What is a cryptocurrency?
A cryptocurrency is basically digital cash that can be earned by mining or bought with fiat currency and other cryptocurrency.
What is mining?
Mining is the process of adding transactions to the blockchain. Mining is done by miners. Whenever a new block is added
to the blockchain, a reward is given to the miner who added the block to the blockchain. Mining can be compared to
a competition, in which every person needs to solve a puzzle (adding a block to the blockchain). Whoever solves the
puzzles first, wins the prize (coins). Whenever the miner receives the reward (the coin) it will be stored in his
or her personal wallet.
What is blockchain?
Banks and accounting systems use ledgers to track and timestamp transactions. Blockchain works the same way, but differs
in that it is completely decentralized and open source. This means that people do not have to rely on a central bank
or institution to keep track of their transactions. Because there is no central institute, transactions will have
to be confirmed by a network of peers. These peers are called the miners, they take the transactions, stamp them as
legit and add them to the network (add them as a block to the blockchain). This work that the miners do is rewarded
with a token of a cryptocurrency.
What is a wallet?
A wallet is an application or software that stores, sends and receives cryptocurrency. It is almost like a physical
wallet. There are wallet applications for mobile phones and desktops (PC) that store your cryptocurrencies online
and there are specialized hardware devices that allow you to keep your coins offline or even let you print a wallet
Is cryptocurrency real money?
As long as people believe in a currency and give value to it, it can legally be used to buy and sell. Fiat currency
(your own coins and bank notes) have once been ‘invented’, too. Before there was any money, people used to trade products
and services for other products and services. As long as people accept the currency, it is a currency. The downside
of fiat currency is that banks and states can print new whenever they feel like it. This makes inflation and deflation
possible. With cryptocurrency this will be much harder to do. In cryptocurrency the creation of additional units of
the currency is controlled and restricted (for example, Bitcoin’s cap is set at 21,000,000 million coins).
Where can I purchase ETH, BTC and other cryptocurrency?
There are many exchange websites that sell cryptocurrencies. Including, but not restricted to: Coinbase, Kraken, Bitstamp.
Once you have bought coins, you can store them in your exchange wallet or send them to another (online or offline)
wallet. You can also search for individuals selling cryptocurrencies in your area, for example through
, or you can meet someone face-to-face, have them scan your wallet’s QR code and pay them.
What are the advantages of cryptocurrency?
It will be possible to send and receive cryptocurrency anywhere in the world, at any time. You are not bound by bank
holidays, borders, exchange fees or bureaucracy. You are in full control of your money. There are no fees to receive
cryptocurrencies, and when spending cryptocurrency, many wallets will let you control how large your fee will be when
spending. The transactions are secure, irreversible and do not contain any sensitive or personal information about
the customer or merchant. This will protect a merchant from losses caused by fraud and fraudulent chargebacks. Cryptocurrency
users can protect their money with backup and encryption. And finally, all information concerning the cryptocurrency
money supply itself is readily available on the blockchain for anybody to verify and use in real-time. No individual
or organization can control or manipulate the cryptocurrency protocol, because it is cryptographically secure. Overall,
cryptocurrencies can be trusted for being completely neutral, transparent and predictable.
What are the disadvantages of cryptocurrency?
There are still a lot of people who are unaware of cryptocurrencies. There are some businesses that accept cryptocurrencies
as a payment, but this list remains small. Because this list is so small and the total value of cryptocurrency in
circulation are still very small, any activity can significantly affect the price and make cryptocurrencies extremely
volatile. The cryptocurrency software is still in beta and has some incomplete features. New tools, features and services
are still being developed. Most cryptocurrency businesses are new and offer no insurance. In short: cryptocurrency
is still in the process of maturing.
Are cryptocurrencies anonymous?
Cryptocurrencies are not anonymous and cannot offer the same level of privacy as cash. The use of cryptocurrency leaves
extensive public records (in the form of transactions on the blockchain). Every transaction made with cryptocurrency
can be viewed by the public.
Can my cryptocurrencies be lost?
When you lose your wallet and your private keys, you will lose your coins. The coins will remain in the blockchain,
however, they will become dormant. This is because there is no way for anybody to have access to a lost wallet without
the private keys that would allow access. This is why it is extremely important to write down your wallet address
and your private keys and store them in a safe place (better write them down, print them on a piece of paper and keep
them in a safe place, than saving them on your computer where hackers can find them).
Are cryptocurrencies legal?
The legal status of cryptocurrency varies from country to country and is still undefined or changing in many of them.
Some jurisdictions are restricting or even banning foreign currencies, while others may limit the licensing of certain
entities such as a cryptocurrency exchange. Law enforcement agencies, tax authorities and legal regulators are still
trying to understand how cryptocurrency fits into existing frameworks. Steps are being taken to provide individuals
and businesses with rules on how to integrate this new technology with the formal, regulated financial system. The
legality of your cryptocurrency activities will depend on who you are, where you live and what you are doing with
Are cryptocurrencies being used for illegal activities?
Some concerns have been raised that cryptocurrencies are only being used for money laundering by criminals. However,
cryptocurrencies are money, and money has always been used for both legal and illegal purposes. Cash, credit cards
and the current banking systems still greatly surpass cryptocurrency in terms of their use to finance crime and these
methods are widely used and well-established. Cryptocurrency is designed to make money more secure, for instance,
they are completely impossible to counterfeit. Users are in full control of their payments. Transactions are irreversible
and immune to fraudulent charge backs. Backups, encryption and multiple signatures are used to secure money against
theft and loss.
What about cryptocurrencies and taxes?
Regulators have only just begun to seriously scrutinize regulating cryptocurrencies. There are some countries that
treat cryptocurrencies as business income or capital gain, but the predominant international trend is to regulate
cryptocurrencies as if they were “assets” or “property”. Most nations have yet to come around to the idea of treating
cryptocurrencies like real currencies. In the years ahead, many more tax updates will be in store for cryptocurrency
users all over the world.
Where do I store my coins?
Your TRF will come with a compatible wallet. Always make sure you send your cryptocurrencies to the correct address
or your coins will be lost.
How does the wallet work?
Instructions for the wallet can be found
How will the founders get paid?
The founders will follow a founders reward model based on Zcash. When mining has started, 90% of the newly created
TRF will go to the miners, 2% will be donated to charities, and 8% will go to the founders. After 4 years, this construction
will stop and the coins will go to the miner and to charities. This will mean the founders have more interest in supporting
the product and they will have no ability to ‘pump-and-dump’. This should give you more trust in Travelflex. The founders
hold NO pre-mined coins.
How will the funds raised during the ICO get spent?
The money we raise during the ICO will be used to pay for everything from running the mobile application, development
of Travelflex ATM systems, physical Travelflex cards, legal matters, marketing and sales, keeping the website up to
date, to development team and help service team salaries.
Where can I download the mobile application?
The mobile application is available for download after login to your control panel.
What are the risks of TRF?
All cryptocurrencies are extremely volatile. Prices can drop or rise. It‘s common that a cryptocurrency gains 10 percent
a day – sometimes 100 percent – just to lose the same the next day. You are at risk of losing money.
What are the blocktime and blockreward of TRF?
0.5 TRF will be mined every second. After every 2 years, the amount of coins mined every second will decrease by 50%.
Where can I read the Travelflex whitepaper in full?
Our whitepaper is available
Will there be a hard cap to the amount of total TRF coins?
The amount of coins mined every second will start at 0.5, every 2 years this number will be decreased by 50%. In year
1 and 2, 0.5 TRF can be mined every second, in year 3 and 4, 0.25 TRF can be mined, in year 5 and 6, 0.125 TRF coins
can be mined every second, and so on. Eventually the amount of TRF will be a little over 163,000,000 after 20 years
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