FAQ

What is Guncoin?
Guncoin is a peer-to-peer digital currency that was created in early 2014 and launched on 1 May 2014.

How does Digital Currency work?
Digital currencies such as Guncoin (GUN) allow users to send and receive GUN to trade for goods, services, or payments.

Is Guncoin a real crypto currency?
Yes! Guncoin was created in January 2014 and officially launched 1 May 2014. There have been many crypto currency ideas that were hyped, but never came to fruition – Guncoin is NOT one of those. It has a huge support base and those numbers are growing faster every day. Guncoin is already listed on multiple exchanges and we are actively seeking more exchanges to list GUN.

How will Guncoin help my business?
Guncoin exists out of a real public need in the firearms industry. In the United States, it is increasingly more difficult to find typical payment processors willing to serve online firearms-related businesses. If a business in this industry is able to locate a third party payment processor that is willing to process a transaction, it almost always involves an incredibly high fee. This is the biggest advantage of Guncoin – besides being basically anonymous, we remove the need for any third parties. Additionally, Guncoin transactons are typically confirmed within minutes, not days or weeks and are NOT reversible once they are confirmed.

Can’t someone just use bitcoin to buy a gun at a store that accepts bitcoin?
More than anything, we feel that there is a strong need for a specific firearms friendly crypto currency out there to get the firearms dealers and buyers more interested in this new technology. There are a few sellers out there that will currently take bitcoin as payment and many firearm enthusiasts are aware of this thing called “bitcoin” and “crypto currency”. But we have found that most do not know how it works or even that it can be used for their transactions. If we can get the firearms buyers and sellers really interested in crypto currencies then ALL crypto’s will benefit from more exposure and market traders. We firmly believe that Guncoin is that catalyst.

How do I go about sending and receiving Guncoins?
You can download a free Guncoin wallet that will allow you to send and receive coins. You can download a wallet/client on our Wallet page and we recommend downloading our Users Guide also.

How much does it cost to mine Guncoin?
It’s free to mine, and one can get started with a desktop computer with a decent graphics card. We recommend using a computer with at least 2.0.GHz CPU and 2GB memory.

Where can I discuss Guncoin with other users and individuals?
Please check us out on several forums and online communities listed on our Links pages.

What is Automatic Checkpointing and why is it important to Guncoin?
HTMLCOIN had 14 billion coins stolen from exchanges using 51% + Replay attacks and had to relaunch a new coin with premine to cover the loss which totalled $2.2m. 51% attacks are becoming more common with small coins and are being used to target exchanges, some of these attacks have been combined with replay attacks, this is when an attacker deposits and withdraw the same coins to and from an exchange, they then replace the chain with a 51% attack removing the deposit transaction, then they apply the withdrawal transaction to the replaced chain withdrawing coins from the exchanges hot wallet that were never deposited on the attackers chain. This has proved disastrous for other coins and steps need to be taken to protect against these sort of attacks. A simple and effective solution is to use automatic checkpointing which was first developed and deployed by Peercoin. Checkpoints are part of the Bitcoin codebase and are statically defined in the source code. Peercoin created a system where these checkpoints were sent across the P2P network. A client that receives a checkpoint will not connect to any chain without it. This protects the history of the chain and prevent 51% block replacement attacks. The depth of these checkpoints from the top of the chain will be set to six to allow natural reorgs at the very top of the chain. Any service using Guncoin can set their confirmation count to six after automatic checkpointing has been enabled and be safe in the knowledge that no transactions will be reversed.