What is Freicoin?
When Freicoin is a peer-to-peer cryptocurrency which basically on the Bitcoin based technology. It wants to differentiate itself by focusing on the “work class” of other currencies – FRC emerged from the Occupy movement and aims completely different goals than common currencies such as the euro or the US dollar. Thus, the FRC should not serve the interests of the “financial powers” but those of the ordinary population.
The FRC in numbers
The Freicoin already exists since 2013. After its publication, the course shot for a short time in extreme heights, which could be achieved in the further course only once. In the following years, the price fluctuated only at a low level. Currently it is around $ 0.0074. An FRC costs less than a dollar cent.
Out of a total of FRF 100,000,000, 30,113,441 are currently in circulation. The market capitalization is $ 223,519, while the daily trading volume is $ 37. These figures make it easy to see that this is a financially insignificant cryptocurrency that is little or ignored by investors and other interested parties. The daily trading volume of $ 37 is also a very clear indication that there is no real interest in this cryptocurrency from either side. Other small, largely insignificant cryptocurrencies yield daily trading volumes that are mostly at 200 or 300 times the trading volume of the FRC.
Who is behind the project?
Mark Friedenbach, Aaron Blumenshine and Matt Everingham have developed the idea of Freicoin. Two of the three developers work or worked for NASA. By dealing with Bitcoin, who was still quite young at the time of the creation of Freicoin, the three developers came into contact with the idea of ”demurrage currency”. This is a currency that unlike traditional currencies can not be accumulated. By taxes on moorings the owners of the currency are to be propelled to constant investment – thus a currency is reduced on that, which originally represented currency: Tauschgegenstaendten.
All three developers are close to the founding of the Freicoin popular Occupy movement, which speaks out against the current financial mechanisms and the global financial industry sharply criticized.
What should be achieved with the Freicoin?
The Freicoin is intended to represent an alternative currency which, in contrast to the classical modern currencies, is guaranteed circulation. While the euro and US dollars are hoarded in large numbers by the “top one percent of the population”, this should not be possible at the FRC. The developers wanted to create a currency that lives from constant transactions. Lying money should be taxed so that the accumulation of FRC is uninteresting. In theory, such a monetary system can provide a significant boost to the economy. All the money has to be in circulation all the time so that the owners of the money are much more likely to spend their money. Conversely, this leads to the fact that no one can be permanently in possession of larger amounts of FRC – wealth is simply not provided for in this system. Of course, it is possible to keep the currency longer. However, the tax collected and deducted will reduce the stock. In short, the developers of Freicoin sought a revolution of the monetary system towards a currency hedged.
It is basically an interesting idea that is theoretically sound and follows clear ideals. In practice, however, the FRC was unable to prevail. This is sometimes due to the fact that the potential buyers have not accepted the idea – most people are satisfied with a capitalist system and are looking for investment opportunities that can increase their money. The FRC does not offer such possibilities. For idealists and people who represent the ideas behind this cryptocurrency , the FRC is certainly one of the most interesting cryptocurrencies. For investors and newcomers who want to invest their money, investing in this cryptocurrency is not an option .