FAQ

FREQUENTLY ASKED QUESTION

Buxcoin is a form of cryptocurrency that provides private instant verified transactions. It is a decentralized, open-source cryptocurrency that is focused on the privacy of its users. Its global community is run by a team of skilled mathematicians, proficient programmers and financial experts, with no links to the Federal Reserve System.

Niklas Backer, a German mathematician, introduced the concept of Buxcoin in 2015. Niklas’ vision is based on the unique concept of cryptocurrency. Buxcoin was formed on an idea of a new money, which uses cryptography to control its creation and transactions with no central authority. This decentralized method has been expanding and the community has been growing exponentially. Developers have been working effortlessly to bring forth the innovative concepts for Buxcoin.

Buxcoin’s network is like the technology behind the internet in that nobody owns it. Buxcoin is controlled by all of its users globally. The developers are busy improving the software for better results and user experience. The Buxcoin protocol is invincible as it cannot be changed since it is an open-source and all users are free to choose any version and software.

It is very simple. Buxcoin is just like a mobile app or a computer program. Buxcoin provides a wallet and allows its users to receive and send Buxcoins. The Buxcoin works like this:

• Buxcoin works on a network called “Block Chain”, which is a public ledger and is shared
• Block chain contains every transaction ever processed
• It verifies the validity of each transaction within the network
• Each transaction is protected by digital signatures corresponding to the sending addresses
• It allows its users to have full control over Buxcoins from their own Buxcoin addresses
• A Buxcoin user can process transactions using the computing power of specialized hardware and can earn in Buxcoins. This is known as “Mining”

You can acquire Buxcoins through any of the following ways:

• Receive payments in Buxcoins for the goods you sell or services you offer
• Buy Buxcoins from Buxcoin exchange
• Exchange or trade Buxcoins with family and friends
• Earn Buxcoins through competitive mining

Making a payment through Buxcoin is actually easier than making a payment using a credit or debit card. All you need to do is open the Buxcoin wallet application on your computer or smartphone, enter the recipient’s address and the payment amount, and press send. To make the process even easier, Buxcoin wallets can also obtain the recipient’s address through the simple scan of a QR code or by touching together two phones that are equipped with NFC technology. Buxcoin account holders can also receive payments through Buxcoin without having a merchant account.

Buxcoin provides users and merchants alike with many advantages. The prime advantages of Buxcoin include:

• Payment freedom – Buxcoin is a decentralized form of cryptocurrency, which means that you can send and receive Buxcoins anywhere, anytime. There are no bank holidays, borders or bureaucracy to worry about.
• The ability to choose your own fees – Many Buxcoin wallets allow the account holder to control the fee for sending payments, with higher fees for faster transaction confirmations. Fees are completely unrelated to the amount that’s being transferred.
• There are also no fees for receiving Buxcoins.
• Low fraud risk – Merchants need not worry about fraud or fraudulent chargebacks when conducting transactions through Buxcoin. Buxcoin transactions are secure, irreversible and do not contain sensitive or personal information about customers.
• No need for PCI compliance – Since Buxcoin runs on a decentralized network, merchants are able to use it to easily expand to new markets. It is possible to set up a Buxcoin payment system where credit cards are not available or where fraud rates are too high.
• Lower fees, larger markets, fewer administrative costs.
• Security and control – Because of the block chain network that Buxcoin transactions rely on, it is impossible for merchants to force unwanted or unnoticed charges.
• Payments can be made without personal information tied to the transaction.
• Strong protection against identity theft.
• The ability to protect money with backup and encryption.

Buxcoin is not only secure and simple to use, it is also a completely transparent system, which makes it impossible not to trust. Here are some of the main reasons why people trust Buxcoin:

• RIt is a decentralized, fully open-source system.
• Anyone can access the source code at any time from anywhere in the world, which allows any developer to verify exactly how the system works.
• All completed transactions and existing Buxcoins can be consulted in real-time by anyone in the world.
• Payments can be made easily without any reliance on third-party vendors.
• The Buxcoin system is heavily protected by peer-reviewed cryptographic algorithms, similar to those used for online banking.
• No organization or individual can control Buxcoin, allowing the network to remain secure even if some users cannot be trusted.

Buxcoin is developing at a very fast rate. If you have an entrepreneurial spirit and are willing to invest time and resources on Buxcoin-related projects, there are chances that you will become profitable through the network. There are already several ways in which you can make money with Buxcoin, including mining, speculation, developer work or running new businesses using it. Buxcoin is an evolving space of innovation. As with any business opportunity, involvement comes with risk. There is no guarantee that Buxcoin will continue to grow, but its future is looking bright.