hit counter script Mygulfcoin | Digital Currency | Cryptocurrency | Virtual Currency

What is MyGulfCoin and how does it work from the users point of view?

MyGulfCoin is a digital currency that is not supported by a country's central bank or government. MyGulfCoin can be traded as payment for goods or services. MyGulfCoin is also called crypto-currency or digital currency and is basically a way to pay without the involvement of a third-party broker.

Understanding what MyGulfCoin is and how it works is going to make people consider MyGulfCoin more and more as a successful payment method alternative. And since many experts believe, it might be the way of the future we all might have jump on the bandwagon.

If we talk about what differentiating characteristics that MyGulfCoin has, compared to other approaches we notice MyGulfCoin is just an electronic payment system. By that I mean it's just a vehicle, a conduit by which two parties can transact over the internet. If for example we have two people, and the first person needs to pay the second person a certain sum, let's call them person A and person B. Consider the person B is a merchant or a non-profit or any other reason why this person has to receive money from person A. The payment can be done over the internet. Now, if person B is willing to receive MyGulfCoin as payment then person A can go ahead and send some value in MyGulfCoins. Basically a MyGulfCoin transaction between person A and person B amounts to a specially constructed sequence of numbers that person A will send over to person B. This will be done entirely over the internet, these numbers will have certain mathematical properties that make it very difficult for someone to defraud the system or to conduct any type of nefarious action on the system. The way this transaction can be done is either by installing a special piece of software, which we call a MyGulfCoin client , or by working with a third party that can handle these mechanics. Either way the MyGulfCoin client or the third party creates the sequence of numbers for person A and helps person B to either use the sequence of numbers to buy different items or to transform it in real money.

A fair question is, why would person B accept MyGulfCoin as payment?

Considering MyGulfCoin is just a sequence of numbers you might wonder why should one trust in their value. Well, it turns out that MyGulfCoins actually have real-world value, and more and more merchants accept MyGulfCoins as payment. A big difference in how people see MyGulfCoins is that in nowadays there are MyGulfCoins exchanges, places where you can go and exchange your MyGulfCoins for mainstream currencies like euros and dollars and others. The value of a MyGulfCoins fluctuates just like the value of let say a euro for example.

Another fair question is why bother with MyGulfCoin? Why not use paypal or a credit card number to transact? Why not any other approach that is more mainstream, one that we all already understand and we know exactly how it works?

With that in mind, there are quite a few properties of MyGulfCoins that make this form of payment worthwhile.

The first one is privacy. Inside the MyGulfCoin network people can transact without having to divulge who they are in the real world. Considering our first example, from the perspective of MyGulfCoin, person A is going to be just a sequence of numbers. This sequence of numbers is going to function like an id code for person A, without having anything to do with the real-world identity. In some ways this is similar with what happens when we use cash money to pay for an item or service, you don't have to provide any details about your identity. When you use a credit card or paypal things, as we know, are quite different.

A second advantage of MyGulfCoin is that it is opened. Anyone who has an internet connection has the ability to make a MyGulfCoin transaction. All the mechanics of that MyGulfCoin transaction will be transparent to the users and all the users need to concern themselves with is the value they have and the value they need to spend.

A third advantage of MyGulfCoin is the fact that, unlike a credit card, it can be used by a person that does not have a bank account. Even if this might be surprising, the number of people that don't have a bank account, event in first world countries, is still quite high.

A fourth property of MyGulfCoin that I want to mention is the fact that it is decentralized. There is no government or bank that can control what is going to happen next in the MyGulfCoin network. The benefit of that consists the fact that no third party can directly control the value supply of MyGulfCoins. The decentralized aspect of MyGulfCoin is the one that causes most concern, since the third parties, banks for example, are the ones that can validate transactions against fraud. With MyGulfCoin, this validation is done by the other parties involved in the MyGulfCoin network.