Freicoin is a decentralized and open-source cryptocurrency created in 2012. It is an alternative to the better known Bitcoin, but with some key differences that set it apart from other cryptocurrencies. Freicoin was designed to be a more equitable form of money than traditional currencies by implementing demurrage, or “negative interest”. This means that each coin decreases in value over time, making hoarding less desirable and encouraging spending instead. Additionally, Freicoin also has built-in mechanisms for distributing new coins fairly among members of its community.
Like most digital currencies, Freicoin uses peer-to-peer technology to operate without central authority or banks; managing transactions and issuing money are carried out collectively by the network. Transactions in Freicoins are verified through cryptography and recorded on a public distributed ledger known as the blockchain. Unlike Bitcoin, which is mined using specialized hardware called ASICs (Application Specific Integrated Circuits), Freicoins use memory intensive algorithms like scrypt which makes mining possible with regular PCs and laptops rather than expensive rigs used for Bitcoin mining.
For users looking to buy or sell goods online anonymously using cryptocurrency payments there are many advantages associated with using Freicoins compared to other digital currencies such as Bitcoin:
– Lower transaction fees – since miners do not need specialised equipment they can accept lower transaction fees while still maintaining their profit margins
– Faster processing times – because of its memory intense algorithm scrypt mining enables faster block generation meaning faster confirmations for transactions
– More democratic distribution processes – unlike bitcoin where rewards mainly go towards those who invest heavily into vast numbers of ASIC miners everyone can mine freicions regardless of how much computing power they have access too
– Increased privacy – due to its focus on anonymous transactions freicions offer more privacy then other leading digital currency options
