Q
Why is Kredit mining necessary?

Kredit mining is required to maintain the integrity of the Kredit network. Mining is what enables Kredit transactions to be completed and verified.

Q
How can I start mining?

You can start Mining KreditCoin today by joining The Kreditcoin Mining Pool here, and then connecting to the KreditCoin Network using your Mining Software.

Q
What is a Kredit Wallet?

A Kredit wallet is a piece of Software that allows users to interact with their Kredits, creating transactions, receiving Kredits, and creating new addresses. The analogy of comparing a Kredit wallet to a regular wallet in that it “Holds” Kredit is not entirely accurate. Kredit exists only on the Kredit Network, and cannot be taken offline or stored anywhere. A wallet rather stores your public and private keys that allow you to access Kredits that belong to you on the Kredit network.

Q
What is the difference between the Kredit Desktop Wallet and Kredit Web Wallet?

The Kredit Desktop wallet provides more interaction with your Kredits along with more features. The KreditWeb Wallet provides users with enhanced convenience while sacrificing added features.

Q
Can I still receive Kredits when my wallet isn’t open?

All Kredit transactions exist on the Blockchain, if an incoming transaction is addressed to your Kredit address while your wallet is closed or your computer is offline the transaction will be completed by Kredit miners and the next time you open your wallet, your balance will display the updated amount from the incoming transaction.

Q
What does Wallet “Syncing” mean?

Wallet syncing is when your Wallet connects and updates to the latest version of the Kredit network.

Q
What is Kredit?

Kredit is a decentralized digital Cryptocurrency, that allows users to transact funds over the internet without going through a middle-man like a bank or financial service provider.

Q
Where does Kredit get its value from?

Supply and demand! As Kredit’s market cap increases over time so too will it’s value. More usage = more demand = more value. Keep in mind that just because a supply is rare and limited does not mean it’s valuable. Kredit’s value is determined by you, the users.

Q
How are Kredits created?

Kredits are offered as a reward bounty for the solving of “Blocks” on the Kredit Blockchain. All blocks on the blockchain are linked to one another, as such solving Kredit blocks becomes more difficult over time. The KRD reward per block also halves every 12,000,000 coinstock, or year, whichever comes first. This being said the creation of Kredit becomes an increasingly more difficult procedure over time.

Q
Where do Kredits get their value from?

Kredit gets it’s value directly from it’s users. The more widely-used and adopted Kredit becomes the more valuable it will be. But for this to happen, users first need to have a use for their Kredits, what use is a currency that can’t be used? That’s why we created the Kredit ecosystem to give our users the opportunity to do something with their KRD. The usability of Kredit is directly to technology and mathematical functionality, as opposed to faith in a centralized institution that Fiat currencies are built on.

Q
Won’t the maximum cap of Kredit be a limitation on the currency?

Although the maximum amount of Kredits that are allowed to be created might seem like a severe limitation. However Kredit just like call Cryptocurrencies can be divided down to the 8th decimal place (0.00000001). This means that the entire currency can function perfectly using only 1 KRD!

Q
What is Kredit mining?

Mining Kredit is the process of creating Kredits via processing groups of Kredit transactions called “Blocks” on the Kredit Blockchain and receiving KRD as a reward for the computing power contributed to maintaining the Kredit network.

Q
How can I get Kredits?

You can exchange Fiat currency or Bitcoins for Kredits at Kredit BTC Exchange, as Kredit becomes more and more popularly adopted more Crypto-Exchanges will start to list Kredit. Alternatively you can try your hand at mining Kredits and receiving KRD as a block reward.

Q
How Simple is a Kredit transaction?

A Kredit transaction is far quicker and simple than any online credit card or Bank transaction, all you need to do is the recipient’s Kredit address, enter the amount you wish to send, and hit confirm, it’s that simple.

Q
Why should I start using a Cryptocurrency?

Apart from sending money across the globe in under a few seconds using a Cryptocurrency has a multitude of benefits. The more time goes on the more we’re making more and more payments online due to convenience but using credit cards and fiat online payment systems has been proven to be insecure and dangerous many times over, one simply needs to search the term “credit card fraud” to find a host of stories involving online transactions. Cryptocurrencies were made for online transactions and an evolving world. The internet was a great step forward for the way we do many things, it’s time that we took an even bigger step in our financial development, and Cryptocurrencies will be mankind’s enabler for such a task.

Q
What is a Cryptocurrency?

Google online dictionary does at great job at defining a Cryptocurrency “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.” In short, a Cryptocurrency is Cash 2.0, a more modern, fair, and efficient way to exchange value. Since it’s practical release in 2009 with Bitcoin, it’s been sending revolutionary ripples through the financial and technological world.

Q
What is an Alt-Coin?

An Alt-Coin is an alternative cryptocurrency based off of Bitcoin. They range from being slightly different, to specifically specialized. Kredit specializes in being a private Alt-Coin with a focus on Fugibility and Network integration.

Q
Is Kredit anonymous like Bitcoin?

Good question! Many people are under the impression that Bitcoin is anonymous and they’re free to transact as they please without consequence, like a tourist in a tropical ocean unaware of the tiger shark circling beneath. The reality is that with enough digging in the blockchain every coin can be traced all the way back to it’s source revealing it’s exact path along the way. But Don’t worry! The Kredit swimming area is 100% free of sharks and other predators thanks to our next generation encryption. When we promise you total anonymity we mean it.

Q
Why is Kredit referred to as Digital Cash?

Dollar Bills are considered by many to be cash; They are fungible, one dollar bill is directly equal to another, they are private, there’s no way of knowing what that bill was used to pay for in it’s lifetime just by looking at it, and they hold value. Kredit is exactly the same, difference being that as an online asset, Kredit is much more secure than Fiat Cash, and you can’t send your dollar bill to someone else across the world in a few seconds, you can with Kredit however. So there you have it, Kredit is more like cash than cash itself.

Q
Is using Kredit Legal?

The use of Kredit, and any Cryptocurrency for that matter is perfectly legal the world over. However it should be noted that you are always subject to the laws and regulations in your specific locale, using Cryptocurrencies to engage in activities deemed illegal by your country’s laws is still a very punishable offence.

Q
What is the difference between a Software wallet and a Web wallet?

Software wallets are programs installed on your computer that allow you to access the Cryptocurrency’s network and allows you to interact with your coins fully, creating new transactions and receiving them, as well as creating new addresses. Web wallets allow you to do the same, but from anywhere and with any device capable of browsing the internet, with the added convince of not requiring you to download the Blockchain. The Kredit Team is currently developing and plans to make both available to future Kredit users.

Q
Is Kredit a fully virtual currency?

Kredit exists entirely on the internet, as long as one Kredit node exists on the internet, so too does the Kredit currency.

Q
Can I lose my Kredits?

Even though Kredit isn’t a physical asset and can’t be “Lost” as such. However if a Kredit user loses or misplaces their private key that corresponds to their Kredit wallet, effectively losing access to their Kredits (These lost coins however still exist on the Kredit network). These lost coins are removed from circulation as no one can possibly access them. Keeping your private key safe and secure by taking steps to keep backup copies is a sure way to prevent the loss of your Kredits.

Q
Is using Kredit legal?

The use of Kredit, and any Cryptocurrency for that matter is perfectly legal the world over. However it should be noted that you are always subject to the laws and regulations in your specific locale, using Cryptocurrencies to engage in activities deemed illegal by your country’s laws is still a very punishable offence.

Q
Why should I place my trust in Kredit?

Because of it’s decentralized nature, Kredit requires no trust from it’s users, you are fully in control of your own funds as a member of the Kredit network. Thanks to the Blockchain being transparent and distributed, there is no central authority that is going to “Claim” or “Repossess” your Kredits. Your Kredits are your Kredits until the end of time.

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