Bancor Coin
Purchasing Bancor (BNCR)
Bancor Coin is a digital currency that is currently listed on digital currency exchanges to the right, where you can acquire them. We will keep you posted in our “News” section and on this page when we are listed on additional exchanges. The following is the process for purchasing BNCR.
– Sign up for an account at a crypto-currency exchange.
– Sign up for an account with Coinbase (or your preferred digital currency platform), and purchase Bitcoin.
– In the deposit section of your exchange, create a Bitcoin deposit address (you will want to copy this address.)
– In “Send/Request Section” of Coinbase, send Bitcoin to the deposit Bitcoin address (paste address created in exchange.)
– Wait for Bitcoin deposit to show up in records of site used.
– Select the BNCR/BTC section then purchase Bancor Coin.
– To sell Bancor Coin, exchange BNCR for BTC and transfer BTC to Coinbase. There you can sell BTC and transfer funds to your bank.
Bancor Coin is a peer-to-peer payment system and digital currency. It allows transfers between anyone in the world, quickly, and with very low transaction costs.
Because Bancor Coin is open-source and because the developer(s) of Bancor Coin do not control the currency, the identity of the developer is irrelevant. The creators prefer the focus be on global adoption and multi-national ownership for the benefit of the world.
Like all crypto-currencies, Bancor is a computer algorythm that provides a personal digital wallet and allows a user to send and receive Bancor Coins. Like Bitcoin, the Bancor network utilizes a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a person’s CPU, graphics card, or ASIC to verify that each transaction is valid. Anyone can process transactions using the computing power of the fore-mentioned hardware and earn a reward in Bancor Coins for this service. This process has been coined “mining.”
Yes. Bancor was developed specifically for all people, all businesses, all nations, and all legitimate, legal interests. While Bancor is a new crypto-currency, our expectation is that it will have global national support and will grow fast.
The code is based on Bitcoin. Like other crypto-currencies however, the block chain is separate. It starts with a new genesis block and therefore is a separate currency.
– Speed: Bitcoin takes 10 minutes to confirm a transaction, whereas Bancor takes 60 seconds.
– Total number of coins: 281.6 million for Bancor, versus 21 million for Bitcoin
– Price: Better get in fast, as the price of entry right now is much less than Bitcoin!
– Mining
– Buying on an exchange with Bitcoin.
– As payment for goods and/or services.
– Miners acquire Bancor using computers or any other hardware that is currently used for Bitcoin.
– Miners can send and receive Bancor coins from fellow miners / wallet holders. At this point, Payments are made from a digital wallet application on your computer. To send a payment you enter the receiver’s wallet address, the payment amount, and press send.
– When enough miners and transactions are occuring, the currency will be listed on crypto-currency exchanges. When this happens, Bancor can be acquired with Bitcoin, and Bitcoin can be exchanged for Bancor.
– When the value of Bancor is high enough and starts to become stable, businesses will start to accept Bancor as currency directly for goods and services.
– In the future, many wallets can use a smart phone app, and obtain the address by scanning a QR code or touching two phones together with NFC technology.
Not for mining. There is a small transaction fee that goes to the miner that verifies the transaction. This fee is a small fraction of the fees that are normally associated with local currencies.
– Fast: 60 second transactions
– Easy and Global: Send money anywhere, anytime.
– Low or no fees.
– For merchants, there are fewer admin costs, fees, and larger markets.
– Privacy in transactions
– Strong protection against identity theft
Like any currency, profits can be made from mining, speculation, or starting a new business. It is important that you follow economic, tax, and other laws.
Yes. You already deal with virtual currency in your every day life if you think about it. Credit Cards, online banking. However, due to the nature of the ledger for Bancor, the coins can not just disappear… unless you forget where you put them. Please backup and secure your wallet.
When a user loses his wallet, it has the effect of removing money out of circulation. Lost Bancor Coins still remain in the block chain just like any other digital currency. However, lost Bancor Coins remain dormant forever because there is no way for anyone to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer Bancor Coins are available, the ones that are left will be in higher demand and increase in value to compensate.
Yes. Please be aware of currency laws in your country where in some cases alternative currencies are restricted or banned. Many countries are just now coming out with authoritative positions on how to treat digital currencies, including tax laws. If you are in the US for example, you will want to keep an eye on FinCEN’s positions on Bitcoin and other alternative currencies.
No… that would be illegal.
The Bancor protocol itself cannot be modified without the cooperation of nearly all its users. Attempting to assign special rights to a local authority in the rules of the global Bancor network is not a practical reality. However, any country can regulate the use of Bancor in certain ways. It is your responsibility to be aware of your countries regulations and laws concerning crypto currencies.
Many countries’ tax authorities are currently establishing tax laws applicable to crypto-currency. Most often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bancor. Because that can vary by country we advise you to seek the help of a tax professional.
New Bancor Coins are created by a decentralized process called “mining”. This process involves individuals that are paid in coin by the network for their services. Bancor miners are processing transactions and securing the network using various forms of hardware and are collecting new Bancor Coins in exchange. The Bancor protocol is designed in such a way that new Bancor Coins are created at a fixed rate. This makes Bancor mining a very competitive business. No central authority or developer has any power to control or manipulate the system to increase their profits. Every Bancor host in the world will reject anything that does not comply with the rules. Bancor Coins are created at a decreasing and predictable rate, until Bancor issuance halts completely with a total of 281.6 million Bancor Coins in existence.
This will never be a limitation because Bancor Coins can be divided up to 8 decimal places ( 0.000 000 01 BNCR ) and potentially even smaller units if that is ever required in the future.
The deflationary theory says that if prices are expected to fall, people will move purchases into the future in order to benefit from the lower prices. That fall in demand will in turn cause merchants to lower their prices to try and stimulate demand, making the problem worse and leading to an economic depression. Although this theory is a popular way to justify inflation, it does not always hold true and is considered controversial amongst economists. Semiconductors is one example of a market where prices constantly fall but which is not in depression. Like Gold or Silver, Bancor is likely to be volatile in its early years, and become stable in its later years with limited supply. The only time the quantity of Bancor Coins in circulation will drop is if people lose their wallets by not making backups.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. Bancor miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bancor network because all Bancor nodes would reject any block that contains invalid data as per the rules of the Bancor protocol. Consequently, the network remains secure even if not all Bancor miners can be trusted.
Mining makes it very difficult for any individual to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
Yes. The Bancor protocol and cryptography has strong security. However, Bancor wallet files that store the necessary private keys can be accidentally deleted by the end user.
To set up a Bancor Coin wallet, download and install the software for your operating system on our download page. Once this is set up, it will create a wallet for you. For increased security on your wallet, you can encrypt your wallet (click settings, encrypt wallet.) It is also recommended that you backup your wallet.
Yes.
No, a lot of mining software will allow to have multiple mining pools, or solo mining configurations.
As with all crypto-currencies, if someone has the CPU power of over half the network, it is possible to perform a double spend. This is done by sending the Bancor Coin to one wallet, then after that has been confirmed, they substitute the block chain with a longer one, that the coin was not spent on.
If someone is able to get a copy of your wallet.dat file, it is possible for them to transfer your money out. We recommend encrypting your wallet through the option in the wallet software. This will protect your coin even if your wallet.dat gets stolen.
Open the Bancor Coin client, click on file, then Backup Wallet. Then save the file to a safe location (such as a USB drive.) Then put the backup in a safe location (such as a safe, if available.)
To mine Bancor Coin, you will need at least a computer running the Bancor Coin client. However you can mine more efficiently if you get an ASIC device designed for mining crypto-currencies.
Once you install and run the Bancor Coin client, in Windows Vista and newer the config file is at C:\Users\[username]\AppData\Roaming\Bancorcoin\bancorcoin.conf. In Windows XP it is at C:\Documents and Settings\[username]\Application Data\Bancorcoin\bancorcoin.conf. For Linux it is at ~/.bancorcoin/bancorcoin.conf For OSX it is at ~/Library/Application Support/bancorcoin/bancorcoin.conf
GThis happens if your client cannot automatically find any nodes on the network. You can force it to find a node by opening up the config file, and add this line:
addnode=bancorcoin.net
If you are in Windows:
Press Win+R, then in the run window that pops up type: %APPDATA%\bancorcoin Don’t delete wallet.dat!!
Delete all files in blocks and chainstate.
If you are in Linux, delete all the files in ~/.bancorcoin/blocks and ~/.bancorcoin/chainstate.