Topic: Layman's Litecoin (Read 238 times)

I recently started AustimCoin and it is doing ok.  There is a thread here for it, so enough said about that.  Because I am deep into the Autism charities some of those people have asked what it is and how it works.  I want to put a page on my site rather than explain over and over or point them to another site.  What I am looking for feedback on is the following two paragraphs.  I left out anything about algorithms and also I am changing some of the facts to make things simple.  Please let me know what you think and I will post it or an updated version soon.

"AustimCoin is based on Litecoin which is thusly based upon Bitcoin.  In short these are non-government controlled currencies that are currently mostly used online, but are popping up everywhere.  The main concept to understand is that these coins are exchanged between two parties to pay for services or products.  That transaction is wrapped in a complex math problem to prevent it from being altered.  The great thing about this is that you become the bank.  Each party has a wallet and the exchange is made.  Large groups of transaction are lumped together and the math problem is solved in process called "mining".  Imagine receiving an envelope with money inside.  That envelope has a combination lock that must be solved to get the money.  Transaction fees are paid to those that "mine" the combination or crack the code. No one actually touches the individual transactions.

As a currency is used more and more, people want more.  Mining pays a little, but they want to have and use larger amounts.  This is where AutismCoin will get value and help the cause.  There are online exchanges that allow people to trade one coin for another or sometimes actual hard currency for these virtual currencies.  We are working to be on these exchanges.  This is the magic moment.  Prior to the exchange a single AutismCoin is worth nothing.  It will enter the exchange still worth nothing.  Once the first person exchanges say .1 Bitcoins for 1000 AutismCoins, our coins will begin to take on value.  We have a large number of them banked and will use those to generate solid liquid currency that will help the cause.  Also, the popularity will get the word out.  We have given away many coins with the hope of increasing popularity.  Those people may not use those coins for the cause, but each one that is exchanged will mean another person sees the word Autism and thinks.  Remember, both Litecoin and Bitcoin started with 0 intrinsic value.  At this moment a single Bitcoin can be sold for around $450.  A single Litecoin is around $2, I think.  It takes time, it takes effort and it takes visibility.  That is why I want everyone to have a greater understanding of what we are doing.  It costs us money to make this happen.  Once our bills are paid every month, our entire liquid equity created by AutismCoin will be given to autismspeaks.org."