Can the FREE Coin be a super Altcoin?

A close look at maximum supply, price and how to buy it

In the crowded jungle of Altcoins it is hard to keep up. New coins and new concepts popping up every day, hordes of enthusiastic investors dreaming of their exit strategy, spectacular price trends that make all of a sudden a cryptocurrency famous and wanted.

It is a fascinating outlook where competition is fierce and the logic of the market is unpredictable, just look at the success of Dogecoin (DOGE), a currency based on a popular Internet meme.

But there is one which seems special because of its name and a very low value: the FREE Coin.

Meet FREE

The FREE Coin is a late joiner: launched in 2018 by a group of volunteers it began offering the coins for (well, almost) free. Its mission is to enable mass access to the cryptocurrency market making it affordable (hence the very low value) and available to everyone (given the large supply).

There is no central authority but rather the initial (small) group of founders have transformed into a prolific community coordinating decisions and actions over their Telegram groups.

FREE Coin is used by payment solutions (SWFT PAY), Telegram (transfer coins between Telegram users with the AF-TX Telegram bot) and the vending machines integrated with IVENDPAY (interestingly the IVENDPAY co-founder is now the CTO of the FREE Coin project).

Total Supply

There are enough FREE Coins for everyone, given that the maximum supply volume is 10 Trillion FREE coins (over the several supported blockchains). This is around 1300 FREE Coin for every person on earth.

However… the community has decided to reduce the total circulating supply with a process known as Coin Burning: tokens are bought back (or already owned by the coordinating project body) and sent to a dedicated unusable address where they cease to exist, effectively improving the scarcity of the tokens and (ideally) increasing the value.

Between Apr and May 2021 the 10% of the total circulating tokens will be eliminated.

Price of the FREE Coin

The value of the FREE Coin started (on purpose) very low, with the first batches (containing millions of tokens!?) in 2018 given away for the lowest price technically possible (call it free).

As of Apr 2021 the price is still very low (€0.00001218, $0.0000135), although it has already demonstrated an interesting fluctuation.

After Dec 2018 spike the price has been low and quiet for a long time, leaping again in Feb 2021. Over the last 12 months the increase has been over 21k%.

Buying the FREE Coin

One of the challenges of buying FREE Coin is that it is not readily available on all Crypto exchanges (like Coinbase or Kraken).

The FREE Coin web site provides a list of exchanges where the currency is traded. And the community has started a crowdfunding initiative for listing on the large and widely popular exchanges.

Trading on Probit

Probit is a global “coin-to-coin” cryptocurrency exchange where the FREE Coin is available. It supports a wide portfolio of (200+) currencies, a nice user interface and 2FA authentication.

Probit does not support FIAT currencies (like EUR or USD): in order to get started you must deposit funds into your accounts via one of the supported coins (Bitcoin, Ethereum, Tether) and then start trading (converting BTC into FREE).

Coinbase (the most popular Exchange) users, for example, can transfer BTC into their Probit BTC Wallet (see below) entering their unique address (the transfer does not complete immediately, but within the hour the funds should be ready for trading).

Be extremely careful and use the right address: there is a unique address for each asset (make sure to send BTC to the Probit BTC Address), entering the wrong address will result in losing all funds.

Set me FREE

Is the FREE Coin going to be the Altcoin to watch?

FREE Coin is supported by an active community (this is the case for lots of currencies, to be honest), it has picked a catchy name (never underestimate how this can be impactful) and promote a good concept, the adoption for the mass (rather than mass adoption from a small group).

It (still) has a very low value that makes investors dream wildly: Ripple XRP and the already mentioned DOGECoin are nice comparisons.

The “Burning” events need to be watched as they could push the price: the first one (15 Apr 2021) has basically doubled the value (from 0.000013 to 0.000025) within 2 days, although a significant drop followed, together with the entire crypto market (and Bitcoin). There are four more “burnings” to go.

The biggest challenge ahead remains anyhow the fulfilment of the promise the FREE Coiners pledged: make it accessible. This means being available on more exchanges as well as making it easier to obtain and trade the Free tokens.

Conclusion

If you have enjoyed the article you might also be interested in the “Lumens vs Bitcoin” post.

I am on Twitter for questions and suggestions.

Be FREE ✌️

Disclaimer

I am an investor, follow cryptocurrency trends, share thoughts and news, but this is not a financial advice. Before investing you should understand the volatility of the digital assets and the risks involved. Invest responsibly.

Software Engineering, Data Engineering, Coder. And other hobbies too.

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