Comparing currencies

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)
~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 ~0,003 € (=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
Governance democratic oligarchy monopoly
Exchange rate

1 Euro within the FairCoop community.
Price on online exchange markets may vary.

~ 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.