FAQs

Does LIFE take a physical form?

LIFE exists as a decentralised, private digital currency and has no physical form, LIFE is supported on the Ethereum platform which is an open-source, public, blockchain-based distributed computing network.This is not exactly unique, as much of the hard currency supply that people use day to day only exists in digital accounts instead of as actual pieces of paper.

Cryptocurrency, much like most hard currencies, does not have value as a physical commodity like gold and is not widely accepted as legal tender.  However, people accept and trade in cryptocurrency because other people accept and trade in it. It is recognised and accepted as a currency by many.

How does the cryptocurrency market work?

A cryptocurrency’s market capitalisation is the total worth of all coins currently in circulation. A high market capitalisation can indicate a high value per coin or simply a lot of available coins. Perhaps more important than market capitalisation is daily trading volume: the value of the coins that exchange hands every day. A high daily trading volume relative to the market capitalisation indicates a healthy economy with many transactions.

What makes LIFE special?

LIFE is decentralised and limited. This is a major factor for many cryptocurrency users. Unlike fiat money (such as USD or GBP) produced by central banks, with extra printed when required (quantitative easing), there is a cap set on LIFE, limiting how much the currency can devalue through inflation.  In short, LIFE acts like an equity investment. The market value of LIFE can have wild swings in value and even market cap.

Where can you purchase it?

LIFE will be available from the LIFE website and on Cryptosaurus and HitBTC

How to receive your allocation of LIFE?

If you purchased LIFE during the pre-launch phase  you will receive a unique reference number.  This will hold your guaranteed allocation of LIFE.  Post launch, you can return to our website, enter your unique reference code along with your cryptocurrency wallet address and LIFE will appear in your online wallet.  You will then be able to hold or trade your LIFE as you desire.

A useful ‘How to’ guide can be found on our website.

When can the coin be traded?

LIFE can only be traded on the exchanges or using fiat (cash) through Cryptosaurus.  However, as explained earlier, we believe that the optimum strategy is to buy as many coins as possible during the prelaunch phase to capitalise on the predicted growth on the day of the launch.

Is LIFE secure?

LIFE, like some other tokens, is based on the Ethereum network.  The following extract explains how it works and why it is secure:

So what is it? In simple terms, blockchain is a database that keeps an ever-growing list of records called blocks. Blocks are linked up and time stamped and the blockchain is not attributed to a single device, so can be used by multiple users.

Once data is recorded it cannot be modified. This means it can be used to safeguard the banking industry: each transaction is registered as a block, and any time there is something remiss, the system is notified automatically, without the need for third-party security. Santander has estimated that it could save banks up to £16 billion in admin costs and last month Blockchain — a start-up named, confusingly, after the software for which it exists — opened a new, bigger HQ in Shoreditch, London, UK.”

https://www.standard.co.uk/lifestyle/london-life/what-is-blockchain-and-how-safe-is-it-a3485411.html

How to be extra safe?

While cryptocurrencies are not entirely immune from fraud or theft, they are generally safe to use and difficult for malicious hackers to steal. As with cash, you’ll need to take some precautions to protect your coins. For one, you’ll want to encrypt your wallet with a very strong password and take regular backups, and it’s a good idea to keep the backup and a written copy of your password in a remote location. Never give your password or wallet to somebody you don’t trust, and keep the wallet software up to date at all times. Just like cash, if it’s lost, damaged or stolen, you can’t recover the funds. It’s also a good idea to keep the bulk of your money offline, either in a “paper” wallet or on a storage device that may be disconnected from the internet when it’s not in use.