FAQ – Frequently Asked Questions

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Mining

What means Mining?

Mining is an arithmetic process with which so-called blocks are generated. The sequence arising thereby of these blocks is called grove Blocck (block chain). Proof of Work with the Mining consists in finding a Hashrate for the block by double SHA-256 calculation which falls short of a certain aim value. This aim value arises from the variable difficulty.

This happens as follows: A block is initialized, while all transactions taken place since the last block are integrated and the Hashrate is calculated. If a calculation falls short now of this aim value, it publishes his result and this new block the grove Blocck is added if not, it starts over again from the front with the initialization of a block.

The calculation receives for this reach of this aim a “bonus”. This bonus is, including all transaction fees of the last block, the in each case first transaction in every new block. The respective Coin address also influences the Hashrate to be calculated, only the degree of difficulty is the same with all Mining Components.

Now and then it seems that 2 blocks are solved at the same time or within a few seconds, then the Nodes which block decide is valid, while they take him who has reached them first. Seldom it also seems that this is so-called “fork” longer than 2 blocks, then it is chosen fork with most relaxed blocks and the higher difficulty.

You receive further information about it here.

Which kinds of Mining are there?

Basically one makes a distinction between two different kinds of Mining. To one the GPU-Mining (graphics cards) and to the other the CPU-Mining (processor). Depending on which Cryptocurrency you mine should become special hardware components or Rigs are required to be able to do these mine.

What is a Miner?

One calls Miner software or programm on for calculating the grove Blocck, with the matching Algorythmus. There are different Miner for different coins to be able to do these mine. However, there is also Miner which are able to do different Coins in a programm Mine, so that for every Coin own Miner must not be installed.

What is a Mining Rig?

One calls Mining Rig especially for the Mining of Cryptocurrencys of developed calculators or also computers. There are different Mining Rigs, for different Coins. Farthest is spread of the so-called ASIC Miner. This is able not all mines, but only scrypt Coins, like to the example SHA 256, X11, X9 etc. an easy Mining Rig can provide everybody itself, an ASIC Miner mostly only especially be produced.

Am I allowed to do mine Coins?

Every person who has completed 18 years is allowed to do mine Coins. They can offer Coins privately with themselves home to mine, or about service provider like AltCoinClub, which packages different to you for the choice. Nevertheless, we point out to the fact that also here a risk of a complete loss exists and, hence, they must be to themselves before in the clear whether this loss pulls them in no financial fiasco.

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Cryptocurrency - Coins

What are Coins/Cryptocurrencys?

Coins which are also called Cryptocurrencys are a digital currency. They originate from the so-called Mining and are valid as a remuneration or bonus for calculating the grove Block. There are different kinds of Cryptocurrencys, the best known under it is of the Bitcoin.

What is the advantage of Coins?

Coins or also Cryptocurrencys have many advantages compared with the classical Fiat Money:

  • independently of inflation
  • one can pay with Coins worldwide without exchange
  • Change in every Fiat Money of the world
  • decentralised – not manipulable
  • nobody third between the transactions (z.b. Bank) and therefore freely of interest
  • low manipulability

Can I earn with Coins money?

Yes and no.

Yes

  • if I sell this to a higher course than I have bought this
  • if the exchanged money is more than my hardware and stream have cost
  • if I exchange my Coins for others and take course profits

No

  • no economic efficiency coins (z.b. too high degree of difficulty, lower inquiry of buyer’s side, theft)

How can I buy Coins or sell?

Coins can be traded on various online stock exchanges, as for example bitcoin.de or poloniex, as well as btc-e. A registration on the stock exchange is necessary for this. If I liked to pay Coins directly with money, I must deposit a bank account by which the money can be debited a sum to an account. About localbitcoins.com Coins can be also bought offline, these are transferred as a rule by a smartphone on an other and are handed over how cash.

How must I assert Coins tax?

According to German Law Coins have 1 year of hold term from the time of the acquisition, then these can be sold tax free. Because the action with Coins falls under the speculation law, a profits tax becomes due here. This amounts after introduction of the payment tax to 25%. The tax allowance for speculation profits with private investors amounts to 600€.

In the 10/22/2015 the European Court of Justice has judged that the change of Bitcoins has to be tax-free against euro. With it the annoying subject of the sales tax for the exchange commercially of taken Bitcoins comes to an end.

Who determines the value of a Coin?

The value of a Coin is always determined on the basis of offer and inquiry. The higher or lower the transactions, the more rises or the rate falls. However, with single Cryptocurrency there are the additional values which can influence the course. Here an example is of the Ethereum which are coupled to the gas price.

What are Altcoins?

Altcoins are, like silver is an alternative like noble metal to gold, alternative cryptocoins to Bitcoin. AltCoinClub offers here the most popular Altcoins to the Mining.

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Wallet

What is a Wallet?

A Wallet is an electronic change purse. It is used under other for the following purposes:

  • in order to administer mined Coins
  • she serves for explaining of transactions between other Wallets
  • for the management of smart Contracts (not with every cryptocurrency possibly)
  • Payment of interest of Coins
  • is like a bank account for cryptocurrencys

Can my Wallet be hacked?

The Wallet itself is encoded and can be hacked only very hard. To raise the protection before attacks from the web, one should provide his Wallet always with an enough strong password. Should a computer with a Wallet be hacked, the protection increases by foreign accesses substantially.

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Blockchain

What is a Blockchain?

A BlockChain (block chain) is a list of records to the calculation and storage of blocks, by means of a test sum (Hashrate). The Blockchain Technology was used by the Russian Vitalik Butlerin who has led to the invention of the Cryptocurreny Bitcoin. It is seen generally as an open, clear and sure system for the improvement and simplification by transactions.

You receive further information about it here.

Is the Blockchain secure?

The Blockchain is based on an asymetrischen encoding. To take part in a blockchain based system, one needs a wallet. This is protected by a private key (password) and a public key (for everybody obviously). All transactions within the blockchain are effected about the public key and are signed with the help of the private key. Without private key a transaction is not readable and invalid therefore.

What is a Hash?

A Hash is a mathematical information of the calculation achievement of an algorithm, comparably with storage capacity.

What is a Smart Contract?

An autopurchase unwound over blochain activates the digital car key for the new owner, after the defined amount on the account of the shop assistant has come. With the non-appearance of a payment by instalments the carriage is closed. Contracts are explained so value-free namely precisely in such a way as they were defined originally. With Smart Contracts it concerns, in principle, workable program code in the form of a then-condition Then: As soon as an event with direct relation has entered to contract contents, it releases the suitable action. The digital contract communicates over grove Blockc without Intermediär directly with the object – for example, to a car. Ethereum offers this possibility, for example.

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Why does AltCoinClub offer only certain Coins to the Mining?

The Coins which are offered by AltCoinClub are from our point of view the most popular Coins (the relation of Miningprocess/costs to the value of the Coins) and/or offer possibilities which will play in future a big role, as for example Smart Contracts.

Is there a cancellation right?

Yes, for this is valid the legal call right of 14 days. This, however, only with hardware components, unless, you renounce a cancellation. This must be signed according to the service contract offered by AltCoinClub and be sent in digital or in paper form. An order is only worked on, as soon as the 14-day cancellation possibility has passed by and we no cancellation are given have. With renunciation the treatment amounts 48 hours. Contracts about digital products are excluded according to EU right from the recall.

What happens if my Coin is not economic any more?

With uneconomicalness of you Coins we offer to you the possibility of the switch. According to package, you have the choice to change against a fee of 0€ on other Coins and this to mines. For closer information you contact us simply by email in info@altcoinclub.de.

How can I earn with AltCoinClub money?

They have to earn the following possibilities with AltCoinClub money:

  • about the partner programm
  • get new customers and receive a proportional participation
  • invest in a Mining farm as an investor
  • mine your Coins about packages of AltCoinClub

What distinguishes AltCoinClub from other systems?

With us there are no opaque marketing plans, you receive as a partner or for every won over customer a pure proportional reimbursement. Our easy step system offers fair and clear achievements.

Why no Lifetime Mining?

Nobody can say of prerau like itself a Coin develops in the future. There the increase of the degree of difficulty comes with the mine what absolutely maybe a Coin any more economically does not make in the Mining, or just a course burglary (value decay).

Does one get after expiration of the contract the Mining hardware to close house cleverly?

This is possible, but which sense does this make? If one goes out from the fact which you would get after 2 years the Miner close house skilful, he would be only nice for the glass cabinet. Because the technology develops on and on, there will be quite substantially better Mining hardware in the market. There comes which you have then a used device at home. And even if you of the same mines wanted to have started, on account of the increase of the degree of difficulty, the yield will be at least 50% less, than at the time where you with us.

Altcoin Club
Altcoin Club