We all had to send money abroad and may be frustrated by either the transaction cost, the foreign exchange rate, or by the constraints of the amount being sent that shouldn’t be exceeded. Some may also question the safety of banks, especially as one can just look to Greece, where banks control the money of its clients by allowing them to take out a maximum of $60 per day, due to capital controls. Today, many people seek to no longer be tied to a financial system that make them dependent. They started using cryptocurrencies, and specifically Bitcoins that helped them control their own money, and send it abroad at no cost and with no limit. Cryptocurrencies were more interesting to them because they are not tied to any government. Thus, in case of crises, people are not affected. Some cryptocurrencies saw the light later but were not as successful as the Bitcoin, as they didn’t bring a lot of technical innovation.
How can just a group of people create a new currency without being tied to any government and give this currency a value? The came question can be asked regarding how one dollar is worth one dollar? A group of people agreed on it to be priced at one dollar. Like for the dollar, a group of people agreed on the value of the Bitcoin. However, the Bitcoins have many downsides that were corrected by this new cryptocurrency that starts seeing the light: the GeoCoin.
How does GeoCoin work?
Every GeoCoin has a specific latitude and longitude on Earth. Every GeoCoin represents 11 square meters on the finite Earth surface. One can look for a GeoCoin after downloading an app called GeoCoin Snap, only available on Google Play at the moment, and will be launched on the App Store in August
Originally appeared at: http://themarketmogul.com/geocoin-the-currency-of-the-future/