Frequently asked questions
If you have any more questions please ask on our forum SolidCoinTalk.
What are the goals of SolidCoin?
To allow the world to conduct trade using a currency that isn't attached to any particular government or country such that trade is as free as it can be. We also do not like artificial rules which restrict an individuals freedom to determine what they want to buy and what they want to sell. We do not like central banks and governments all of a sudden deciding what the inflation rate is or what the interest rate should be.
Essentially we want to restore the freedoms that were taken from us, so that we can live in a more fair and better world.
What gives each SolidCoin any value? Isn't this just like disney dollars?
Unlike fiat currencies such as the US dollar and Euro each SolidCoin is actually backed by the hardware used to produce them and electricity. Currently this works out to be anywhere from $1 to $20 per coin, depending upon how expensive the electricity used is.
So consider each SolidCoin to be backed by energy, no one can produce them unless they expend a certain amount of energy and from that comes a stable value.
Aren't internet currencies pyramid schemes?
Some internet based currencies, such as Bitcoin, are pyramid schemes that are designed to enrich early adopters under the guise of them being finite like gold. SolidCoin is the opposite of a pyramid scheme, as more people begin to create currency more coins are released. Since there is an actual energy backing to each coin being created, earlier coins will not lose value as more and more coins are created. One kilowatt hour used in 1990 is the same amount of energy used in 2012.
Isn't creating your own currency a scam?
Read the myths page as that may help clear up any myths surrounding SolidCoin.
Where can I learn how SolidCoin internally works?
One of the most important aspects to understand about SolidCoin is how the currency is created and what rules that happens under. As such please read the How are SolidCoins created page.
To briefly sum up how SolidCoin works internally, people around the world use their computer power and electricity to create the currency. The rate at which they create the currency is determined by their hardware and electricity used. So if people want to get more coins they simply get more hardware and use more electricity to do it.
To produce each SolidCoin costs around $1 to $20 depending upon electricity costs and hardware used. So the base value of a SolidCoin would have to be around this range for any miners to want to sell their coins to people who do not mine.