THE GLOBAL CURRENCY RESERVE (GCR)

The History of Global Currency Reserve (GCR)

            The world prominent GCR provides every individual the opportunity to have a business that will suit their lifestyle. They offer a business wherein the use of crypto currency is the main source of income. Anyone can definitely go on with this kind of home-based business where your progress depends on your pacing.  Crypto currency has been getting good hits online which make this kind of business a good way of earning real money.  GCR utilizes this technology and pushes every boundary in the field of marketing to achieve a relatively worthy business that will suffice every individual’s needs and wants.

            So how did GCR start? The Global Currency Reserve was founded in the month of August of 2014. This company started its business in Dallas, Texas, USA. It was envisioned to be the first company to offer such crypto currency-based business that will provide every household a shot on having a bright future. Their main goal is to provide an own paced, simple yet profitable, and goal-oriented business that focuses on mining and selling of GCR coins. A world where anyone can both earn money and be happy with their life is what GCR aims to achieve. 

            GCR’s founder, CEO, and President, Bob Wood, visualized of having a business that revolves around marketing crypto currency in English speaking nations. He believes that anyone has a shot in having a business that will give every family a chance of earning a good amount of money. He then thought of expanding GCR’s horizons to non-English speaking countries. With this in mind, the influence of GCR will surely reach more households all over the globe. This is what he sees business should be. It can be put like a passive way of earning good cash. 

                                          How You Earn

How does one earn real money from GCR coins? This is what technically Bob Wood wants to do. The plan is to help every individual who’s venturing into this kind of business earn GCR coins. Later on, these GCR coins can be exchanged to any currency one wants or needs. GCR also formulated different packages that offer a lifetime guarantee of fast cash. One of which is a mining package that costs $70 a month. Once registered in this mining package, the technical team of GCR will help you mine GCR coins every hour for the whole day, whole week, and the whole year round! That’s how hands on the GCR team are to all of its business partners. Anyone can easily switch packages in an instant which greatly depends on how much mining area one wants to have to be mined. Each mining area offers different loads of possible coins to be mined. The cost for a package offered by GCR ranges from as low as $29.99 up to as high as $299.99 which is paid on a monthly basis.
 

                                         Advantages?

The thing is that with GCR coin mining, there’s no need for any complicated software or brain cracking procedures and instructions to get things started with crypto currency gathering. The servers located in GCR’s main office will do the coin mining for those who registered in their network. Another great thing about this innovative currency is that each year or a period of time, the value of each GCR coins increases. This in return creates more profit for those who are already into crypto currency mining. Remember that the more people go into this kind of gold mining, the higher the demand for the coins, the higher the value each coin gains.

            In today’s age of high technology and superb innovations, GCR’s visions of creating and helping people cope up with this change never dies. Online networking is what GCR uses to gain more members. In this way, every referral done by a member will earn his/her extra credits or bonuses in a form of GCR coins. So the more referrals made, the more GCR coins are given as an extra credit. It was one of GCR’s goals to reach a million members and since its establishment, more and more people are joining the bandwagon of earning quick money.

Generosity is what keeps GCR on the move. People are enticed on how GCR manages its members. There are times that one earns more than what his/ her expected coin outcome. Aside from that, GCR lives with its goals and ambitions by providing a chance for every human being in the world in fulfilling their dreams.

As time passes by, the GCR’s existence will surely be marked down in history as the very first online marketing company that produces crypto currency as a source of income for everyone.  There will come a day that almost a billion of the world’s population will be into this outstanding trend that will surely never die.

            

           

           

THE HISTORY OF BITCOIN

The History of Bitcoin

The term ‘bitcoin’ is a buzzword that stands for a consensus network, which enables a whole new system of payment and complete digital money. Thus, it is a sort of digital currency, which isn’t controlled by anybody. Bitcoins are not printed as in the case of Euro or USD. They are the first example of the money category which is referred to as cryptocurrency. The Altcoins such as Litecoins, GCRcoin e.t.c came later on.

The main factor which makes this type of money differ from other currencies is that they are used electronically. But the major characteristic which makes bitcoins stand out among other currencies is that it is decentralized. This means that this currency is not controlled by any institution.

What is the history of Bitcoin?
 Bitcoin is the first implementation of the concept of ‘cryptocurrency”. This idea was first described in 1988 by Wei Dai, who suggested that a new type of money should be created that will use cryptography for its creation and transactions instead of a central authority.

The history of the Bitcoin started in August 2008. Three men, NealKin, Vladimir Oksman, and Charles Bry, developed an application that was designed for an encryption patent application. These three individuals deny that they have had any connection with Satoshi Nakamoto, who is known as the originator of the concept of Bitcoin system. These three men also registered the website Bitcoin.org over the website anonymousspeech.com which was a website where people could buy anonymous domains.

In October of 2008 Satoshi Nakamoto spoke about his new invention, which represented a new type of currency that could only be used in electronic version and which was a peer-to-peer decentralized money system. Satoshi Nakamoto had tremendous success in solving the problem of  money being copied and he gave a starting point for the legal development of the Bitcoin system.

In January 2009 the first block, called ‘Genesis’, was launched which allowed the first ‘mining’ of Bitcoins possible. During that month a transaction between the originator and the cryptographic activist also took place.

In October 2009 the Bitcoin received an equivalent value in traditional currencies. The value of the Bitcoin was established at $1 = 1,309 BTC by the New Liberty Standard. When deriving the equation, it was taken into account that it should first of all include the cost of electricity that ran computers for creating Bitcoins.

In August 2010 Bitcoin was hacked, as a result of which it was discovered how the system should verify Bitcoins. In November 2010 Bitcoin reached 1 Million USD. In March 2013 this amount reached 1 billion USD. This shows how popular the system of Bitcoins had become.

In November 2013 the value of a Bitcoin on an exchange that converted it to USD turned 700$. It was a great gain as compared with its value in 2010.

Who controls the Bitcoin network?

The uniqueness of Bitcoin system lies in the fact that it isn’t controlled by any institution. It resembles the case where the technology behind emailing is controlled by nobody.

Bitcoin is controlled by the Bitcoin users all over the world. While the developers of the program are making certain improvements from time to time, they cannot make any change in the protocol of Bitcoin as all of the users are free in their decision which software and version to use. However, for remaining compatible with each other the users should use the same system that has the same rules. This is really important as Bitcoin can only work when there is a certain consensus among the users. Thus, all of the users and developers need to protect this consensus so that they have a success in their work.

How does a Bitcoin work?

If we look at the Bitcoin from a simple user’s perspective, it is just an application and a program that proved with an electronic wallet via which the users can send and receive Bitcoins. This is how the users think the system of Bitcoin works.

In reality, things look a little bit different. The Bitcoin network is sharing a public ledger that is called a ‘block chain”. This ledger demonstrates the history of transactions so that the computer can check whether this or that transaction is valid or not. The authenticity of all of the transactions is ensured by electronic signatures that are sent from a given address. This enables the users of the Bitcoin system so take control over the transactions that are done from their Bitcoin addresses.

Nowadays, there are a great number of people who make use of the Bitcoin system. The users are usually people who run a brick and mortar business, like restaurants, law firms, apartments and many popular online shops and services. While Bitcoin is a relatively new phenomenon, it has fast grown roots.

How can you acquire Bitcoins?

You can acquire Bitcoins by the following means:

1.                  As payment for goods and services

2.                  Buy Bitcoins at a Bitcoin Exchange

3.                  Exchange your Bitcoins with somebody who is near you

4.                  Earn bitcoins by taking part in competitive mining

Bitcoin has its advantages and disadvantages. However, millions of people trust this system as it is an open source system and it is decentralized.

BASIC TERMINOLOGIES OF CRYPTO-CURRENCY

 

In the world of crypto-currency, as in any other field of study, there are basic terminologies that define various operations. I will enumerate a few which are used in daily e-currency transactions with Bitcoins in simple language.  

Mining
Mining virtual currency is a unique concept and one that can be somewhat challenging to understand. Mining crypto-currency isn't the same as "mining" for gold or coal, but is done with the power of computers. Crypto-currency is digital or virtual currency that can be used to purchase goods from anyone that accepts it. Bitcoin was the first crypto-currency to be produced and it has set the standard for the industry. Mining Bitcoin was started with software that solves a mathematical problem to produce this currency. You can mine as an individual or you can mine in a pool with other individuals. If you mine solo, it could take you a lot longer to get through these mathematical equations. However, if you choose to mine in a pool of people, more equations are being solved because there is greater mining power in numbers. The more currency that you can mine the more money can be generated with it. When mining in a pool, the end rewards are split among the members. This is why mining in a pool is suggested, especially if you are just getting started!GRCcoin is an example of mining in a pool.  

Block
Blocks are found in the block chain of all the e-currencies. Blocks connect all transactions together. Transactions are combined into single blocks and are verified every ten minutes through mining. Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).  A block can also be defined as a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining.

 

Block Chain
The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” The block chain shows every single record of Bitcoin transactions in order, dating back to the very first one. The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.  Alternatively, the block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending.

Block Height
The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the “genesis block.” - See more at: http://blog.blockchain.com/2014/12/23/10-commonly-used-bitcoin-terms-explained/#sthash.QNEqfu2B.dpuf  

Change
 Let’s say you are spending $1.90 in your local super market, and you give the cashier $2.00. You will get back .10 cents in change. The same logic applies to Bitcoin transactions. Bitcoin transactions are made up of inputs and outputs. When you send bitcoins, you can only send them in a whole “output.” The change is then sent back to the sender.
 

Confirmation
 A confirmation means that the Bitcoin transaction has been verified by the network, through Bitcoin mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.  

Difficulty
Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network. Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks. Difficulty is automatically adjusted to keep block verification times at ten minutes.  

Double Spend
If someone tries to send a Bitcoin transaction to two different recipients at the same time, this is double spending. Once a Bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.

Halving Bitcoins have a finite supply, which makes them scarce. The total amount of bitcoins that will ever be issued is 21 million. The number of bitcoins generated per block is decreased 50% every four years. This is called “halving.” The final halving will take place in the year 2140.

Private Key 
A private key is a string of data that shows you have access to bitcoins in a specific wallet. Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature. - See more at: http://blog.blockchain.com/2014/12/23/10-commonly-used-bitcoin-terms-explained/#sthash.QNEqfu2B.dpuf

AddressA Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction.

Bit
Bit is a common unit used to designate a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC or B⃦). This unit is usually more convenient for pricing tips, goods and services.

Bitcoin
Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today."
bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT.

BTC
BTC is a common unit used to designate one bitcoin (B⃦).

Confirmation
Confirmation means that a transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a single confirmation can be considered secure for low value transactions, although for larger amounts like 1000 US$, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction.

Cryptography
It is the branch of mathematics that lets us create mathematical proofs that provide high levels of security. Online commerce and banking already uses cryptography. In the case of Bitcoin, cryptography is used to make it impossible for anybody to spend funds from another user's wallet or to corrupt the block chain. It can also be used to encrypt a wallet, so that it cannot be used without a password.

Double Spend
If a malicious user tries to spend their bitcoins to two different recipients at the same time, this is double spending. Bitcoin mining and the block chain are there to create a consensus on the network about which of the two transactions will confirm and be considered valid.

Hash Rate
The hash rate is the measuring unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical operations for security purposes. When the network reached a hash rate of 10 Th/s, it meant it could make 10 trillion calculations per second.
The following terms are used for mining hash rate measurement:

KH/s: Kilohashes per second, or one thousand hash computations per second
MH/s: Megahashes per second, or one million hash computations per second
GH/s: Gigahashes per second, or one billion hash computations per second
TH/s: Terrahashes per second, or one trillion hash computations per second
PH/s: Petahashes per second, or one quadrillion hash computations per second

P2P
Peer-to-peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Bitcoin, the network is built in such a way that each user is broadcasting the transactions of other users. And, crucially, no bank is required as a third party.

Private Key
A private key is a secret piece of data that proves your right to spend bitcoins from a specific wallet through a cryptographic signature. Your private key(s) are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin wallet.

Signature
A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of Bitcoin, a Bitcoin wallet and its private key(s) are linked by some mathematical magic. When your Bitcoin software signs a transaction with the appropriate private key, the whole network can see that the signature matches the bitcoins being spent. However, there is no way for the world to guess your private key to steal your hard-earned bitcoins.

Wallet
A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin network. The wallet actually contains your private key(s) which allow you to spend the bitcoins allocated to it in the block chain. Each Bitcoin wallet can show you the total balance of all bitcoins it controls and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant.

References
http://blog.blockchain.com/2014/12/23/10-commonly-used-bitcoin-terms-explained/
https://bitcoin.org/en/vocabulary

CRYPTO-CURRENCY

With all the excitement surrounding crypto-currency, many companies are offering opportunities labeled as crypto-currency. So what exactly is a real crypto-currency and what is not? 

Digital Currency

Digital Currency or Digital Money  is an Internet based  medium of exchange that is similar to physical currency, except  that it allows for instantaneous transactions and borderless transfer of - ownership. Both virtual currencies and crypto-currencies are types of digital currency. Like traditional money, these currencies may be used to buy physical goods and services but could also be restricted to  certain communities  like online gaming, social networks, or  pyramid schemes.

Digital currencies such as bitcoin and GCRcoin are known as “decentralized digital currencies ”with no center of control over the money supply.

Virtual Currency

Virtual Currency is a form of digital currency that is controlled by a centralized company.

Virtual currencies have been around for a long time. Virtual currency is purchased with real money, but is restricted in use to a private community. The Amazon Coin is a good example of a virtual currency that only has value at Amazon. Amazon is free to establish and change the value of an Amazon Coin at its whim.

A good example of virtual currency in the real world is poker chips issued by a specific casino for real money, but usable only at that casino.

Some companies are claiming to offer crypto-currency when in fact they just have a private virtual currency.

So what is real crypto-currency?

 

Crypto-Currency

Crypto-Currency is a revolutionary money system that can protect consumer anonymity and prevent government intrusion. It successfully addresses world-wide concerns with the current financial system’s inefficiencies, exorbitant fees, uncontrolled inflation and big-brother oversights.

Crypto-currency is owned by the people and no government or company can control it.

It is public and protected by the network of owners to verify every transaction.

Crypto-Currency is the people’s money, a true financial democracy.

Crypto-currency may also be defined as a medium of exchange like regular currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first crypto-currency to be created was Bitcoin back in 2009. Today there are hundreds of other crypto-currencies, often referred to as Altcoins, e.g. GCRcoin.



Cryptocurrencies typically feature decentralized control (as opposed to a centralized electronic money system, such as PayPal) and a public ledger (such as bitcoin's block chain) which records transactions. Unlike centralized banking, like the Federal Reserve System, where governments control the value of a currency like USD through the process of printing fiat money, government has no control over crypto-currencies as they are fully decentralized. Put another way, crypto-currency is electricity converted into lines of code with monetary value. In the simplest of forms, crypto-currency is digital currency.

Most crypto-currencies are designed to decrease in production over time like Bitcoin, which creates a market cap on them. That's different from traditional currencies where financial institutions can always create more, hence inflation. Bitcoin will never have more than 21 million coins in circulation. The technical system on which all crypto-currencies are based on was created by Satoshi Nakamoto. While hundreds of different crypto-currency specifications exist, most are derived from one of two protocols; Proof-of-work or Proof-of-stake. All crypto-currencies are maintained by a community of crypto-currency miners who are members of the general public that have set up their computers or ASIC machines to participate in the validation and processing of transactions.

 HISTORY OF CRYPTO-CURRENCY

The first crypto-currency to be publicly recognised was Bitcoin. Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto. Bitcoin uses SHA-256, which is a set of cryptographic hash functions designed by the U.S National Security Agency. Bitcoin is a crypto-currency that is based on the proof-of-work system. In April 2011, Namecoin, the first altcoin, was created to form a decentralized DNS to make internet censorship more difficult. In October 2011, Litecoin was released and became the first successful crypto-currency to use scrypt as its hash function rather than SHA-256. This gave the general public the ability to mine for litecoins without the purchase of specific hardware such as the ASIC machines used to mine Bitcoin. Litecoin began receiving media attention in late 2013 - reaching a market cap of $1 billion. Ripplecoin, created in 2011, was built on the same protocol as Bitcoin but services as a payment system, think of it like a Paypal for crypto-currencies that supports any fiat currency, cryptocurrency, commodity or even frequent flier miles. Also, GCRcoin created in July 2014, was built around MLM in which coins are mined from the cloud by miners and shared to clients according to their various mining packages.

Conclusion

Some virtual currencies are pretending to be a crypto-currency but in reality have absolutely nothing to do with crypto-currency.

The acid test is simple ; is the currency and its value controlled by a central company? Is the currency ONLY exchangeable inside the company?

If the answer is yes to either question, then it is NOT a real crypto-currency

owned by the people, but is merely internal play money owned by the company

Visit here for a list of crypto-currencies actively in use today! 

Resources

Wikipedia Digital Currency - http://en.wikipedia.org/wiki/Digital_currency

The Real Value of Bitcoin and Crypto-Currency Technology -http://bitcoinproperly.org/#sthash.WKPFj37U.dpuf

Global Coin Reserve - www.GCRMarketing.com.

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