Guncoin (GUN) was successfully launched May 1st, 2014 as a newly developed cryptocurrency, similar to Bitcoin and Litecoin but with a big nod to gun owners, enthusiasts and sellers needs.
Speaking from experience, when buying and selling firearms related goods, it is extremely hard to find a payment processor. Unfortunately, the choices are very limited. PayPal does not accept transactions for firearms in $USD. BitPay does not accept transactions for firearms in Bitcoin (BTC). Most traditional credit card processors will not either and 3rd party processors may, but only with an incredibly high fee (usually 25% or more). Legitimate business are being forced to close the doors because nobody will process their payments.
Guncoin will change that. It is decentralized, so no single company controls Guncoin. Transactions post instantly and fully confirmed in minutes. There are no fees.
Guncoin was developed utilizing the Litecoin platform and therefore it is mined with “Scrypt” style GPU mining. This allows almost anybody to be able to mine it. Those that are already set up for mining will have no problem mining Guncoin with their current equipment.
When Guncoin was created, it was determined that a maximum of 500 million coins can ever be mined. A small portion of that was set aside and given as rewards for crowdfunding and IPCO contributors. The IPCO went well and now enables Guncoin to advertise more and invest in its projects at a faster rate. Some of those projects currently include:
- More Server Nodes & Server Upgrades
- Media Advertising
- Web Development (ongoing)
- Paper Wallet Creation for Local Gun Shows
- Guncoin Firearms Auction
- GUN Drive for Charity
Read more: What is Guncoin?