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- What is the amero?
The AMERO is a new international currency in digital format that is supported by a sophisticated and secure computer network.
Like any other currency, it is a store of value and medium of exchange. It simply enables people to exchange what they have for what they need.
It is a people's currency in that it is not owned or controlled by any government and its primary purpose is to benefit the people. 90% will be given as grants to support important development projects and programs.
The AMERO uses Hyperledger, an open source collaborative project hosted by The Linux Foundation and supported by many leaders in finance, banking, Internet of Things, supply chains, manufacturing and technology.
The AMERO is being developed and will be managed in partnership with the International Digital Monetary Council (IDMC), a non-profit think tank developing a model policy and regulatory framework for regional digital currencies. The IDMC provides an important third party perspective to help ensure that the AMERO is well founded and achieves its objectives.
- How does the amero work?
The AMERO has many similarities to a gift card.
A gift card is like cash that you can use to purchase things you need. Gift cards often work within a specified market - like a single restaurant, a chain of retail stores, or a specific website. The AMERO will initially be usable within the BidOcean.com, NAPC.pro, Trillions.biz business networks (“AMERO Business Network”) that connect over 1,000,000 businesses throughout North America and other countries.
Like a gift card, the AMERO is simple to use. All transactions are done electronically; there is no physical cash to exchange and no checks to write.
Some marketplaces provide gift cards as a “bonus” to the consumer. This is similar to the AMERO in that businesses willing to accept the AMERO will receive “bonus” AMERO. Furthermore, as you use the AMERO to make purchases, you may qualify for additional “bonus” AMERO.
A single AMERO will have an initial value of $1.00. So it’s easy to pay for your purchases that normally would take US Dollars. And you will be able to mix your payments for goods with US Dollars and AMEROs combined, just like paying for a purchase with a gift card and cash.
You can use the AMERO to purchase any good or service within the network and can transfer AMEROs to other individuals.
So when you think about the AMERO, you can picture it as a gift card to be used with the AMERO Business Network. It’s easy, convenient, and secure.
- what is a digital currency?
A digital currency is one which is not minted and exists solely in digital form. Most national currencies, like the U.S. Dollar, are minted as paper and metal currency and are also used in digital transactions.
The terms “digital currency” and “cryptocurrency” are somewhat synonymous because cryptography is used in virtually all digital currencies, even national currencies used in digital transactions. However, the term cryptocurrency is more specifically used for independent, decentralized currencies based on blockchain technology.
Digital currencies are made possible by a newish technology called blockchain that is an encrypted ledger secured against unauthorized changes.
The term “digital currency” is preferred since it distinguishes the AMERO from other blockchain-based cryptocurrencies like Bitcoin.
- how will having the amero benefit my company?
The AMERO will benefit businesses by providing:
- More business
- Higher profit
- Very low or no transaction fees
- Lower taxes
- Simplified cross-border transactions
- Increase in AMERO value
- Ease of use
- how can i obtain amero?
If you agree to accept AMERO for sales of your company's goods and services you will be allocated AMERO based on your level of acceptance.
Be a government agency, non-profit organization, or individual/organization engaged in Research & Development and apply for a grant.
Sell your products or services for AMERO. Legitimate transactions in AMERO will be rewarded with matching AMERO for the first 3 months after launch.
Purchase AMERO with a major national currency. Please note that the sale of AMERO will be regulated by the Securities Exchange Commission (SEC) Rule 506 of Regulation D and sales of AMERO will be restricted to U.S. citizens who are accredited investors, non U.S. citizens and 35 non-accredited but sophisticated American investors. AMERO can't be purchased in countries or by citizens of countries that have banned digital currencies.
- how can i spend amero?
When the AMERO launches on June 1, 2018 you will be able to shop for goods and services from AMERO vendors through public directories at BidOcean.com, NAPC.pro, Trillions.biz, and other web sites. To see a list of current vendors who accept AMERO, please visit ShopAmero.com. Once you have identified a vendor you can submit a purchase request or request for information. The vendor will then respond with more information or an invoice. Once you receive an invoice you will be able to pay some or all of it using the AMERO in your account.
Later in the year, an e-commerce system similar to Alibaba and eBay will be launched which will enable the purchase of a broad range of goods and services.
- how is the amero different from bitcoin?
The AMERO is substantially different from other cryptocurrencies in important ways that make it more suitable for commerce in a managed business network.
Unlike Bitcoin, AMERO is stable, sustainable, centrally managed and less likely to be banned or heavily regulated. It also supports essential development and discourages criminal activity.
Bitcoin and other cryptocurrencies are used primarily as investment commodities while AMERO will be used primarily in commerce.
The AMERO is centrally created for use within an existing network. Bitcoin must be mined by solving increasingly complex math puzzles. Solving the puzzles to obtain new Bitcoins now requires massive computing power and energy. The AMERO does not need to be mined for use.
Transactions in Bitcoin can currently take hours whereas transactions in AMERO will take seconds at most.
The value of Bitcoin is highly volatile and its value determined by market forces. The value of AMERO will be centrally managed, more stable and less influenced by outside market forces.
Bitcoin is widely accepted for the purchase of goods and services with some estimating that there are more than 100,000 merchants accepting Bitcoin, including major companies such as Overstock.com and Microsoft. Registration for AMERO has just started and it will take some time for the number of participating businesses to increase.
Bitcoin is dependent upon a common central ledger that grows ever larger and has a limited lifespan. The AMERO has a proprietary payment system that avoids these design flaws in Bitcoin.
Bitcoin's initial code was created anonymously and developed by a number of volunteers. AMERO is being developed under the direction of an expert computer scientist at the North America Procurement Council, Inc. (NAPC). NAPC is owned by Bid Ocean, a successful software company and digital publisher founded in 2001.
Bitcoin facilitate money-laundering and other criminal activity due to its anonymity. Bitcoin was originally designed to support the needs of cryptoanarchists and cypherpunks and was intended to disrupt the dominant monetary system and create a non-taxable underground economy. The AMERO is not suitable for money laundering or usage for other criminal activity because it is not anonymous and is centrally managed.
There have been a number of massive thefts of Bitcoin and other cryptocurrencies. In the AMERO system, every user, device, AMERO, and transaction will be authenticated and every AMERO will be protected against theft.
- is the amero legal?
At the present time the AMERO and most other digital currencies are legal in all but a few small countries. The U.S. IRS has ruled that cryptocurrencies are not money, but capital gains from them are taxable. The Securities Exchange Commission (SEC) has stated that those offering cryptocurrencies for sale as securities must comply with SEC regulations. We will comply with all SEC regulations in offering AMERO for sale.
It will also comply with the International Digital Monetary Council, a group tasked with developing a model policy and regulatory standards for international digital currencies that will best meet the needs of government, business and individuals.
- how do i account for amero transactions?
Currently, the best way to account for AMERO transactions are as barter. Most business accounting systems support barter transactions where one asset is exchanged for another of near equal value. If AMERO is exchanged for a national currency then it could be considered capital gains and be taxable at that point.
- Can i exchange my amero for cash?
You will be able to exchange AMERO for national currencies and some other cryptocurrencies one year after the AMERO is officially launched through managed exchanges. While the value of AMERO will be subject to market forces, its value will be managed in a way that promotes stability and sustainability.
In the long term, a bank will be set up to issue debit cards so that you can more easily exchange AMERO.
- is the word amero trademarked or patented?
Yes. A U.S. trademark on “AMERO” has been applied for. The software system is not patented but is proprietary and will continue to evolve.
- does the amero have anything to do with a north america union?
The North America Union and a regional currency called AMERO was first proposed in a white paper in 1999. While that white paper inspired the use of the name AMERO, there is no other connection. There is currently no North America Union and no foreseeable plan to create one. AMERO is not intended to promote a North America Union, but is intended as an international currency focused on North America, Central America and the Caribbean.
- What are the risks of using amero?
The risks of using the AMERO are less than using a national currency such as the U.S. dollar or other cryptocurrencies. A credit card can be stolen, a bank account frozen by court order, cash can be stolen or lost, checks get lost in the mail, independent cryptocurrencies will be increasingly banned. No currency is without risk, but the AMERO is not tied to any debt-laden national government and is intended to be managed in a way to reduce risks.
The risks of using the AMERO may include the following:
- Insufficient acceptance: While the number of vendors willing to accept AMERO for their goods and services is growing rapidly, when the AMERO launches there may not initially be an AMERO vendor offering the specific goods and services that you need. To reduce this risk, the AMERO will be widely promoted throughout the NAPC, Bid Ocean and Trillions.biz networks and beyond through mass media, social media, digital advertising and other venues. You will also be able to easily submit a request to help us encourage vendors who provide the products and services you need to accept AMERO.
- Digital currency ban or regulation: It is inevitable that more countries will ban or heavily regulate digital currencies. In the United States and many other major countries, legal precedence has already provided a solid basis for digital currencies and at the present time there is no indication that digital currencies will be banned. It is likely that regulation and taxation will occur first on exchanges, when digital currencies are converted into national currencies. The AMERO will comply with the regulatory framework developed by the International Digital Monetary Council. This framework will meet Financial Action Task Force (FATF) standards and will help prevent future regulation that would negatively impact the AMERO.
- Devaluation and inflation: Like any currency, the AMERO could decline or appreciate in value for a period of time once it is subject to market forces. Whereas decentralized cryptocurrencies are highly volatile because their value is determined solely by market forces, the AMERO is centrally managed and its value will be effectively managed. The AMERO is intended to be used to in real commerce and is not intended primarily as an investment commodity. The value of the AMERO will be set initially to $1 USD. Transactions within the network will be conducted at the official value. However, when the exchange is opened, the value may change. If too many AMERO are offered for sale at one time and the market cannot absorb them, the real value in terms of national currency could decline. An effective control mechanism will be utilized to manage the value of AMERO to keep it stable and increasing at a steady predictable pace. The AMERO system will monitored continuously and measures taken as needed to keep the value stable. If the value increases too much, we will increase the number of AMERO available at the exchange, provide more AMERO grants, and allow more AMERO to flow into the system. The total number of AMERO that can be held by one entity will be limited to prevent anyone from having enough holdings to destabilize the AMERO's value.
- Breach of security: There have been a number of major thefts of cryptocurrencies, but evidence suggests that the thefts were inside jobs or due to deliberate lax security. The AMERO is different and the risk of a security breach is vastly lower because the AMERO is not anonymous and can't be easily redeemed for other currencies without authorization. The servers are kept secure and subjected to aggressive intrusion attempts and stringent security audits twice a month. In the 17 years since Bid Ocean, the enterprise behind the AMERO, was founded there has never been a security breach, even though there are dozens of attempts by hackers each day. In the event of a breach or massive hardware failure, the master AMERO ledger can be restored. AMERO users will be required to use a 6-digit PIN to initiate a transaction. If a user's account is compromised their AMERO cannot be transferred without the PIN. If the PIN is also compromised the stolen coins will be frozen upon notification of the theft. Holders of large amounts of AMERO can opt for more stringent security measures, including biometric authentication and call-back verification with code words. In the event that AMERO is actually stolen, replacement coins will be available.
- NAPC goes out of business: The North America Procurement Council (NAPC) is a division of Bid Ocean, which was founded in 2001. Bid Ocean and the NAPC have grown organically, have been profitable every year and remain debt free. The organization consists of 6 companies with a staff of more than 200 people in 8 countries. Risk management is a high priority and the most advanced and effective methods is used to identify and mitigate potential risks. If something catastrophic were to happen to one or more of the companies, business would still be able to continue using the network of companies that has been established.