptocurrencies are an extremely fast-spreading currency. Small businesses aren’t missing out on the action; many small shops have made the switch as well. QR codes are the biggest help in real-world bitcoin transfers. Using a smartphone and a coin wallet app, a user scans a label and presses a small buttoned aptly named “spend.”
The list of companies, organizations, hotels, restaurants and many, many other enterprises that accept cryptocurrency is constantly growing as more and more people get involved with the “people’s money”.
- 09. What can I use cryptocurrencies for?
Anything you would use regular money for! And with a growing market, more and more companies (small and large) are jumping the bandwagon.
- 10. The value of Bitcoin has been changing a lot. Is it still a profitable enterprise?
Yes, it is. Because of the apparent drop, cryptocurrencies have stabilised their value and are recognised by more and more governments, companies and legal bodies as a stable financial alternative, and are still showing promise of humongous profit.
- 11. Why is Bitcoin the most popular cryptocurrency?
Bitcoin was the first decentralised digital currency to be made (in 2009 to be exact), and has become the most widely used cryptocurrency, with the most developed ecosystem of users, most sites accepting the currency and a strong developer community.
- 12. Is participating in cryptocurrency community safe?
It is 100% safe if you use the cryptocurrency protected by additional security features and providing anonymity. The other currencies could require registration and recognition to use, and thus one can protect her/himself by using a difficult password that’s not used elsewhere, having a good antivirus program and take other safety precautions typical for most Internet operations.
- 13. Is participating in cryptocurrency community absolutely anonymous?
All cryptocurrencies are called to be pseudo-anonymous, as the peer-to-peer (P2P) computer architecture (which is the core of the cryptocurrency concept) is a kind of an interconnected matrix of shared computing power that distributes workload between peers of the network.
However, cryptocurrencies are not anonymous and cannot offer the same level of privacy as cash. The use of a coin leaves extensive public record. Various mechanisms exist to protect users’ privacy, and more are in development.
- 14. What is an altcoin?
Altcoin is short for an alternative coin and it basically refers to every cryptocurrency other than Bitcoin, which is the oldest and most recognized cryptocurrency.
- 15. What is mining?
It is a process of creating the cryptocurrency. It is performed by a mining program that solves sophisticated algorithms in order to release blocks of coins that can go into circulation. The different cryptocurrencies use different types of algorithms in order for the blocks to be released, but in general it is not something that you should be using your computer to do as it takes specific equipment to mine and it would provide you with a huge electricity bill compared to the profits you would be able to make from it.
- 16. How can I store the cryptocurrency?
By using the cryptocurrency wallet software, distinctive for every cryptocurrency.
- 17. Can my cryptocurrency be stolen?
Unfortunately, it can. However, you can prevent it by encrypting your wallet, after which you would be asked to provide a password before any operation made with a coin. And, last but not least, you can make all your passwords sophisticated enough to prevent breaking them.
Encrypting a hard drive or storing your wallet on a USB drive in cold storage greatly improves your security.
- 18. What are the advantages of cryptocurrencies over traditional money?
Cryptocurrencies are often called the “people’s money” since they cannot be controlled by governments, nor banks. That is why cryptocurrencies are free of many transaction and exchange fees and stand as an opportunity to create the first really global medium of exchange.
- 19. How cryptocurrencies gain real value?
Cryptocurrencies have value because they are useful as a form of money. They have the same characteristics as money (durability, portability, fungibility, scarcity, divisibility, and recognition). Cryptocurrency is backed by mathematics. What is more, the value of particular cryptocurrency is based on the scope of people engaged in given cryptocurrency environment and by the level of difficulty of obtaining one unit of cryptocurrency. The coin value is strengthen up by the amount means you can use it for and it gains ever more legal recognition: this can be measured by its growing base of users, merchants and start-ups. As with all currency, coin’s value comes only and directly from people willing to accept them as payment.
- 20. What is the importance of the community in obtaining a coin?
The cryptocurrency network relies on a peer-to-peer computer network architecture, and all the operations performed with or for a cryptocoin rely on the strength of the community of cryptocurrency miners who are members of the general public that have set up their computers or specifically designed ASIC machines to participate in the validation and processing of transactions.
- 21. Who created GCC?
The management of The GCC Group, with Jan M. Pasboel as CEO, founder and owner created numerous successful companies in several countries and has vast experience in IT and mobile technologies.
- 22. How does GCC work?
GCC is using a hybrid of proof-of-work/proof-of-stake systems. The hybrid solution was applied to eliminate the risk of attacks or energy inefficiency that might have happened in a regular proof-of-work system such as the one used in Bitcoin. With the proof-of-stake systems, new coins are generated based on the assets owned by each individual. Additionally, the main purpose of GCC is to create a stable and strong financial Ecosystem24 backed up with actual services, products and mobile apps.
- 23. Is GCC better than BitCoin?
BitCoin is the oldest and the biggest cryptocurrency and will remain such probably for quite a while. However, the vision behind the GCC coin predestines it as the most stable, widely used and renowned cryptocurrency in the world. With the hybrid proof-of-work/proof-of-state character and minimalized transaction time, GCC coin is free of any disadvantage and vulnerability that comes with using BitCoin.
- 24. Is cryptocurrency legal?
Absolutely yes. Every cryptocurrency is legal everywhere except few countries, because of their freeze of foreign exchange policy. In Russia it is forbidden to purchase goods with other currencies than Russian Rubble. Also China has banned financial institutions from handling Bitcoins. Recently the American IRS ruled that cryptocurrencies will be treated as property for tax purposes. It means that IRS admitted that cryptocurrencies carry real value and are legal.
- 25. How do I store GCC?
There are several ways of storing GCC coins. You can use:
• Software wallets installed on your private computer. There are wallets dedicated to Windows, Mac OS X and Linux.
• A wallet designed for mobile phones so you can use them wherever and whenever you want.
• Web wallet which can be accessed from any device with access to Internet.
• Paper. The code of each GCC coin can be printed and stored just like fiat-money or precious metals.
Each of those ways provide different level of liquidity and security. Depending on your current needs, you can keep your different amounts of GCC coins on different wallets.
- 26. What is a wallet?
In the world of cryptocurrencies, a wallet was originally understood as a file or a software containing a set of coins. Today it is defined as a software that allows to store, send and receive the coins.
- 27. What is cryptocurrency exchange/market?
It is a web service allowing its customers to trade cryptocurrencies for other assets, such as conventional money or different cryptocurrencies. There are currently nearly 1500 different cryptocurrency exchanges. The largest of them are Cryptsy, Coinbase, Bitstamp or BTC-E just to name few.
- 28. How can I get GCC coins?
At the beginning of GCC coin the most lucrative way to obtain it will be by purchasing the Affiliate packages. Depending on chosen option, the investor gets appropriate amount of GCC coins and the possibility to enjoy one of many astonishing features that come along with each option as education in cryptocurrencies, GCC Club service or additional incentive programs.
Other ways of obtaining GCC coins will be: mining, using one of the GCC ATMs, buying them from other investors, using one of the exchanges on which GCC is available.
- 29. How can I sell or spend GCC coins?
If you invested in one of the initial purchase options you can sell GCC coins to non-investors that would like to use them for any purpose or soon spend them on one of the services from Ecosystem 24, supporting TheGCCcoin, such as GCC 3D, GCC Apps or GCC TakeAway.
- 30. Can I make money with GCC?
Of course you can! The possible increase of the TheGCCcoin value gives you additional benefits and can increase your income.
- 31. Can GCC coins be exchanged for traditional money?
Yes, anytime! It can be done on GCC Exchange. Soon you will be able to also withdraw traditional money from your GCC account using one of the ATMs, even abroad!
- 32. What is GCC Ecosystem24?
GCC Ecosystem24 is the largest network of websites planned to offer products and services which can be bought with our cryptocurrency – TheGCCcoin. We want TheGCCcoin to be used for your daily shopping, like a cup of coffee or take-away food. We believe that alternative digital currency will be used on a daily basis just like traditional money within a few years.
- 33. For how long should I keep the GCC coins?
You can keep them as long as you wish. The basic escrow period is 90 days. However, there is also a special Loyalty Programme where you can get up to 100% extra coins, if the assets are kept until the Public Release Day (expected date: 27th September 2017).
- 34. What is mining?
It is simply a process of generating cryptocurrency with the use of cryptography. The mining computer gets a number of very demanding hashing algorithms to decrypt. When decrypting turns out successful, a specified number of coins is generated. As more and more coins are generated, decrypting the new group of coins becomes more difficult and requires more and more computing power.
As confusing this process may sound, it has a lot in common with mining – for example – gold. At the beginning of goldmining, almost anyone could have found a motherlode of gold if one more-or-less knew where to look for it. Today, as most of the easily-accessible motherlode of gold were drained, finding new gold is usually a complex operation requiring a lot of work and resources.
- 35. What do I need to start mining GCC?
Basically – just a computer. You can mine GCC coins on your own just by downloading and launching the miner software. As more and more cryptocoins are generated, you will need a stronger computer to assure that your mining is successful, so it is best to start mining as soon as possible.
- 36. What is pool mining?
Pool mining is also called cooperative mining. It is an alternative approach to mining cryptocurrencies in which multiple miners contribute their computation power to generate a set of cryptocurrency coins that are later distributed among the miners.
- 37. What is the time needed to verify the transaction in GCC?
The verification time of the GCC transactions has been shortened to 60 seconds and, by comparison, the average verification time for some other cryptocurrencies’ transactions may vary between 10 and 40 minutes.
- 38. Can my coins get stolen or lost?
Yes, but only if you are reckless and/or very unlucky – cryptocurrencies in this case are just as any other valuable asset. However, cryptocurrencies allow to use additional forms of security, such as encryption of the wallets which makes it impossible to be used by a person that does not know the password.
- 39. Is GCC secure?
GCC is using the newest algorithms that fixed every vulnerability revealed by older cryptocurrencies over the last 6 years which makes it incredibly secure.
- 40. What is the total supply of GCC?
The total capacity of GCC coins is 2.400.000.000
- 41. How is the price of a cryptocurrency determined?
Price of a cryptocurrency is determined in a way similar to other financial assets as a result of supply and demand. When supply exceeds demand, the price falls; otherwise – the price rises.
- 42. Is the price of GCC coin going to be controlled?
Price of a cryptocurrency can never be 100% controlled. Nevertheless, value of GCC coin as a part of TheGCCcoin project is backed up with fiat-money assets and numerous services which support the GCC Ecosystem24.