Currencies are constructed by humans.
Money has various functions and requires trust and a market.
Let's compare the concepts of FairCoin with Bitcoin and traditional fiat money.
|FairCoin (FAIR)||Bitcoin (BTC)||Dollar (USD)|
|Business||fair products & services||grey & dark business||industry & oil driven|
|Controlled by||FairCoin community (democratic processes)||Mining pools||FED (owned by banks, not controlled democratically)|
|Transactions validated by||Cooperatively Validating Nodes||Bitcoin miners||book-keepers & auditors|
|Power consumption||less than 200 Watts
(~30 validation nodes)
||hundreds of Megawatts
(bank towers & money logistics)
|Transaction speed||< 3 minutes||average 43 minutes, may take hours or even days||up to hours or even days|
|Fee per transaction||~0,003 € (=0,3 EuroCent to prevent spam transactions)||3-5 € (see chart)||SEPA: 0 €, other countries 3-20 € or up to 5%|
|Risk||low acceptance at merchants||51% attack||banks crashing|
|Money Supply||remains constant at 53,193,831.47 FAIR||currently 27,000 BTC every month||180 billion USD per month by quantitative easing|
|Ethical values||equality, social justice, circumspection, patience, cooperation||speed, risk, competition||competition, exploitation, consumerism, eternal growth|
Fiat money is a currency established as money by government regulation or decree.
Blockchain-based currencies are like commodities, which create their value from scarcity.
Watch our video, which explains well the difference between fiat and crypto money.