What is FairCoop:
The Earth’s cooperative for a fair economy
FairCoop is an open global cooperative, self-organized via the Internet and remaining outside nation-state control.
Its aim is to make the transition to a new world by reducing the economic and social inequalities among human beings as much as possible, and at the same time gradually contribute to a new global wealth, accessible to all humankind as commons.
FairCoop understands that the transformation to a fairer monetary system is a key element. Therefore, FairCoin was proposed as the cryptocurrency upon which to base its resource-redistribution actions and building of a new global economic system.
More information about FairCoop in https://fair.coop (currently in English, Spanish, Catalan, French, German, Italian, Portuguese, Brazilian, Greek, Kurdish, Bosnian, Croatian, Hungarian, Serbian and Esperanto).
What is GetFaircoin:
Getfaircoin.net is an easy way to buy Faircoin from different national currencies like EUR, USD, SYP, CNY, RUB, GBP, INR, NGN, BRL, MXN, etc with commonly-used payment methods like wire Transfer, credit or debit Card, and now also using Cash, through the physical places set up by local nodes involved in FairCoop.
getFairCoin is backed and managed by FairCoop.
How it works:
You receive your FairCoin in three simple steps:
- Choose your payment option (like wire transfer or cash through local nodes).
- Put the amount of money that you want to exchange. This can be done in your local currency or Euros.
- Choose a place where you want to receive your FairCoin. You have three options:
After you have filled in the form and after we’ve received the payment, you will get the accounted amount of FairCoin to your FairCoin address. We will send you a message to notify you about the transaction. Because this is a manual process, there could be a delay of 24 – 48 hours between completion of the payment and receiving your FairCoin. This time is more in case of bank transfer to Betabank, because the payments are charged with delay in our account there.
How payments received are used:
The Euros received by getFairCoin are:
- Used to cover FairCoop expenses which needs to exchange to Euro (which can be followed here: https://fair.coop/groups/economic-management/forum/topic/notes-on-pooled-fund-expenses/)
- Saved as reserves to cover the exchanges by producers/merchants in to Euros again.
- Reinvested to buy FairCoin at the open market. This option is a circular process:
– We receive Euros, convert them into Bitcoin and send them to crypto exchanges.
– We are exchanging Bitcoin into FairCoin there, and sell them in getFairCoin.
Potential profits related to price differences are used to secure future trading risks and to stabilize the price. If these aims are covered growing profits will be reinvested into FairCoop.
Payment options and fees:
GetFairCoin charges 1% of your FairCoin order when using transfer or credit card. This amount goes to the Pooled Fund of the FairCoop ecosystem to cover FairCoop expenses. In the case of physical cash exchange in local nodes, the exchange is free (0% fee) and a 1% payment from the pooled fund will be invested to sustain the local nodes.
Additional fees for the payment process depend on the chosen payment method. Nowadays credit card payments using FairBill will have an additional fee of 3.1%+0.30€ for every exchange operation.
UPDATE – FairBill (credit card) option is disabled during this period and will be available again as soon as some important issues are resolved)
One of the most important questions about FairCoin is how its price is set up. All those who already have experience with cryptocurrencies knows that nowadays there are mainly two ways of trading them: first, through online exchange markets, where you can exchange between cryptocurrencies and second, markets where you exchanging them for fiat currency.
Within these exchanges, purchases and sales between the traded currencies define the price of a cryptocurrency, and therefore also facilitates the speculation and volatility that we see today: one of the major handicaps for its widespread adoption. Participation in these sites cannot be avoided, since FairCoin is decentralized and any business can decide to trade it.
Nevertheless, we know that the future of FairCoin does not depend on speculation nor volatility. Also, one of the objectives of FairCoop is to sustain the value of the savings of the people involved. Therefore we cannot accept its purchasing power being affected by speculative factors. These reasons driven us to create a unique pricing system that complies with the values and objectives of both FairCoop, the project which is closely linked to FairCoin itself.
Therefore we democratically decided that, in order to combat these issues and bearing in mind that the objective of FairCoin is to be a fair currency that serves the real economy, we were going to set a fixed price in getFairCoin. Thus anyone who started to use it; both customers and merchants, has a stable reference price which is decided in the global FairCoop assembly at most one time at the month
At that time, we decided to link the reference price to the Euro, because it’s the main monetary area where FairCoop and FairCoin have been established and are most active by now. Anyway, the same could be done in other areas when sufficient need for a direct price stability between their official currency and FairCoin is required. Therefore, in the near future, decisions to exchange to other currencies like the Swiss Franc, the Argentine Peso or the US Dollar could be established; always of course consistent with the principles of FairCoop.
Importantly, it should be pointed out that the price in getfaircoin.net is the minimum that we set. But as the community grows, and FairCoin is getting stronger and increasingly incorporating into real economic activities, its value will grow and so this will be reflected in the price of FairCoin at getfaircoin.net as well.
To see the full statement about the exchange rate: https://fair.coop/clearing-up-doubts-about-faircoin-how-is-the-price-determined/
For current rate of 1 € = 0.8333 FAIR (as 1 FAIR = 1.20 €) and an exchange of 100 €
- Transfer Example: payment method wire transfer (0%)
100 € x 0.8333 FAIR = 83.33 FAIR
1% getfaircoin fee of 83.33 FAIR = 0.8333 FAIR
you receive: 82.5 FAIR
- Credit Card Example: payment method credit card (3.1% + 0.30€) via FairBill
Credit card processor receives 3.1% fee + 0.30€ = 3.40€ fee
getFairCoin receives 96.6 €
96.6 € x 0.8333 FAIR = 80.5 FAIR
1% getFairCoin fee of 80.5 FAIR = 0.805 FAIR
you receive: 79,695 FAIR