What makes it different from normal currencies?
Natcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However,natcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the natcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Who created it?
A software developer called Natcoin Team , which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, Natcoin is created digitally, by a community of people that anyone can join. Natcoin are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited Natcoin ?
That’s right. Natcoin Just like The bitcoin protocol – the rules that make Natcoin work – say that only 35 million Natcoin can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a Natcoin and is called a ‘Natmil’,
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But natcoin isn’t based on gold; it’s based on mathematics. Around the world, people are using software programs that follow a mathematical formula to produce Natcoin. The mathematical formula is freely available, so that anyone can check it. The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
What are its characteristics?
The Natcoin network isn’t controlled by one central authority. Every machine that mines Natcon and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s Natcoin's away from them
It's easy to set up
Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up aNatcoin address in seconds, no questions asked, and with no fees payable.
Well, kind of. Users can hold multiple Natcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. However…
Transaction fees are miniscule
Your bank may charge you a £10 fee for international transfers. Natcoin doesn’t.
You can send money anywhere and it will arrive minutes later, as soon as the Natcoin network processes the payment.