1. What is MunchCoin?
MunchCoin is an ERC20 Token built on the Ethereum blockchain. We aim to the be the biggest community driven food-related rewards system on the blockchain. We also plan on providing other services, here and there, in the near future.
2.Where should I store my MunchCoin tokens?
We will always recommend to NEVER store your coins/tokens on an exchange. A hardware wallet or a cold wallet will always be the safest bet. For MunchCoin, we recommend using either MetaMask and storing your private key somewhere safe, OR using the Ethereum wallet provided by The Ethereum Project.
3. Why should I care about The MunchCoin Project?
If you want to support local food establishments, are a fan of cryptocurrency, or enjoy being rewarded for what you do on a daily basis, then why wouldnt you?
In a nut shell, a cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.
A wallet is what is used to hold a cryptocurrency. Some can hold many different coins/tokens, while some can only hold one.
An exchange is a medium for exchanging (buying, selling, and trading) cryptocurrency. Whether it is just one, or many.
A coin runs on it's own blockchain
While a token operates on another coins blockchain.
I.E. MunchCoin operates on the Ethereum blockchain, therefore it is a token.
There are 3 types of wallets.
Hot wallets which are online, conencted to some sort of internet.
Cold wallets which have no connection at all to the internet.
Hardware wallets such as Trezor or Ledger
Depends on the type of cryptocurrency you wish to exchange!
Most exchanges are centralized.
The future is approaching fast and decentralized exchanges are the next big thing.
Keep an eye out!