Frequently Asked Questions

What is EarthBit?

EarthBit is a completely decentralized hybrid cryptocurrency. This community-driven platform works without the involvement of any central authority, intermediary or government agency. It is 100% user controlled. EarthBit’s new and unique hybrid structure combines all the primary blockchain technologies: Proof of Work, Proof of Stake, and Delegated Proof of Stake to create a secure decentralized currency that uses a tiny fraction of the energy that Bitcoin and other Proof of Work cryptocurrencies use and through it’s unique hybrid process creates a separate fraction of an EarthBit as every new one is mined or created through staking and delegates those fractional Earthbit to an international non-profit that support humanitarian and environmental causes. A better cryptocurrency for a better future.

How does EarthBit work?

EarthBit works by using a technology known as the blockchain. This decentralized technology is spread across many computers, and it records and manages transactions. Two of the blockchain's key selling points are it’s decentralization, the entire process is controlled by the network’s usersusers, and its security. From an average user’s perspective, EarthBit is nothing more than a mobile app or computer program that provides a personal EarthBit wallet and allows the user to send and receive EarthBits with them. This is how EarthBit works for most users.

Behind the scenes, the EarthBit network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending EarthBits from their own EarthBit addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in EarthBits for this service. This is often called "mining". To learn more about EarthBit, you can consult the original white paper.

Who controls the EarthBit network?

Nobody owns the EarthBit network much like no one owns the technology behind email. EarthBit is controlled by all EarthBit users around the world. While developers are improving the software, they can't force a change in the EarthBit protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. EarthBit can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

Is EarthBit a Type of Money?

Like other cryptocurrencies, EarthBit is a new type of digital money. What sets these various new cryptocurrencies apart is the decentralized technology behind them. Money, or anything considered to be money, must have specific characteristics and is generally considered to be any distinct object, whether tangible or digital, that is accepted as payment for goods and services and repayment of debts in a given political jurisdiction or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment. The benefits of fully decentralized cryptocurrencies like EarthBit and Bitcoin are that they are completely autonomously controlled by their worldwide users and do not require any intermediary like a bank, and are not under the control of any agency or government.

Is EarthBit Legal?

The legality of this or any other crypto depends on your location and how you plan to use EarthBit. The US, Canada, the EU and UK, and many other large countries allow the use of cryptocurrencies. Other countries, such as Russia and China place varying restrictions on their use. EarthBit can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it an attractive investment and payment option.

Some countries do not have clear rules about cryptocurrencies yet and are taking the "wait and see" approach. El Salvador was the first country to make cryptocurrency legal tender on June 9, 2021. As so much is constantly changing politically worldwide we recommend you do your own due diligence on the legality of cryptocurrency in your country or jurisdiction. Here is a good place to start: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

What are the advantages of EarthBit?

Compared to transactions conducted with regular (or fiat) currencies, EarthBit offers several advantages, the biggest being that EarthBit is completely decentralized and secure like Bitcoin while concurrently requiring a tiny fraction of the energy of Bitcoin or other Proof of Work cryptocurrencies (current estimates are that Bitcoin is using more than 1% of the entire planet’s electricity), AND during its distribution process (mining and staking) Earthbit further creates a separate pool of coins to be used to support important worldwide humanitarian and environmental causes through the wholly separate and independent EarthBit Foundation.

EarthBit further has fast processing speeds and low transaction costs and because of it’s completely decentralized structure it can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, thus a great option for international transfers. It also can serve the unbanked and/or underbanked worldwide as these individuals might otherwise not have the ready access to carry out digital financial transactions.

An additional advantage of EarthBit its various “fixes” to problems inherent in fiat currencies (government issued and controlled, not backed by any hard commodity like gold, usually in the form of a paper currency such as the dollar or euro). EarthBit puts the responsibility and power in the hands of the holders, so no direct government or bank oversight. One problem with fiat currencies is the lack of confidentiality, where even cash transactions often come under the microscope of regulators and governments. Another downside to fiat currencies is counterfeiting. It is not possible to counterfeit EarthBit since it is not a physical currency and its digital iteration is protected by the blockchain. Even the most advanced digital forensics would find it extremely difficult to uncover the identity of any wallet holder.

Is it safe to invest in EarthBit?

Investments always carry inherent risks and according to Consumer Reports cryptocurrencies are one of the riskiest choices as there is not yet stability in these markets. So any investor in cryptocurrencies should be prepared for dramatic swings in prices. Despite the inherent risks, the blockchain industry and cryptocurrencies have shown consistent growth.

An investment in EarthBit can additionally not only be a potentially successful financial choice but also an ethical one as users and holders will be making a strong statement in support of more socially-conscious cryptocurrency and business practices, specifically lowering energy usage while concurrently supporting vital humanitarian and environmental research and charitable entities worldwide.

How Do I Deposit Money to EarthBit?

There are two initial ways to acquire EarthBit for an account: It can be mined initially or purchased through an external exchange. Note that for purchase some of these external exchanges accept a mixture of crypto and fiat currency methods for deposit while others will only accept cryptocurrency. This rule is due to restrictions placed upon such exchanges in certain countries and jurisdictions. Thus, one may need to purchase EarthBit through a third-party source and then transfer it to your wallet.

Can I Convert my EarthBit to Cash?

Yes, there are two options. The first is selling EarthBit through a broker or exchange, which will transfer the money to a specified bank account. The second is to use a peer-to-peer platform to sell or trade EarthBit. This latter option will often have lower fees than the first and thus potentially result in a better exchange rate.

What Makes EarthBit Better than other Cryptocurrencies?

EarthBit is similar in many ways to Bitcoin, Etherium, Dogecoin, and other cryptocurrencies BUT what sets it apart is its new and unique hybrid blockchain model for distribution which requires a tiny fraction of the energy usage of these other cryptocurrencies while also doing something good for humanity and the planet by donating resources to various known and vetted humanitarian and environmental research and charitable entities worldwide. For each EarthBit created (mined or later distributed through Proof of Stake), the wholly independent and separate EarthBit foundation receives and donates a fractional 0.618 of an EarthBit (based upon the Golden Ratio or “Divine Proportion”). So by adopting EarthBit users are choosing to utilize a smarter, kinder socially-responsible cryptocurrency. EarthBit is a better cryptocurrency for a better planet and a better future.