Frequently Asked Questions

INTRODUCTION

What is Euncoin?

Euncoin is a new revolution in decentralized digital currency designed to help content creators and entrepreneurs. At the heart of the Euncoin concept is the desire to help people pursue their passion for creation by reducing or eliminating their reliance on large platform ads and investors.

It is achieved by using the Euncoin Vault to reward donors that contribute money to the creators directly. In return, Euncoin gets promoted for free by content creators, who often have vast numbers of followers.

What is a Euncoin Wallet?

Euncoin wallet is a software program which is securely stored in the cloud or on your computer or other devices where you have downloaded it. This wallet is primarily used for your transactions. Whenever you donate a certain amount of money to participating Internet Content Creators, you get coins which you can further donate or trade for any goods or with other cryptocurrency sites. These coins are stored in your Euncoin wallet. To send and receive money and completing transactions in Euncoin network, the Euncoin wallet is used.

Who is Involved in Euncoin?

Donors, Youtubers, Internet Content Creators, persons who want to share skills to earn coins, creators’ partners (specially friends or creator’s known persons who inspired and helped them to complete the Euncoin system) are involved in Euncoin as they all collectively have the control over all the coins.

What is the Blockchain?

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. It allows the market participants to keep track of digital currency transactions without central recordkeeping. It solves the double spending problem without the need of a trusted authority or central server.

Why was Euncoin Created?

EunCoin was created to allow people to benefit from cryptocurrency while they pursue their passion and cultivate their creativity. Euncoin will allow creators to give something back to their donors for their contributions in the form of tradeable digital coins, which can be used as a currency. This will entice the viewers to donate more in exchange for coins. The more money that donors spend on funding content creators, the more coins they receive. In turn, the content creators get to increase their revenues directly and give them more time and money to do what they enjoy doing. An additional unique purpose behind Euncoin is to promote the use and sharing of information and creation of Internet content, which is now an integral part of our daily life.

Internet Content Creators

Internet content creators are people who love to share their knowledge and expertise, thoughts, or just some fun stuff with the community. The creators of channels on YouTube and other video sharing sites as well as art sharing platforms like DeviantArt and Behance are considered as Internet Content Creators.

Donors

Donors are those who support content creators and inspire them to keep the good work up by donating a certain amount of money directly to that content creator or YouTuber. Donors get a feedback by donating. They get coins for each dollar donated which they can use for further donations or to exchange for goods and services or to trade for other coins in cryptocurrency exchange sites.

Skills for Coins

Skills for coins stand for earning coins through sharing skills. Interested participants can earn Euncoins by selecting a task that best suits their skill and accomplishing it within the prescribed time period. The amount of coins earned per task is standardized, so people who perform the tasks will be paid equally regardless of their proficiency or mastery on the subject as long as the objective has been met on time.

Wallet

Euncoin wallets are used to hold the coins to be able to participate in transactions. Here, the coin flow is everything. People can donate, earn, and spend coins; everything is coin flow like cash flow in business. To keep track of these coins and keep the proof of transactions and balance, a wallet is used. The first thing to do to be a part of the Euncoin network is to register and download the wallet.

The Mission

The key concept of the Euncoin is to help, influence, and motivate Youtubers and other Internet Content Creators to nurture their talents and reach their dreams by allowing them to pursue their passion in this competing world without having to worry about their financial needs.

Usage and "spendability"

The usage and spendability of the Euncoin is world wide. The coins can be used for purchasing goods, donating, and exchanging with other cryptography networks that also use cryptocurrency. The ICO is planned for 2019 (Initial Coin Offerings).

Number of coins produced and their distribution

40 billion coins are produced. Out of it, 30 billion coins will initially be allocated to participating YouTubers. The coins will be awarded by the YouTubers to their donors in exchange for their monetary donations. 2% of the total number of coins (800 million coins) is reserved for the creators of the system. 10% of coins will be mined, so a total of 4 billion coins will be used for traditional mining. Between 5 to 5.2 billion coins are reserved for the Skills for Coin Program and the rest of the coins will be distributed to the partners who helped foster and inspired to build the Euncoin community).

Environment protection

Most of the coins in the Euncoin network are traded rather than mined in a traditional way. In this manner, traditional hash mining using multiple CPUs will not be as prevalent, which results in less energy consumption and less impact on the environment.

True World Wide availability

Euncoin transcends national boundaries and is available worldwide, and can be accessed from anywhere with an internet connection.

MINING

What is Euncoin mining?

Mining is the process to add information to the Euncoin blockchain. In cryptocurrency, mining is the validation of all the transactions that have been made. Mining keeps the transactions secure and protects the users from reversed transactions. Instead of having a central authority to take over control and security, this part of Euncoin is on the miners. Miners have to put all the transactions into the Euncoin block to fill up the blockchain. For each block created, miners are rewarded accordingly. Euncoin mining is done using specialized hardware and a computer. The sole purpose is to secure the network through verifying all the transactions and new coins are paid as a reward. There is, however, a concern with regard to traditional mining: It utilizes a tremendous amount of energy, which affects the environment in the long run. Euncoin remains out of this problematic zone by keeping mining to a minimum in order to minimize the effect on the environment and save energy without sacrificing the security and integrity of the transactions. Miners are rewarded with Euncoin as it takes cost and effort to mine.

How does mining help secure Euncoin?

Mining secures the network through verifying transactions and adding them into the blockchain. Mining checks out reversed transactions, so that it cannot be placed, as mining is very competitive to complete a blockchain with all certain transactions. It does not let any individual party get the power to block certain transactions and create their own blockchain. Mining protects the neutrality and keeps the network secure. Network security is ensured by verifying and evaluating all the transactions and adding them into each block and making a blockchain, all the procurements are done in order to prevent manipulation and reversed transactions along with false blockchains.

TRANSACTION

Why do I have to wait for transaction confirmation?

You have to wait for confirmation so that no false transactions can be introduced. Payment in Euncoin is almost instant; however, it takes a while to confirm your transaction by including it in a block. Confirmation means there is a consensus on the network that the coins you have received have not been sent to anyone else and not lost and they are considered as your property. After including the transaction in a single block, it will continue to include in every block which decreases the risk of a reversed transaction. Each confirmation takes a couple of seconds to 90 minutes. It depends on you at what point you think that there is enough confirmation on transactions, but six (6) confirmations are generally considered as safe. Thus, to resist reversed transaction and false transactions, you have to wait for the confirmation.

How much will the transaction fee be?

At present, there is no transaction fee for the Euncoin Network. This is an advantage over other digital currencies. In other cryptocurrencies, it takes an amount to complete a transaction. A free transaction takes a long period. In Euncoin, every transaction that you make is totally free. There is a possibility of having a transaction fee in the future, albeit it would only happen if it were to benefit Internet Content Creators directly.

What if I receive a Euncoin when my computer is powered off?

It doesn’t matter whether your computer is powered off or not. The Euncoin you receive will be added to your wallet and it is totally irrelevant to your computer’s current status. All it takes to complete transactions is your wallet. Mining actually keeps the computer open and, as soon as you receive the coin, mining will automatically generate the coin into your wallet. Coin transactions are generally unaffected regardless if either your device is turned off or on.

What does "synchronizing" mean and why does it take so long?

Synchronization is a process to download and verify all the previous Euncoin transactions on the network. There are several reasons that synchronization takes time: It takes time to make new transactions as it requires all the previous transactions to verify.   – The mathematical formula takes time to go through security and get into the ledger.   – The sheer size of the blockchain also determines the time of synchronization. The longer the blockchain is, the more blocks it has. So, to verify transactions in every block, it will take some time. With a minimally sized blockchain, synchronization takes a little time.   – Verifying each block and each transactions in the block takes a while.   – It sometimes depends on your bandwidth. With fully utilized bandwidth it will take less time to be synchronized. Full node clients like Euncoin core is required a comparatively lengthy synchronization but other lightweight clients don’t require a lengthy process but a shot time. Therefore, this problem is not for all the clients and users. Euncoin is a bit faster in this scene. Unlike in other networks, Euncoin has the minimal size of the blockchain and less block than the others. So, synchronization in Euncoim will take less time than the other networks.

How can I widthraw money from Euncoin

There are two ways to withdraw your Euncoin or use them- A credit card will be made for the donors which will be sent to them physically. It might take a while if no distributions are at your local area. Once you have your credit card, it can be used instantly to convert money into coins and coins into US dollar.   The coins can also be traded and exchanged with other digital currencies.

How long does it take to withdraw money from Euncoin?

Withdrawing money from the Euncoin network will usually take 24 to 48 hours.. The office hours make the delay as there is no office hour for withdrawing request. When the request is made on the weekends, it might take more than a day to withdraw money as all the processes need to be done manually.

ECONOMY

Why do Euncoins have value

Euncoin has value as we put a value on it. Euncoin is useful and can be used as a form of money. Euncoin has Durability, Portability, Scarcity, Divisibility, Recognizability, Liquidity etc. which are also the characteristics of money based on the properties of mathematics. The reason for not relying on physical properties like gold and silver or trust in central authorities like fiat currencies is their vulnerability and volatility. Based on mathematics, it’s backed with it. Including attributes, the thing which is required for a form of money to hold value is trust and its adoption. In the case of Euncoin, this value can be measured by its growing number of users, merchants, and startups. Like the other currencies, Euncoin’s value comes up directly from the person willing to accept it as payment.

Is Euncoin a Ponzi Scheme

Ponzi schemes are designed to collapse at the expense of the last investors when there are no new participants. A Ponzi is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from profit earn by the individuals running the business. Euncoin is a free software project which actually has no central authority who might have the control over it. As a result, nobody can make fraudulent representations about investment returns. So, like the other major currencies, it has no guaranteed purchasing power. The exchange rate floats freely. That is why there is volatility. Because of this volatility, people make money or lose money unpredictably. This sets Euncoins apart from the traditional fiat currencies.

Doesn't Euncoin unfairly benefit early adopters?

Yes, like other cryptocurrencies, Euncoin benefits its early adopters. Currently, each Euncoin attributes to 1 penny and in the near future when people will start using it more widely, a simple Euncoin will stand for 1 dollar or more than that, then the early adopters will get some beneficiary as the risk is bigger for them. Investing in a new and unproven technology and trusting on its security is harder for people. A lot of early adopters can’t make again with the coins as they run out of patience and sell them before it becomes valuable or bought a tiny amount of coins and don’t get a profit. There is no ensuring that the price of Euncoin will increase or decrease by a specific margin. This is like investing on an early startup that might result in gaining through its usefulness and popularity or end up in losing. The vision is to make people involved in this community pretty faster. Early users are taking a risk by investing in a new project. They are putting their trust and, with the help of the community that they are supporting, more people will be aware of the uses of the coin and this will gain value over time.

Won't the finite amount of Euncoins be a limitation?

There will be a total of forty billion coins created. Thirty billion coins are to be distributed, which is a finite number. Thus, there is a limitation of the finite number in one sense but, in the other, the price of the coin will increase, which is an advantage. The total amount of coin created for the Euncoin network is bigger than any other network, so, the limitation for the finite amount is fewer than other networks. When all the coins have been distributed, , there will not be any coin left to give to the donors. When this time has come to pass,, there is a plan by which users can opt to spend their coins directly as an alternate form of fiat currency.

Won't Euncoin fall into a deflationary spiral?

A deflationary spiral is an event wherein the price falls or is expected to fall, and users move their assets to future purchases in order to benefit themselves from the deflation. At the same time, merchants have to lower the price as well in order to stimulate demand. At this point, problems get worse and it leads to an economic disaster which is known as a deflationary spiral. There are some reasons why Euncoin stands avoiding this situation. – Euncoin is designed to increase in value. Euncoin’s accessibility will be worldwide so that people all over the world can use it. As the accessibility increases, more people will get and use the coin, which leads to stability. When the community is stabilized, there no reasons that it falls into a deflationary spiral. Besides, it happens when a huge amount of coins are lost or destroyed which only happens by losing the wallet. At this point, Euncoin wallets are hard to be lost. There is a password recovery system which protects wallets from being lost. Finally, when the coins have accessibility worldwide, having no blocking acquiring stability along with security, there are no chances or reasons that they would fall into a deflationary spiral.

Isn't speculation and volatility a problem for Euncoin?

Speculation means varying the price very fast with no stability which is a problem, and users like to avoid the risky situations. Euncoin is designed to increase in value along with stability. When the value of the coin is increased, donors will get fewer coins for each dollar they donate which will bring stability protecting users beneficiary. It doesn’t change in value unexpectedly rapid. It does increase in value but with stability. Its nature also as a cryptocurrency guarantees that there will be some ups and downs with the coin’s value. To remove this situation, a lot of users have to use it and, with worldwide easy accessibility, it’s possible to bring the coin to a stabilized point where it can fully avoid speculation, unlike other currencies. To make a big economic zone and instant access to business takes time and that is what the vision is. With increasing facilities and the coin’s spending ability, users chose to use the Euncoin and that is how the speculation and volatility problem is avoided.

What if someone bought up all the existing Euncoins?

Well, this is actually impossible. If anyone has to buy all the coins he has to invest forty billion dollars. Investing such amount of money on a new cryptocurrency is impossible for someone and no one surely wills to take the huge risks. Because when somebody buys all the coins, the coins will crash.   The vision of cryptocurrency is to increase and decrease the value of the coin by trading, using and spending them. Buying them all will stop these process, so, no chance to make a profit from the coin or, if anyone tries to buy all the coins by manipulating, it will result in no place to sell them which is loose. So, no one intends to take the huge risk on a new crypto currency and that’s why it is impossible for anyone to buy all the Euncoin.

What if someone creates a better digital currency?

If anyone creates a better digital currency then people will definitely invest in them. However, it is possible to make a certain modification to overcome and make Euncoin as useful as them. To compete with other cryptocurrency existingin the market, a lot of modifications and upgrades have been done and, in the future, it will continue to provide the same facility that another digital currency gives along with some extra facilities.

Do Euncoin have a referral program?

To be honest, there is no planning of referral program currently. But in the future, there might be a referral program but it will depend on two conditions – First of all, when the value of the coin increases, there will be a referral program. And secondly, if there are not enough users which including the YouTubers and donors, then there will be a referral program to increase users.   But as time elapses, cryptocurrency increases in value, so this guess can be made that yes, in the future there will be a referral program.

How much can I earn without investments?

Earning Euncoin is dependent on whether you are a donor, a YouTuber, or content creator. If you are a donor, then you can’t earn without investment. Either you have to buy the coin or donate to a participating YouTuber to get the coin. But in case of YouTubers and content creators, money can be earned with zero investment. In case of a YouTuber, depending on the subscribers, they will get coins in the beginning and they will continue earning without investment as they create quality content and get donated by others. So, if you are a donor, you have to earn with investment. On the contrary, if you are a YouTuber, you earn without investment.   There is a little share for persons with skills to help in the Euncoin network. There will be some jobs to accomplish the task and they will get coins accordingly.

Who controls the Euncoin network?

Actually, no one owns the Euncoin network but, like other Cryptocurrency networks, there will be some manual verification. To verify donations and identify fake profiles, there will be some manual verification so that YouTubers can’t generate a fake subscriber to deceive the Euncoin network. The minute all the 40 billion coins are distributed, the community becomes fully decentralized.

Is Euncoin really used by people?

Yes. There are reasons why people use it. As donors donate, they get coins in return. You will get the benefits of the coin like other cryptocurrency network but unlike the other cryptocurrency, the coin is spendable, which means you can spend the coin to buy any product you like. Once the designated number of coins run out, the donors can spend the coins they have to buy goods. There is a password recovery system for the Euncoin network which other cryptocurrency networks don’t allow. Basically, it’s an advantage. So, that’s the reason working behind using Euncoin.

How difficult is it to make a Euncoin payment?

The Euncoin payment method is super easy. The payment method has been added considering how easy it can be for the donors. The donor will get a credit card from the Euncoin and he has to merge it with his debit card. According to your location, it takes time to send the card. In USA and nearby you will receive the card quite soon but outside the region, it might take a while to receive the card. The credit card will be a reloadable card. You can put the money on the card and buy any product from local stores and amount will be deducted converting them into local currency. In case of buying coins, you use the same card to buy coins and convert coins to local currency so that you can be able to buy anything. The card will be spendable and can be used for any other online payment. Facts which satisfies the users are that Euncoin accepts international payments, no charge in case of withdrawing money, and no risk of exchange rate volatility; you receive the exact amount you have requested for. Like other cryptocurrency payment methods existing in the market, it has a little disadvantage. The issue is, if you lose your card you lose your coin on the card. But except this single issue, Euncoin payment is quite easy and standard with the market.

What are the disadvantages of Euncoin?

Basically, there are no real disadvantages of Euncoin. It’s based on the LiteCoin with a lot of modifications and upgrades so that the disadvantages of other cryptocurrency networks can be avoided to make Euncoin universal that’s what expected of new things, innovations. But there is a little disadvantage, you might think. Before all the coins get distributed, Euncoin team will have control over all the coins. This might sound suspicious. As 30 billion coins are under their control, it might look like a scam. What if the coins are not distributed or violating conditions if they keep a couple of billion coins extra for them. What happens then? Actually, if it happens, it will be an escrow. There are some legal obligations for restricting the scam, so basically there is no chance of this happening. As the time progresses and all the coins are distributed, this disadvantage will be pretty much nonexistent.

Why do people trust Euncoin?

People trust Euncoin as there is no reason to suspect it. Here are the reasons why people trust Euncoin: – First of all, you get the coin free. You may have already tried donating to Youtubers, but, using Euncoin, you get coins freely as a token from Eucoin team as long as you donate. – Secondly, the white paper will be the answer. It’s going to reflect what the team is up to with the coins. – Next, the security is extremely well coded. The code is available online and i’s an open source and available on GitHub. The goal is to make everything available and accessible to everyone and people can contact the Euncoin team if they have any issue. – Finally, there is no possibility of a scam as there are legal obligations set. – If you are a Youtuber or a content creator, you have to sign up and download your wallet. Tell people that you are on Euncoin and that if they donate to support the channel they will receive Euncoins in exchange.

Is Euncoin fully virtual and immaterial?

Euncoin is a cryptocurrency and it’s actually an online financial network based on the LiteCoin with certain modifications. Euncoin can be termed as virtual but it can’t be termed as immaterial. The coin is as virtual as credit card or other banking system people use. It can be used for virtual or online payments along with this, it’s possible to buy any product from any local stores with the Euncoin just like the physical or material currency. It can be exchanged in physical forms like the Casascius coins. Euncoin transactions are done through the Euncoin wallet which is a virtual wallet. In order to donate, send or withdraw money, the wallet is used. Euncoin can be used for other online banking and online payments. So, basically, Euncoin is fully virtual. Now, when it comes to the term immaterial, Euncoin is not immaterial. Any kind of material stuff can be bought with the currency (Euncoin), coins are spendable, tradeable. But since the inception of barter system of exchange, it’s hard for the user to accept Euncoin as the material currency. But basically it can be used instead of physical currency in certain cases and as days pass by, its availability increases.

What happens when Euncoins are lost?

If you lose your Euncoin wallet, you lose everything. This is what it is strictly for other cryptocurrency networks, and this is a problem a lot of people face in this community. Just to get rid of this, a password recovery system is added. Thus, when your Euncoins are lost, you can recover them with your email address without considering any security issue that might worry you. If you lose your coins, there is a possibility perhaps someone is stealing your coins using an email address. There is a tiny possibility to facilitate hackers if they have the access to your email but it’s no more than if it was a bank account or anything like that. So, password recovery is an extra layer of security provided for facilitating the users. So, when your Euncoins are lost, there is nothing to be worried. You can recover it and it’s better to check whether your email is used by others or not for your own personal safety.

Can Euncoin scale to become a major payment network?

Yes, it can be sure. In order to be a major payment network, it has to be stabilized. What does stabilizing mean? Let’s see an example. Bitcoin’s price changes very rapidly and that’s why it’s not stabilized. You want to go on a vacation and reserve a resort for your family for a week for 3000 US dollar. You want to pay them with Bitcoin. By that time, each Bitcoin is worth 3 US dollars. So, you will have to pay 1000 coins. But at the time of your vacation, the price of a Bitcoin might increase much more than 3 dollars; perhaps it is worth 20 US dollars at that time. What will you do then? It will take 7 times more money if you want to continue the vacation. You will have to cancel the reservation and buy something else with the coins. This is a great problem people are facing using unstabilized cryptocurrency. So, because of not being stabilized, it can’t be a major payment network as the price of the coin rapidly fluctuates. In the case of Euncoin, it can be much more stabilized as time passes by. It has all those things that take to be a major payment network. So, when the coin is stabilized, there are possibilities that Euncoin can be a major payment network.

Where can I find my Euncoin address?

You can find your Euncoin address as soon as you register your wallet.

Can Euncoin be regulated?

Any cryptocurrency can be regulated now in a similar way to any other instrument. Euncoin can be utilized for a wide range of purposes, some of which can be viewed as authentic or not according to jurisdiction’s laws. In such manner, Euncoin is the same then some other instrument or asset and can be subjected to various controls in every nation. Coin became unusable in North Korea due to governments prohibition. The Chinese government is trying to restrain its people from being involved with the coin. There are so many ways for a coin to be regulated.   Euncoin cannot be regulated in the sense that it’s decentralized, so there’s no real way to be able to regulate the coin. However different countries can make it legal or tax it heavily to a degree where it’s unusable.   Euncoin aims to create such a secure and unique platform that each and everyone can have a pass through in spite of having so many legislations, rules, or scrutiny. Euncoin’s peer-to-peer transaction system permits individuals to make payments or transactions anywhere in the world. When exchanging money internationally, Euncoin does not need to adjust the value. For these characteristics, Euncoin is operated as a global currency and also considered as more secure than the usual fiat currency. Euncoin is designed to be clean and transparent, and solid code has been ensured to make it more secure. As a result, people from all over the world can enjoy verified transactions every time.   Euncoin’s limited cap, as well as its mining procedure, shield it against hyperinflation. It likewise enables the money to regulate itself but disables the possibilities of being banned by jurisdiction’s laws.

What about Euncoin and taxes?

The Euncoin tax is dependent on your country whether the government thinks of taxing it or not. The taxation fully depends on the country you live in and it varies from country to country. Taxation for cryptocurrency isn’t the same around the world. There are some countries who don’t allow a tax on the cryptocurrency and there are some who allow a tax on it. Germany considers it as private money and under the rule 23 EStG, it has some tax-free beneficiary. According to this, a capital gain of less than 600 EURO is tax-free and if anyone sells their coins after a year or more then they won’t be taxed.   Like Germany, Denmark, Singapore, Belarus, Slovenia has an official tax free facility under different circumstances. But there are some countries which unofficially made the currency tax free. Hong Kong, New Zealand, Switzerland, Barbados, Malaysia, Mauritius don’t get any tax from the cryptocurrency so unofficially this currency is tax-free in these countries. Except for these countries, other countries allow taxation on it.   So, if you live in any of these countries, then enjoy your capital independency but if you are out of here, then you would want to be here.

Is Euncoin a bubble?

A bubble is an artificial overvaluation which often leads towards a sudden downward correction. The choices based on individual personnel action by hundreds of thousands of market participants all around the world will be the reason for Euncoin’s price to fluctuate as the market seeks price discovery. Even if we consider that a fast rise of price is a bubble, even in this scenario, Euncoin is not a bubble, given that there are no possibilities for Euncoin to make artificial overvaluation which leads towards it.