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||Fair.Coop assembly (democratic processes)||Nerds & Chinese investors||FED (owned by banks, not controlled democratically)|
|Transactions validated by||Cooperatively Validating Nodes||Bitcoin miners||book-keepers & auditors|
|Power consumption||a few hundred Watts
(~30 validation nodes)
|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||~0,003 € (=0,3 EuroCent to prevent spam transactions)||0.35-5 € (as of June 2017, see chart)||SEPA: 0 €, other countries 3-20 € or up to 5%|
|Risk||low acceptance at merchants||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 & quantitative easing|
|Ethical values||equality, social justice, circumspection, patience, cooperation||speed, risk, competition||competition, exploitation, consumerism, eternal growth|
1 Euro within the FairCoop community.
|~ 11000 USD (as of November 2017, see chart)||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.
Watch our video, which explains well the difference between Fait and crypto money.