What is an ICO?
An ICO (Initial Coin Offerings); or also called “token sale”; is the process in which the developers of a new cryptocurrency offers the chance for people to buy a part of their token. This “early adoption” is a popular way for them to fund their project but also to bring liquidity to the coin they are about to release.
Does that mean that all the ICO's are scams?
No it doesn’t. ETH (Ethereum) coin and the LSK (Lisk) coin are two notable cryptocurrency that were started as ICO’s to begin with.
What's the Catch/Risk?
The biggest and major problem with ICO’s (and what makes it different from an IPO crowdfunding) is that you are putting money into a coin that hasn’t been launched yet. As an initial adopter, you are investing in a project that might or might not launch. While the profits you could make when the coin will be out on the market are incredible.
Now that I know the risks with ICO's: how can I minimize them if I decide to take part in one?
Always take a careful look at the background of the CEO’s/Developers of the project.
Do some research on the Linkedin platforms, try to see if the personal has good/bad past crypto experiences, etc…
Take advantages of the forums to know the popular opinion on the project.
Most of the ICO’s will be listed as an [ANN] (announcement) on the popular bitcoins forums or discussed on the web.
How is this ICO different?
Our ICO is based on business performance and our scalability. Our rewards have been projected and it is clearly stated in our whitepaper. It is not based on speculation but on real business of mining and trading on crypto’s.
What is the minimum I have to buy for your ICO?
During Pre-ICO it is 25 Ethereums. But once it goes to public crowdsale there is no minimum.
Banks have freeze bank accounts of individuals who traded cryptos through their bank account.
Will the bank freeze my bank account if they realise I did that?
We have minimum involvement of bank.
Say for mining we get coins and distribute same.
For trade via our FASTCOIN machines. The money/cash is circulated through the buying and selling within the machine itself. So we do not foresee a major issue.
Our activity is not speculation of coins. It is genuine business of data mining and trading.
Isn't Mining a waste of energy?
Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of cryptocurrency entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike cryptocurrency, their total energy consumption is not transparent and cannot be as easily measured.
Do you have a mining facility set up at the moment?
Yes, we are located at Sim Lim Square and we have set up the necessary infrastructure, space, electric supply and cooling system and have started to mine profitably.
All visitors were invited to facility and given a guided tour for same.
What coins do we mine?
We will mine a mix of up to 5 coins which will give better output, as per difficulty and price it may be changing.
How many types of coins can your machine trade?
Most ATM machines trade in Bitcoins only. But we can trade up to 40 different coins and intend to install 100 machines in few countries once funding is received.
The intended timeline via your FASTCOIN machines for a transaction is equivalent to an exchange?
No, our machines will do a transaction instantly.
It will be much faster than online exchange which needs money to wire and ends up in high price various and time gap. Turnaround time of ATM is fastest as compared to any other means.
With my existing wallet will I be able to do a transaction with your ATM or would I need to have your wallet?
That’s the beauty of blockchain, you do not have to be on a specific wallet. Any wallet can be used. E.G. if you want to sell your Ethereum to us, you can use your wallet to sell the Ethereum at our machine and cash out.
How do token holders get rewarded, by top-up to their account?
Token holders who still hold our token during payout period will get up to 58% of reward in the form of tokens paid to their account.
When will i get the rewards?
Rewards will distributed quarterly to token holders (by mid April, by mid July, by mid Oct and by mid Jan for past quarter).
How do you do your due diligence to know if an individual qualifies or is restricted to buy crypto currencies via international laws?
We have recently engaged Thomson Reuters World-Check to qualify individuals before we can accept funds for ICO even. That will ensure that person is not on any sanction/watch list or AML or PEP or any such unwanted transaction happens. We will not be trading or taking funds from any flagged person or entity. We are in process of intergrating the software with our website so it can be a smooth process.
How do you do the KYC either during ICO or when someone buys from FASTCOIN?
As for ICO, to prevent hiccups you can do it via out website to prevent delays.
As for FASTCOIN, when your id is scanned, the build-in qualifying system via Thomson Reuters World-Check will do the necessary checks and decide if you qualify to trade with us.
“PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.”