A list of frequently asked questions to help you understand how Qoin works.
How does Qoin make money if there are no fees?
The Qoin project is governed and supported by The Qoin Association. As explained in the Whitepaper there are new Qoins minted for each net new member that is validated into the ecosystem. The Qoin Association has appointed service providers who receive these minted Qoin for their services to develop the technologies and expand the merchant ecosystem. The service providers sell some of these Qoins for fiat money through the agent network to sustain themselves and make a profit.
When will Qoin expand globally?
Qoin launched in New Zealand in October 2020. Subject to Covid-19 restrictions and lockdowns Qoin is on track to launch in the UK in August 2021 with Singapore and South Africa shortly thereafter. Check the website for a guideline on the rest of the country time tables subject to regulatory approvals.
How is Qoin different to cryptocurrencies?
Qoin was designed to be a utility digital currency that was different to mainstream cryptocurrencies. The Qoin model deliberately stands apart from other digital or cryptocurrencies in that it is represented by the goods and services of participating businesses within the ecosystem. Qoin’s primary purpose as a utility token is to be used within the community for everyday purchases. Qoin continues to focus on its number one goal and that is to bring new merchants into the Qoin community to provide greater spending opportunities for all merchants and their customers.
The algorithm that values and adjusts the Qoin value regularly is based primarily on the number of merchants joining the community.
Where can I find out the latest news on Qoin?
Qoin Digital Network (QDN) produces a weekly program every Wednesday evening on our YouTube channel that reports on the latest news, views and information for the Qoin community. QDN also produces educational and promotional videos, free to be viewed and shared by the community.
You can watch QDN by clicking on the ‘News’ tab in our main menu bar above.
You can also view QDN episodes and training videos through the help button on the wallet.
In addition to video content QDN publishes the Q Mag. Highlighting great merchant stories, community news and educational tips the Q Mag is published seasonally and can be viewed at https://qoin.world/qmag/
How much Qoin should I accept in my business:
This is a personal choice and should be based on your current business capacity. However, Qoin recommends your Qoin sales do not exceed more than 25% of turnover so that you don’t affect your cash flow. Qoin is meant to complement your regular business, not replace it.
What are the tax implications associated with using Qoin:
The first thing to remember is that the ATO doesn’t treat Qoin as money. For Australian tax purposes, Qoin is property, like gold, or cars, or coconuts. It’s intangible however, like shares or units in a trust. This means that the tax effect of holding or using it will depend on how you use it, and whether you’re in business.
If Qoin is used in your business, then transactions are taxable or deductable.
If you don’t use Qoin in connection with any business, it is either a personal use asset, or a capital gain asset.
Please be aware that this is general tax advice in Australia only. If you’re unsure about anything in relation to your own tax position, you should get your own advice.
What can I do if I have had an unsatisfactory experience with a Qoin merchant?
If you’re issue is with a merchant, you have contacted through Q Shop you can report them through the Q Shop button on the Wallet.
You can watch a video on how to use the report button on our YouTube Channel https://www.youtube.com/watch?v=3UNfHb-Ukkc
If your issue is with a merchant you contacted through the Qoin World Official Facebook site, please provide us with their name and a detailed outline of the circumstances and we will investigate the issue and take appropriate action.
Qoin does not hold any jurisdiction over unofficial buy and sell forums such as social media marketplace style sites. If you have had a bad experience on any unofficial site, please report this conduct to the administrator of that site so they can take appropriate action.
Is Qoin a Ponzi or Pyramid scheme:
Qoin is fully compliant with Australian financial services laws.
What is Qoin’s relationship with Enterprise Ethereum Alliance (EEA) and Blockchain Australia?
In early 2021 following a successful 2020, Qoin was given membership to the prestigious global blockchain alliance, EEA. We look forward to collaborating with the EEA and learn from them as we expand our footprint globally.