SwiftCoin cryptocurrency is another type of electronic currency that emerged after Bitcoin was introduced in 2009. The idea behind SwiftCoin is for it to travel from one computer to another with no central approval, not even First National BNAK (the decentralized bank used by SwiftCoin).
But unlike Bitcoin, mining does not work with SwiftCoin. You earn SwiftCoin through buy and sell or through owning a Solidus Bond. SwiftCoin is used as a method of payment for Solidus Bond redemption and as capital in the form of coupon.
In 2011, Daniel Bruno and his team gave birth to SwiftCoin. He acquired the trademark in 2013 and the patent a year after. Though the name sounds familiar, it is unrelated to Society for Worldwide Interbank Financial Telecommunication or SWIFT.
A challenge that comes with $10,000 reward was announced and was opened to any hacker who can attack and break the security features of SwiftCoin and John McAfee’s SwiftMail. The prize was later on increased to $20,000 then to $30,000 which to date, no one has succeeded yet.
If you already have a SwiftCoin, then you need a place to store it – a wallet. The installation of the required software means getting your SwiftCoin Wallet which is secured by your Personal Identification Number or PIN. It is also easy to back up or clone your wallet to any secured thumb or pen drive. It is a convenient way for you to restore your wallet in the future if the need arises.
SwiftCoin assured that even if it crashed or someone attempts to hack your information, as long as the PIN is not compromised, your wallet will be safe.
One of the features offered by this SwiftCoin cryptocurrency is sending and receiving a secured and encrypted private message. This process charges as low as 0.001 SwiftCoin which can’t break even if a reply is sent to you. Transactions are confirmed real time, which proves why a lot of businesses are now using SwiftCoin. Also, you have full control to delete these messages as they are not stored in any repository.
Buy and Sell
You get a small amount in your SwiftCoin Wallet by installing the software. If you wish to add more, you can buy SwiftCoin on their website http://www.oswift.com. SwiftCoin is priced depending on a current rate.
Like any other blockchain, SwiftCoin cryptocurrency can be used to buy and sell from the platform above. Good news is if you have a spare e-money but on a different cryptocurrency, bitcoin included, there’s a big chance that you can use them to exchange into SwiftCoin. Don’t forget to check their website for the updated list of currency they accept.
To conclude, Swiftcoin cryptocurrency is considered as an early starter, but it has proven that it’s here to stay. SwiftCoin, together with bitcoin, are the only e-money that can be used to trade in forex and minerals such as gold and silver. Visit their website at bnak.tv if you’re interested in buying SwiftCoin.