Frequently Asked Questions

General

What is MyDC?

MyDC is a consensus network that enables a new payment system and a completely digital money. It is a global peer-to-peer payment network. From a user perspective, MyDC is pretty much like cash for the Internet. MyDC can also be used for investing and creating both digital and fiat returns.

Who created MyDC?
Who controls the MyDC network?
How does MyDC work?
Is MyDC really used by people?
How does one acquire MyDCs?
How difficult is it to make a MyDC payment?
What are the advantages of MyDC?
What are the disadvantages of MyDC?
Why do people trust MyDC?
Can I make money with MyDC?
Is MyDC fully virtual and immaterial?
Is MyDC anonymous?
Can MyDC scale to become a major payment network?

Legal

Is MyDC legal?

MyDC have spent in excess of €200,000 on legal advice. However, legal advice cannot cover all countries regulations. MyDC has made every effort to ensure compliance with global KYC, AML regulations and most internationally used common law.

Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.

It is important that you obtain satisfactory legal advice on how you use or promote MyDC as it is most likely the user that runs the risk of a regulatory breach than MyDC where we are not domiciled in your country.

Is MyDC useful for illegal activities?
Can MyDC be regulated?
What about MyDC and taxes?
What about MyDC and consumer protection?

Economy

How are MyDCs created?

MyDCs are generated by MyDC on an as needs basis. Initially through airdrop for new member registrations, then through initial currency offer. Prior to going fully live for trading businesses that have registered will have a special offer of credit facilities made to them. After becoming fully live it is expected the only way to obtain MyDCs will be through buying and selling goods and services.

Why do MyDCs have value?
What determines MyDC’s price?
Can MyDCs become worthless?
What protection is there from failed business?
Doesn't MyDC unfairly benefit early adopters?

Transactions

Do I have to wait for confirmation?

Receiving confirmation of a payment is almost instant with MyDC.

How much will the transaction fee be?
What if I receive a MyDC when my computer is powered off?

Business

How does MyDC work for my business?

MyDC is great for business in a variety of ways.

i) It can encourage new clients to select your goods and services over one where they normally pay with cash.
ii) It can provide you with a method to obtain payment from slow paying clients.
iii) Interest free funding
iv) It provides you with potential to tender competitively.
v) It opens new supply lines globally from the trusted network of members.
vi) It provides additional income opportunities from the network of people and businesses you introduce.
vii) It provides an alternative incentive option for staff who also are members.

Can I have separate business and personal MyDC accounts?
How do I convert my MyDC euro to fiat?
Can I limit the amount I sell on MyDC?
Can I charge more for products sold using MyDC?
What tools are available to communicate to other members that I accept MyDC?
How do I apply for a MyDC overdraft?
What fees and interest rates are there for a MyDC overdraft?
What security do I need to provide?
How do I account for MyDC in my company accounts?
What taxes do I pay?

Security

Is MyDC secure?

The MyDC technology - the protocol and the cryptography - has a strong security track record. MyDC's most common vulnerability is in user error. MyDC account files that store the necessary private keys cannot be accidentally deleted, lost or stolen.

Could users collude against MyDC?
Is MyDC vulnerable to quantum computing?
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I'd like to learn more. Where can I get help?

MyDC has 24/7 help desk chat. The friendly staff there will do their best to assist you.

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