Is Googlecashcow fake?

Dr Sachin Goyal asks:
I have some queries about Google adsense. I will be really obliged if u could answer them.
1. What is the difference between Google adsense and Googlecashcow?
2. Some people say that Googlecashcow is a "fake" product, is it true?
3. What is the meaning of link exchange?
4. Is there anyway to make my own website online without spending anything?
5. How is all this connected to making money?

I am sorry for putting so many questions here. I tried a lot of internet search but couldn't find to the point answers and ended up getting totally confused.

We also have Mathi asking a similar question on Googlecashcow.

Answer:
First of all don't feel sorry Sachin, for asking so many question! I'm here to answer what you ask!
Let’s split the answer over a set of posts as you have more than one question. In this post I will answer the first two and the last one. You can find the answers to the other two by clicking on them.

Google Adsense vs Googlecashcow
Google Adsense which is the most reputed advertising program on the internet today an advertisement serving program run by Google. Website owners can enroll in this program to enable text, image, and video advertisements on their websites. These advertisements are administered by Google and generate revenue on either a per-click or per-impression basis. Adsense is free to join and website / blog owners (publishers) can use it to monetize their site’s traffic very well. Once you join Adsense, you can get a small piece of adsense code that when used on your website / blog will display ads that are served by Google. When a visitor (at a publisher’s web site) clicks on these ads, the publisher gets paid.

I do not have any personal experience with Googlecashcow. Their website is down at this time too. Many people think that this product is from Google, if you thought that too, then you have seriously mistaken it! Googlecashcow is from some local vendor and is in NO way affiliated to Google.