#Frink national bank building free#

Frink is Better: Small Inflation Instead of Transaction Fees In the future, some optional Frink add-ons may involve small transaction fees, all of which will be shared with miners. That's right, neither a fee or burning energy is required to send money. Most cryptocurrencies require transaction fees to prevent hackers from overloading the network. Frink has safeguarded its system from hackers using the same decentralized ID that grants everyone equal rights and thus doesn't need transaction fees.

#Frink national bank building free#

Many cryptocurrencies have lower transaction fees, encouraging businesses to accept them.įrink is the only cryptocurrency that has truly free transactions. In fact, the average business pays 33% of the amount they make in profit to credit card companies. Transaction fees eat away at the profits of businesses. Every person who mines is paid roughly an equal share of any revenue.Ĭryptocurrencies Have Low Transaction Fees Additionally, updates to the currency must be approved, either directly or indirectly by the majority of users.ĭownload and run the Frink desktop or mobile app, and you are participating in processing transactions for the currency, known as mining. Frink then gives everyone equal power, maximizing the number of people who would have to work together to control the currency. exactly what cryptocurrencies are trying to escape.įrink uses properties of social networks to determine which individuals are real and which are trying to cheat the system. Both of these schemes create a small class of wealthy individuals who control the currency and no one knows how many people actually control the currency. Most cryptocurrencies decide who earns the most money based on how much money they've invested in machines that pick and test the most random numbers per second or how much of the currency they own. Frink is Better: Truly and Verifiably Decentralized Cryptocurrencies require more than 50% of the network to agree on any decisions on how your money will work, guaranteeing nobody can print more money for themselves or otherwise cheat the system or prevent anyone from using it. YOU!!Ĭryptocurrencies are designed to put the power over the financial system into the hands of people just like you who are most affected by the rules that govern the currency. Control of this currency must be shared equally by the very same customers who are the most affected by it. People do not have the ability to have a direct vote over how much they are paying in taxes or how they are spent.Įvery transaction you make is tracked by governments, banks, and other individuals.Įvery one of these issues ultimately stems from individuals who have too much power over your money. The solution to fix this is to create a new international currency that is forced to put the people first. Government currencies are designed to lose roughly 2% of their value every year. Transaction fees cost the average business roughly 33% of its profits per year. This will hurt the economy and collapse government currencies in the long run.īig banks take an average of over $1000 per customer per year. Global government debt is an enormous $75 trillion and rapidly growing every year. What issues are fixed by cryptocurrency? The users who choose to participate in processing transactions, supporting the currency, and making these decisions are known as miners. Over 50% of the people have to vote in order to make any major change to the way the currency works. This is achieved by ensuring that it is hard for any small group of people to control the system by splitting control of the currency amongst the users of the currency. This allows cryptocurrencies to fix numerous issues associated with the current financial system by aligning the design of the currency with the best interests of the users. The number one goal of cryptocurrency is to create a currency that is designed to put the power over the financial system directly into the hands of the people who use it. Whether stealing value from the people via inflation, invading people's privacy, forcing high fees and taxes, or borrowing far more than they could ever repay in someone else's name. never has there been a currency designed to put the people who use it first. Throughout history, the people in charge of the money have regularly abused their power. Why Cryptocurrency Is Important Beginner Friendly!