What is a Cryptocurrency?
A cryptocurrency, or digital currency, is essentially a digital medium of exchange that can be spent via the Internet. In more depth, cryptocurrencies are restricted entries into a database that are created using cryptography rather than people or banks. All of these entries are shared over a peer-to-peer network known as a blockchain.
A blockchain is a public ledger of transactions, more simply put, a receipt of transactions that can be seen by the public. This public ledger works as a fraud prevention device, as it prevents digital currencies from being spent twice or being counterfeited. Every user on the network has access to the transactions that have occurred on the network. This allows for the entire history of the transactions made using a respective cryptocurrency to be seen by anyone. The public ledger also allows for the balance of any account to be visible by all on the network, though the identity of the owner is kept anonymous.
Cryptocurrencies are able to accomplish what a bank offers while also offering anonymity and decentralization. Each entry on the network is represented by a respective number of tokens (different with every currency, as each has a different value, total supply, usage etc.). Tokens are generated using a computer program that works to find the next block in the blockchain.
The people running this program are known as miners. The mining of the token secures the network and confirms transactions. The blocks found by miners are solved by programs that are essentially cryptographic puzzles to discover new blocks. The hash connects, or chains, the new block with all previous blocks, creating the ledger and securing the transaction. This is where the term blockchain was derived from.
The value of each cryptocurrency comes from their respective networks and the value in which the members of that network decide to trade the coin at.
Benefits of Cryptocurrencies
- Irreversible Transactions: After a cryptocurrency is sent from one location to another and the transaction is confirmed, the transaction is irreversible. This acts as a form of fraud protection as there is no chance for chargebacks to occur.
- Anonymity/Decentralization: Rather than a centralized bank, cryptocurrencies are stored in offline wallets that can only be accessed using the computer in which the wallet is downloaded on. These wallets may also possess a security code that is only known by the owner. Wallets are represented by randomly generated address that can be changed repeatedly, thus making it nearly impossible to link a wallet address with an identity. Though a public ledger of transactions on the network can be viewed by anyone, these ledgers are not connected to any single person’s identity directly. Different altcoins have varying levels of anonymity. Each wallet is essentially its own bank in charge of how and when its currency is spent.
- Globally Accessibility: Entries on the network are broadcast over the Internet immediately and a confirmed in a short period of time, generally just a few minutes.
- Security: Cryptocurrencies are very secure. The use the latest cryptographic techniques, which are essentially very complicated math equations, in order to maintain a high level of security.
- Controlled Supply: These currencies have a finite number of coins that will ever be created and once all have been produced no more can be made. Counterfeiting and double spending of coins is also made more difficult because of this. This is unlike cryptocurrencies fiat counterpart, which can be printed at will by the government who owns the fiat.
Disclaimer: These are very basic descriptions of cryptocurrencies, blockchains, and mining. Those with experience in the cryptocurrency world will find this information redundant.
Blockchain Related Questions
What is blockchain?
A blockchain is a digital distributed ledger that uses cryptographic techniques to store transactional data about a cryptocurrency. It is distributed to each user of the blockchain to check the validity of every transaction.
What is a cryptocurrency?
A cryptocurrency, in its most basic form, is an online currency utilizing blockchain, cryptography, and a peer to peer network.
What is a Satoshi?
A Satoshi, named after the anonymous inventor of Bitcoin, Satoshi Nakamoto, is the smallest unit of measurement for a Bitcoin. It is equal to one hundred millionth of a Bitcoin, or 0.00000001 BTC
What is a peer-to-peer network?
A peer-to-peer network describes a system in which two or more devices are connected and share resources without going through a central server.
What does it mean to be decentralized?
Decentralization is the process in which powers, people or things are distributed or dispersed away from a central location or authority.
What is mining?
Mining is the action of using computing power to verify transactions and, in turn, add them to a public ledger. New tokens are created and given to the miner in the form of a block reward.
What is a block reward?
A block reward is the amount of a given currency that miners may claim as a reward for creating a block. The block reward is equal to the sum of the block subsidy (newly availablecoins) plus the transactions fees paid by transactions included in the block itself
What is a cryptocurrency fork?
A cryptocurrency fork is a term that refers to the splitting of a blockchain into two separate blockchains. The most popular example is the fork of Bitcoin that lead to the creation of Bitcoin Cash.
Are there different types of crypto-forks?
Yes, there are two types of forks: Hard Forks and Soft Forks.
What is the difference between a hard and soft fork?
Hard forks involve the permanent divergence from a current blockchain. The new blockchain rejects the transactions of the old blockchain and both follow separate rules. Soft forks, on the other hand, involve a reversible divergence from a blockchain. The new blockchain recognizes transactions from the old blockchain so long as it follows the new blockchain’s rules.
General CampusCoin Questions
Who created CampusCoin?
CampusCoin was created by our Visionary and Founder, Matthew Leonard.
Where can I find more information on CampusCoin?
You can find all the CampusCoin related information you need on our official website. You can also join the team Discord or Telegram channels, where the team is always available to answer your questions.
What is the main goal of CampusCoin?
The main goal of CampusCoin is to facilitate the integration of a cryptocurrency on campuses across the globe by spreading the knowledge needed to comfortably and confidently adopt this new financial infrastructure.
Is the use of CampusCoin legal?
Yes, CampusCoin is legal to use in any location that does not specifically have a ban on cryptocurrencies. Please check your local, state, and national laws prior to usage.
Why should I adopt CampusCoin?
CampusCoin offers benefits to students, schools, and businesses alike. Check out the home page of our website to see all the benefits CampusCoin has to offer.
What are the advantages of CampusCoin?
The advantages of CampusCoin can be found on the homepage of our official website. Refer to the section (whether Student, School, Retail Store, or Parent) that best fits your target.
What are the disadvantages of CampusCoin?
CampusCoin currently has only a small yet growing presence in offering global awareness surrounding cryptocurrencies. . This is why education in this space is important.
Do people use CampusCoin today?
Yes, people do use CampusCoin today. We have currently have 167 schools in 32 countries with Ambassadors just like me.
Can you make money with CampusCoin?
Yes, you can. Ambassadors of CampusCoin are eligible to our Rewards Levels System that compensates the Ambassador for the promotion of CampusCoin on their campus.
What are CampusCoin’s tax implications?
Please refer to your local, state, and national cryptocurrency laws for more information concerning CampusCoin tax regulations.
Does CampusCoin unfairly benefit early adopters?
No, the original adopters of CampusCoin are subject to the same regulations and standards as new adopters.
Isn’t speculation and volatility a problem for CampusCoin?
Currently, like with all new entities, speculation and volatility are issues, but these issues will normalize as the total number of CampusCoin users continue to increase.
Mining Related Questions
Can you mine CampusCoin?
Yes, CampusCoin can be mined by any device capable of mining the scrypt algorithm (CPU, GPU, ASIC), though ASIC miners work best.
What methods of mining does CampusCoin offer?
CampusCoin currently only offers proof-of-work mining, though proof-of-stake implementation is planned by 2019.
What is proof-of-work mining?
Proof-of-work mining involves the utilization of the computing power from a miner’s computer to verify transactions and locate the next hash in a blockchain. When the block is discovered, the miner who solves the block is rewarded a set amount of the token.
What is proof-of-stake?
Proof-of-stake involves users validating transactions with tokens they hold in their wallet. The more tokens a user holds, the more likely they are to find the next block and earn the reward.
What kind of algorithm is used for mining?
CampusCoin uses the scrypt mining algorithm.
What is the best way to mine CampusCoin via Proof-of-Work?
The best way to mine CampusCoin is to use the newest ASIC miner that can mine the scrypt algorithm and direct it towards a CampusCoin supported mining pool.
What is a mining pool?
A mining pool is a term describing a group of miners who combine computing power to solve blocks. The miners in the pool split the reward based on each user’s computing power.
Are there any mining pools for CampusCoin?
Yes, a list pools that are supported by CampusCoin are available on our website and announcement page.
What is the current block reward for mining CampusCoin?
The current block reward is 500 CMPCO.
Will the current block reward for mining CampusCoin ever change?
Yes, this value halves every 600,000 blocks, or 1.14 years.
How long will it take for all of the CampusCoin to be mined?
Over 90% of the total supply will be mined in the next 5 years.
Is mining CampusCoin a waste of energy?
No, mining CampusCoin is not a waste of energy as it is what allows our payment network to remain intact and secure.
How does mining secure the CampusCoin payment network?
Mining creates a competitive system that increases the difficulty for each user to add a new block to our blockchain and prevents users for manipulating or removing any transaction from the network.
Technology Related Questions
How is a CampusCoin generated?
CampusCoin is produced when a miner finds the next block in a blockchain. When this task is complete, CampusCoin is generated and rewarded to the miner for finding the block.
What is CampusCoin backed by?
CampusCoin, like all Bitcoin-based tokens, is backed by the complex mathematical equations that make up the blockchain, and just like the dollar, it is backed through the good faith of the holder and user. There is no physical product backing CampusCoin, just as there is no longer a physical product backing the dollar.
How secure is CampusCoin?
CampusCoin is more secure than any fiat currency as it is backed by an open-source code that is viewable to any person interested. Its decentralization and level of anonymity also helps to prevent hackers and central authorities from seizing your funds.
Is CampusCoin anonymous?
Yes, CampusCoin is anonymous to the extent you are not identifiable by your public wallet address.
How do CampusCoin transactions work?
A CampusCoin transaction can occur because miners across the globe are dedicating computing power to the CampusCoin network. When a transaction is initiated, the miners confirm the transaction to ensure its legitimacy, and are in turn, rewarded for the use of their computing power.
Why do I have to wait for confirmations?
You must wait for a confirmation to allow time for miners to verify your transaction. This is one of the many security features naturally built into CampusCoin
What happens when CampusCoin are lost?
In a situation where an amount of CampusCoin is lost, the funds in question will be permanently lost. Like all cryptocurrencies, CampusCoin transactions are irreversible.
Does CampusCoin incorporate transaction fees?
Yes, like with all cryptocurrencies, when the transaction volume reaches a certain level there will be transaction fees, though these fees will be microscopic.
Will people accept CampusCoin as a form of payment?
Yes, the goal is for CampusCoin to be accepted on campuses worldwide. We already have entities who have agreed to accept CampusCoin as an acceptable payment method.
How would CampusCoin be integrated into schools?
CampusCoin would be integrated into school stores, cafeterias, and in time, into their infrastructure for accepting tuition payments.
How would CampusCoin be integrated into a business?
CampusCoin would have point of sale terminals that could be installed at each register,enabling CampusCoin related transactions. Mobile payment methods will also be included.
Will a fork be implemented for CampusCoin?
There will be a fork in the future when CampusCoin integrates its new technologies. Ample time and information will be given about these changes so all users are prepared for when the fork occurs.
Transaction Related Questions
How do I buy CampusCoin?
To learn how to purchase CampusCoin, please refer to our Crypto-101 page on our website.
Where can I buy CampusCoin? How much is it?
CampusCoin can be purchased via five exchanges: CryptoWolf, Cryptopia, CoinExchange,Nova Exchange, and Stocks.Exchange, with the best exchanges currently being CryptoWolf and Cryptopia. The price of CampusCoin will fluctuate as with all currencies. An estimationof the price can be found of CoinMarketCap.
Can I use a credit/debit card or cash to buy CampusCoin?
You will be able to purchase CampusCoin via your debit/credit cards through our official mobile app. Cash will be a viable option to purchase CampusCoin after the distribution of CampusCoin ATM’s.
Where do I keep my CampusCoin?
CampusCoin can be kept in one of the following four locations: The official CampusCoin desktop wallet, the official CampusCoin mobile app, the official CampusCoin online wallet,and on any exchange that trades CampusCoin.
Is there anywhere else I can keep my CampusCoin?
Yes, keeping a hard copy of your coins in a form of a paper wallet is always an option. Visit walletgenerator.net for more info.
What is a paper wallet?
A paper wallet is a document containing all of the information needed to generate a set number of a token.
Are paper wallets safe?
Paper wallets are as secure as you chose to make them. By taking the proper precautions, paper wallets can be as secure as a private, encrypted wallet in theory.
What can I buy with CampusCoin?
CampusCoin can be used for peer to peer transactions and utilized at any location that has integrated CampusCoin into their business.
Can I exchange CampusCoin for cash?
No, you cannot directly exchange for cash today. This ability will arise when the CampusCoin ATM’s are released. Note: Businesses will be given this option with the integration of the merchant terminal.
What influences the price of CampusCoin?
CampusCoin’s price, similarly to a publicly traded company, is influenced by the overall need for the product, and the potential that the product shows.
Does the value change frequently?
Yes, CampusCoin’s price fluctuates just like any other cryptocurrency.
Can the value of CampusCoin become worthless?
Yes, it can. Like any form of currency, it is only worth what the global market for the product is willing to pay. If no one has any use for CampusCoin and sees no potential in it, then the value is essentially zero.