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|
1.20 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 their value from scarcity.
Watch our video, which explains well the difference between fiat and crypto money.