Comparing currencies

Currencies are constructed by humans

Money has various functions and requires trust and a market.

Let's compare the concepts of FairCoin2 (to be introduced in 2017) with Bitcoins and traditional fiat money.

  FairCoin2 (FAIR) Bitcoin (BTC) Dollar (USD)
Business fair products & services grey & dark business industry & oil driven
Controlled by Fair.Coop assembly (democratic processes) Nerds & Chinese investors FED (owned by banks, not controlled democratically)
Transactions validated by Certified Validation Nodes Bitcoin miners book-keepers & auditors
Power consumption a few Kilowatts
(~50 validation nodes)
~300 Megawatts
(mining ASICs)
hundreds of Megawatts
(bank towers & money logistics)
Transaction speed < 3 minutes average 43 minutes, may take hours or days up to hours or even days
Fee per  transaction ~0,002 € (=0,2 EuroCent to prevent spam transactions) 0.35-0.5€ (as  of March 2017) SEPA: 0€, other countries 3-20 € or up to 5%
Risk low acceptance 51% attack banks crashing
Money Supply none, remains constant 54000 BTC per month by mining until 2020 180 billion USD per month by quantitative easing
Value creation by honest products & services speculators bubbles
Ethical values equality, social justice, circumspection, patience, cooperation speed, risk, competition competition, exploitation, consumerism, eternal growth
Governance democratic oligarchy monopoly
Exchange rate 5 Euro-Cent (1:20) ~800 USD (end 2016) 1

 

Fiat money is a currency established as money by government regulation or decree.

Blockchain based currencies are like commodities, which create its value from sparsity.