Imagine a single currency that can be used on electronic devices worldwide.
Not managed by any single individual, company, charity or government.
A currently that has a truly decentralised core - operated by computers all over the planet (your home PC, mobile phone, tablet).
A "Chit" is effectively a token that has financial value.
You keep all your Chits in your Chit Wallet - a bit like the wallet you carry with you every day but this one takes up no physical space.
A Chit Wallet can be in more than one place at a time.
"Honey have you seen my wallet?" - not anymore - the Chit Wallet is your mobile phone, your tablet, your laptop, your desktop PC.
So what if I lose my mobile, tablet or have a device stolen? - in order to open your Chit Wallet you need to enter two passwords you keep in your head.
So what if I die? - you keep your Chit ID, Chit Wallet and two Passwords in a secure location as you would your bank account book.
What if I have my Chit Wallet installed on one device and it is melted down on the fire? - your money is gone, just as if you burnt the cash. Noone can retrieve it. The same way your Chits are totally secure means they are irretrievable - sorry if you are here and that makes you sad.
Does the value on 1 Chit go up and down? - yes, the value of a Chit goes up and down relative to every other currency on Earth. However it is not possible for Chits to lose their value across all countries on Earth. There is no central company that may go bust. There are no Director bonuses or governments that can claim your Chits. Your Chits are yours because you and many other computers on the Internet in various countries and in unknown locations (ie someones mobile) says the Chits belong to you.
So can people gang up on me and steal my Chits? - not unless you know 80% of the people using Chits (and there is no directory), and they are all experts in cryptography and low level computer coding and are willing to all work together to steal your Chits all at the same point in time - in short "NO it is not possible" (however an attempt would make a great film).
Are my Chits safe? - provided that you have your Chit ID and Chit Wallet, and do not tell anyone your two Chit Passwords, yes.
What if Chits goes offline? - it is feasible that http://chit.eu goes offline (it is simply a website issueing Chit Wallets). It is NOT feasible for Internet Service Providers to block network traffic associated with Chit Wallets due to the nature of the packet encryption and its Peer-To-Peer type direct networking. There is no central core or servers to turn off, so unless you have one of the only computers Earth running Chits you will always be able to use your Chits with others.
How do I start using Chits? - just visit http://chit.eu/get and enter your details. Once you complete the process your Chit ID will be shown on the screen. Make a note of this and store it safe, very very safe!
How do I get Chits? - you either buy them using some of a currency you have (eg. GBP, LTL, USD), or you sell something in exchange for some Chits. To get Chits the online point of sale will ask for yout Chit ID.
How do I use Chits to buy something? - someone accepting Chits as payment will give you their Chit ID and you send them however many Chits you like. A Chit is effectivly "I {My Chit ID} wish to transfer {Number of Chits} Chits to {Sellers Chit ID} at {Time the transfer is to happen}.". Transfer time is optional, if not specified the transfer happens straight away. The first three peices of information are required:
How long does it take to transfer the Chits? - typically 5-30 seconds
How do I keep track of my Chits and whether I have been paid / who I have sent my Chits too? - your Chit Wallet maintains a complete list of all Chit transactions and if you have your Chit Wallet installed on multiple devices they are automatically synced.
Can my Chit Wallet get corrupted? - yes if your storage gets damaged or a virus / bad software writes over the top of it. Corruption will not happen due to a sync.
Can a virus steal my Chit Wallet - yes, but without your two Passwords it cannot be used. At any time you can see what devices have your Chit Wallet installed and you can block devices at anytime (provided you know the two Passwords).
What if I do not have the funds in my Wallet when a transaction is due to occur? - then the transaction does not happen at all. You will see that the Chit did not get processed and you will need to create a new Chit if you wish to make a new transfer. It is impossible for your Chit Wallet to go into the red. There is no claw-backs with Chit; think of it as cash.
Can the value of a Chit change? - when exchanging one currecny for another there is an "exchange rate". The value of 1 of each currency constantly changes against other currencies. Chit is a currency just like Euro, Yuen, Dollar, Pound...
Can I mine Chits? - no Chits cannot be "mined"; they need to be earned. If you are looking for a currency that you can mint and are happy with the associated risks please look elsewhere. Chit Wallets are for people / businesses looking for low risk and maximum stability currencies.
Chit - Cryptographic Heuristic Internet-based Tallies