Frequently Asked Questions
Find answers to recurring questions and myths about Romacoin.
What is Romacoin?
Romacoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Romacoin is pretty much like cash for the Internet.
Who created Romacoin?
Romacoin is an implementation of a concept called "cryptocurrency", which was first introduced in 2015 by Niklas Backer, a German mathematician, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The community has since grown exponentially with many developers working on Romacoin.
Who controls the Romacoin network?
Nobody owns the Romacoin network much like no one owns the technology behind email. Romacoin is controlled by all Romacoin users around the world. While developers are improving the software, they can't force a change in the Romacoin protocol because all users are free to choose what software and version they use.
How does Romacoin work?
From a user perspective, Romacoin is nothing more than a mobile app or computer program that provides a personal Romacoin wallet and allows a user to send and receive romacoins with them. This is how Romacoin works for most users. The Romacoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending romacoins from their own Romacoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in romacoins for this service. This is often called "mining".
How does one acquire romacoins?
- As payment for goods or services.
- Purchase romacoins at a Romacoin exchange.
- Exchange romacoins with someone near you.
- Earn romacoins through competitive mining.
How difficult is it to make a Romacoin payment?
Romacoin payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient's address, the payment amount, and pressing send. To make it easier to enter a recipient's address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology.
What are the advantages of Romacoin?
- Payment freedom - It is possible to send and receive romacoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Romacoin allows its users to be in full control of their money.
- Choose your own fees - There is no fee to receive romacoins, and many wallets let you control how large a fee to pay when spending. Higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 romacoins for the same fee it costs to send 1 romacoin.
- Fewer risks for merchants - Romacoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
- Security and control - Romacoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Romacoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Romacoin users can also protect their money with backup and encryption.
Why do people trust Romacoin?
Much of the trust in Romacoin comes from the fact that it requires no trust at all. Romacoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Romacoin works. All transactions and romacoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Romacoin, and the network remains secure even if not all of its users can be trusted.
Can I make money with Romacoins?
Romacoin is a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Romacoin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Romacoin requires entrepreneurship. There are various ways to make money with Romacoin such as mining, speculation or running new businesses.