FAQs
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FAQs stands for Frequently Asked Questions. You’re not alone. Others have asked the same questions. So we’ve put together a list of what we are hearing most and putting them here. As such, this list will be growing as more of members of the VersaCoin community ask great questions, which deserve great answers.
It is a store of value and a means of exchanging something of value for goods or services, in both the public and private arena (commerce)
It is actually a combination of two significant words in a crypto currency “block” and “chain”.
Think of a block as a container where the data of transactions are stored. Every transaction that takes place is added to the public ledger and are placed in a block to be validated.
Miners are constantly validating these blocks every two minutes and when a miner validates a block, it is placed at the end of the chain, which is made up of every block that was previously validated.
There is only one blockchain and it is “stored” on every computer that is running the VersaCoin core program, globally. That is what makes VersaCoin so secure. Unlike private banking institutions which record their transactions on a private ledger, Every instance of VersaCoin™ possesses the blockchain. These core programs running are “nodes” and make up a global, decentralized, network. Every node both receives and broadcasts the blockchain. Therefore, every transaction that has been validated becomes part of this global ledger.
The VersaCoin™ Core application has the ability for anyone to “mine” for VersaCoin™. Through an elaborate and secure way, the program assesses how many miners are on the network and the total combined computing power (hash rate) of them collectively. It then creates a complex mathematical problem that will statistically take 2 minutes for a miner to solve it. When a miner “finds” a block they receive the fees from all of the transactions in the block, as well as the new coins that are created with every new block found. This process is constantly occurring.
No. A VersaCoin™ is an “electronic” version of a coin or bank note. Similar in fashion to having a balance in a bank account, where you can pay your bills or purchase goods without ever physically touching a coin, VersaCoin™ behaves the same way. With VersaCoin™, you are always in possession of your coins and you are able to use them whenever you want and however you want, public or private
That’s a great question. It depends on what works best for you. If you are knowledgeable in how to mine a crypto currency, or want to learn, it is a fun and rewarding way to increase your supply. Alternatively, you can go to an exchange and trade them for another crypto or fiat currency. Or, you can visit a crypto ATM and buy them there. Finally, you can simply accept them as currency for goods or services you provide.
The versacoin.org is a great place to find useful resources on VersaCoin™ and crypto in general