The What, Why, Who and How’s of Buxcoin: All that you Need to Know
Worry not; you’ve come to the right place! Here, in this article, you can find all that you need to know about Buxcoin, the most happening cryptocurrency. Here, we present you with a simple guide, in plain English, free of jargon to help you get started.
What is Buxcoin? Is it the same as Bitcoin?
Umm, yes and no! While Buxcoin is not the same as bitcoin, it’s a similar form of cryptocurrency. Run by a dedicated team of skilled mathematicians, financial experts, and proficient programmers, it’s a decentralized, highly secure digital currency that provides instant verified transactions. With no links to the Federal Reserve System, the Buxcoin is not controlled by any authority.
Who is the founder of Buxcoin?
The visionary behind Buxcoin is Niklas Backer, a renowned German mathematician who launched it in 2015. The idea of Buxcoin is to use a new form of currency, which works on cryptographic principles.
Who owns Buxcoin?
What makes Buxcoin different from paper money is that there is no central authority. It’s entirely decentralized, and the network of nodes in the community has been growing exponentially.
Ok, so no one central authority owns Buxcoin. But who controls the network?
We would like to explain this with an analogy. Just like no one person owns the internet, the Buxcoin network is not owned by a single person. But, its entire community of users (spread globally) controls the network. The Buxcoin protocol cannot be modified, since its open-source and to make any modifications or alterations; the entire community has to agree on it.
How to use Buxcoin?
It’s quite simple and straightforward. It’s like any other app you have on your Smartphone. When you install the Buxcoin mobile app or web program, it provides you with access to a digital Buxcoin wallet. Using this wallet, you can send and receive Buxcoins.
What is the Technology behind it?
Buxcoin works on a decentralized network known as blockchain. Consider the blockchain to be a public ledger that contains a record of all transactions carried out on the network. The validity of each transaction is verified by nodes within the network. Each transaction is done with the help of a digital signature that corresponds to the sender.
Additionally, nodes within the network are rewarded for verifying the transactions. This process is known as mining, and the reward is in the form of Buxcoins.
How to get a Buxcoin?
You can acquire a Buxcoin using any one of the following ways:
- Receive payment as Buxcoins for the goods you sell or the services you provide
- Trade other digital currencies in return for Buxcoins
- Buy Buxcoins from a digital currency exchange
- Perform mining and mine your Buxcoins
Is it difficult to make a payment using Buxcoin?
A big NO! In fact, making a payment using Buxcoin is as easy as using any other regular digital wallet. All you need to load your Buxcoin wallet with the necessary amount of coins, then enter the address of the recipient, specify the amount to be transferred and just click send. The payment is sent in the form of Buxcoins to the other party.
To make things simpler, you can just scan the QR code of the recipient’s wallet or tap your phone with the recipient’s phone, if you have NFC.
Ok, can you tell me some advantages of Buxcoin over other digital currencies?
Buxcoin is an innovative currency that presents merchants and users with several benefits. Some of the major advantages include:
- A Truly Global Currency that transcends borders. The decentralized nature of Buxcoins means you can receive and send it without worrying about exchange rates and bank fees.
- Instant payment – Using Buxcoin, you can send and receive instant payments to a person in any corner of the planet.
- Freedom to choose your own fees – With a Buxcoin wallet, you can set the fee depending on your requirements. What more, the fees are in no way related to the amount being transferred. Additionally, you need not pay any fees to receive Buxcoins.
- No requirement for PCI Compliance – With Buxcoin, you can easily expand to a new market without having to deal with stringent PCI compliance rules.
- High security – Since Buxcoin runs on an open blockchain, there is no way to reverse transactions, thereby lowering the number of fraud risks significantly.
- Anonymity – Using Buxcoins you can send and receive payments without revealing your identity.
What does Buxcoin have in place to earn the trust of users?
- It’s completely decentralized and is free from any central authority.
- The code is open-source, meaning any developer can access it at anytime to take a peek at what’s happening under the hood.
- Payments can be verified easily without depending on any third-party verification.
- It operates on a secure peer-reviewed cryptographic algorithm meaning the network remains secure, even when individual users on the network cannot be trusted.
Coming to the big question, can I invest in Buxcoin to make money?
Of course, Yes! Buxcoin is developing at a rapid pace and presents anyone with an entrepreneurial spirit with plenty of opportunities to make money. Whether you mine Buxcoin or engage in developing programs for the network or trade with it, Buxcoin offers you plenty of ways to earn with it.
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