More press releases» Press Release Bitcoin and NewYorkCoin explained for beginners Bitcoin is the original cryptocurrency. Open source code launched in 2009 by an unknown developer, it's revolutionary blockchain is a searchable open ledger of anonymous transactions verified by "miners" using specialized computers to solve complex math equations. These miners confirm transactions on the Bitcoin network and ensure no double-spending occurs. Bitcoin enables a bank on your phone with the ability to transfer funds worldwide anonymously without using a Central Bank or Authority. Along with its many revolutionary benefits, Bitcoin has a few problems.



1. Fees to send and receive Bitcoin have skyrocketed. Now averaging $28 per transaction. Someone recently reported paying $16 to send $25 from one Bitcoin address to another.



2. Demand has created network congestion resulting in transaction confirmation times increasing from the originally intended 10 minutes to sometimes over an hour, even several hours for a single Bitcoin confirmation. If you want your money faster, you have to pay more fees.



3. Block time is too slow for retail use and most daily consumer purchases. 10 minutes (under absolutely ideal conditions for just 1 confirmation) is not feasible as a payment method for most consumer purchases.



NewYorkCoin solves all 3 of these problems.



NYC is a "fork" of the Bitcoin code that launched in 2014 by an unknown developer, just like Bitcoin. NYC is not an ICO. NYC is not promising a "dream" or a future vision or a "road-map". NYC exists now, is completely open source and offers free worldwide remittance. There are absolutely no network fees on the NYC network. Zero cost to send or receive funds worldwide.



Low difficulty mining which is written into the NYC code using Kimoto Gravity Well (KGW) ensures the NYC network remains free.



NYC offers near instantaneous transactions (transactions show as 'unconfirmed' within 1-2 seconds) and confirms transactions every 30 seconds - since 2014.



NYC is open source code designed to enable near instantaneous free money transfer. Coinomi recently added NYC to their award-winning mobile wallet making retail payment and acceptance of NYC both simple and secure.



NYC enables free worldwide remittance ($500 Billion market annually).



NYC lightning-fast transactions enable retail level use worldwide ($25 Trillion market annually).



NYC enables you!



Bitcoin has a current market cap over $200 Billion (as of 2/1/18).



NYC has a market cap under $1 Billion.



Support NYC. Media Contact

Company Name: New York Coin

Contact Person: Charlie K.

Email: nycoinfoundation@gmail.com

Phone: 718-490-7554

Country: United States

Website: http://newyorkcoin.net/







