New to Feathercoin and ready to start setting up trading
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Wallart Studios have been in existance for over 3 years as an online trader accepting the usual conventional portals such as PayPal etc. We are ready for change and see the possibilities of Feathercoin acceptance as a virtual monetary form of payment system, with a view to promoting both our online possibilities and also forwarding some new retail outlet that accepts Feathercoin as a method of payment for goods.
I have taken a very brief look at the site so far and notice you have an online market place here … a very sensible starting point :D
I must admit though … you explain the open source algorythms better than the “layman” method of such things as conversion rates … What Feathercoin is about for retailers … and also the whole “mining” side. ( I would assume as a newbie, this means basically generating your own Feathercoin from scratch, using your own computer to do this ? ) :-\
If someone could maybe give some insight to a total newbie in this field it would be greatly appreciated. But please … any replies should be in a language that even a 10 yr old would understand … I’m not as young as I used to be and remember a time before even the personal calculator was around and we had to use that old method called a brain and occasionally fingers. :P
Kind Regards
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Hi … I am not the technical wizard to explain the ins and outs of mining, but I just wanted to say welcome :)
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Hi Wallart.
So far the Feathercoin web site has been set up by, and to cater to the needs to, coin miners and software developers. We are now experiencing an influx of members, who arn’t so technical.
We are currently starting to develop Feathercoin.com v3 and yours is just the sort of insight that is needed to make the web site easier to use for the less technical.
Needs of the site are changing and we are moving away from where everyone was a developer or a miner.
Crypto currency is a very complex area, there has been a lot of work done and discussion of most related topics in the forum. Members have done lots to make that happen, more can be done.
Review what has been acheived, then find the Feathercoin website development thread, I’d welcome your input.
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Hi there and welcome to our community!
To answer your questions as simply as I can:
Mining is the process of verifying transactions on the network, and in doing so, being rewarded with Feathercoins. Each new block of transactions has a puzzle that needs to be solved. This puzzle requires a lot of computer power to solve, it would be impossible to figure out by a person with a calculator in a single lifetime. The first miner to successfully solve the puzzle gets 200 coins. Their block gets added onto to the blockchain, which is like adding a new page to a ledger. Except the ledger is public, so you can always verify each transaction you’ve made.
The miners are like the bank. Or Visa/Mastercard. They process transactions and secure the network. This isn’t the best analogy, but you can think of it like that for simplicity.
Merchants on the other hand don’t need to worry so much about the technical side of things. Because mining is the part that’s dealing with the blockchain - whereas Merchants are more interested in dealing with the currency side of the system, the Feathercoins.
Right now to become a merchant that accepts Feathercoin, you have several options. One, you can use a system like CoinPayments - which simplifies the process for you, but charges a fee. You can place things on our Marketplace, and also for a small fee can have the service provide the legwork for you. Or, you can deal with each customer directly - once an order for FTC goes through, you can email them with an FTC address [you generate these in the wallet software] and ask them to send their Feathercoin there. Once you verify the payment, you can contact the buyer and ship your product out. Unlike credit cards, there is no possibility of chargebacks. So the buyer would have to trust that you have shipped out [you can do this by sending a tracking number].
Using a third-party system like CoinPayments or the Market makes the transactions a bit more secure. They can act as escrow for the sales.
Hope that was good enough!
