ReeCoin transactions occur by sending ReeCoins from one ReeCoin wallet to another, encrypting the transfer with the private key (a special secret code) and delaying the transfer until the transaction has been verified. Transactions serve two purposes: firstly, to ensure that users cannot cheat the system by spending the same ReeCoins twice (prevention of double-spend attack), and secondly, to generate new ReeCoin’s. ReeCoin transfers are carried out in a similar fashion to other forms of digital payment. Receivers have to provide the address of their wallet. Users need to open their wallet either directly at the wallet vendor's website, or using a go-between application set up by the receiver, and initiate the transfer, which is then automatically completed. Typically, there will be a brief delay until the transaction is verified. ReeCoin transactions are very straightforward, almost like other digital transactions, involving fiat currency.
To transact in ReeCoins you need to own a ReeCoin wallet. Wallet is a program installed on a computer, a smartphone application, a web-based service or a physical device designed to store digital keys. Feature phones can also host a ReeCoin wallet and carry out transactions. ReeCoin wallets are available from ReeCoin’s website hosts. Wallets allow you to send and receive ReeCoin’s. The digital keys, which your wallet contains, are used to access the ReeCoin’s user information including: • digital address • balance in ReeCoin’s • the record of the user's ReeCoin transactions • the user's private key for encrypting transactions. Download ReeCoin wallet here.
There are several ways to acquire ReeCoin’s.
1. by purchasing directly from other users at whatever prices are agreed upon
2. by purchasing from a ReeCoin exchanges and ATMs
3. by earning new ReeCoin’s via ReeCoin mining – carrying out tasks from the ReeCoin network.
4. By buying mining time thru Excallit
ReeCoin exchanges and ATMs provide a considerable range of services:
· as depositaries to store ReeCoin’s
· as a wallet service to enable users to convert their fiat currency into ReeCoin’s
· as an advanced trading exchange, in which users can trade between multiple digital currencies and fiat currencies.
Users are required to verify their identity in order to access these exchange services.
ReeCoin mining involves verifying transactions around the system by encrypting and decrypting transfers, carried out by other users. This process is deliberately made highly complex and time-consuming to reduce ReeCoin inflation. The complexity of each transfer’s encryption increases proportionately to the number of people working on the transaction. It requires an extremely high-end computing setup, dedicated to the encryption and decryption process. These requirements have so far been sufficient to keep ReeCoin inflation in check. To control ReeCoin inflation further, the permission of a maximum of 7 Billion ReeCoin’s was implemented into the system. This also steadily reduces ReeCoin’s generation as the total number of ReeCoin’s in circulation increases. Based on the current generation rate, it is estimated that the total number of ReeCoin’s will be created and mined in 2100.
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