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Few things have grown as quickly as blockchain technology—some estimates say that by 2021, the blockchain market will grow to $2.3 billion. This computes to around 61.5% growth per year. The technology is being used across a wide variety of industries. As these platforms increase in popularity, companies are continually challenged to roll out unique products.
Each of these products comes with a special token, or coin, that allows platform participants to access certain features on the platform. The coins can also be bought and sold on cryptocurrency exchanges, allowing traders and investors to potentially profit from price fluctuations.
One coin, Civic Coin, is thought by some to be the next big cryptocurrency. Not only does it have investment potential, but it can also be used on Civic’s proprietary blockchain platform that gives businesses and individuals the tools necessary to protect their identities.
As with other cryptocurrencies, Civic Coin is a blockchain. Blockchains are defined as verifiable ledgers that house a database of all transactions that take place on the platform. All parties that participate in the platform can audit the blockchain, permitting them to study and validate the database’s transactions. This means that cryptocurrencies like Civic Coin are transparent and secure.
Civic Coin shares similar traits with other crypto coins. It is completely auditable, secure, and decentralized. However, it also serves as the token on Civic Coin’s identity protection platform, and can be used to access the platform’s features.
Expanded definitions and additional information about Civic Coin can be accessed online via websites like Reddit. Discussions about blockchain technology are largely limited to the internet, as the academic world has met their rise with general skepticism.
At the present moment, users can’t purchase Civic Coins directly. They must first locate a cryptocurrency exchange where more popular crypto coins like Ethereum and Bitcoin can be exchanged for Civic Coins.
Therefore to purchase Civic Coins, one must create a cryptocurrency wallet—a digital storehouse or account that keeps cryptocurrencies—and set up an account with an exchange. Users can fund their exchange account with cash or with a credit card. As soon as the funds settle, Ethereum or Bitcoin can be purchased. With these coins, users can trade for Civic Coins via an online exchange.
To cash out Civic Coins for fiat currency, one must reverse the purchasing process. There is no method for converting Civic Coins to USD, GBP, or Euros. To withdraw Civic Coins, they must be exchanged for another crypto coin, then sold again for a fiat currency.
The funds in the exchange account are then transferred to a traditional bank account where they can be withdrawn from an ATM. It requires several additional steps, but overall the conversion process is easy and can be done quickly.
Civic Coin is utilized in two primary ways. First, it is an investable asset, as are other cryptocurrencies. In spite of some recent volatility and a descent from prior highs, Civic Coin’s has doubled since its launch in June 2017. To invest in Civic Coins, an investor must fund an exchange account with their wallet, convert from a more popular crypto coin like Ethereum or Bitcoin, and start investing. As an asset they can even be used to play Civic Coin Poker. Though past performance is no guarantee of future returns, a large price increase wouldn’t be shocking for a coin with so much potential.
Another added bonus of Civic Coin is that as a decentralized cryptocurrency, it is not inhibited by federal regulations and central bank experiments. Therefore Civic Coin investors, though taking on general market risk, won’t need to worry about the exchange rate risk that currency traders in standard currency markets are subject to.
Second, Civic Coins are the token for Civic’s blockchain identity protection platform. The proprietary platform provides multi-factor authentication for online sites and mobile apps without the hassle of usernames and passwords. In a time when it is so common for usernames and passwords to be compromised, Civic’s platform allows for identity protection and privacy without eliminating the ability to access internet services.
Thus Civic Coin participants can rest assured that their investment has intrinsic value—not only could its price appreciate and earn them capital gains, it can only be used to protect their identity and other financial assets.
Cryptocurrency mining is the process of verifying transactions that occur on a decentralized platform and joining them to the blockchain. Cryptocurrency miners find groups of transactions—called blocks—and add them to the blockchain. Mining smooths out the ledger, boosting transparency and promoting open verification of all transactions.
Crypto coin miners are paid in crypto coins, typically ones of the blockchain they mine. Miners often utilize mining calculators which help them determine the difficult of a set of tasks. They can also be used to assess one’s ability to complete a job and determine whether or not the block is profitable.
Currently, there is no way to mine Civic Coin. Because its tokens were released as pre-mined coins, miners must look to other blockchains.
Since Civic Coin cannot be mined, participants must rely solely on traditional investment and / or trading techniques to grow their positions. The market cap of the coin is therefore limited to its price appreciation (or depreciation). Users will determine their profitability not based upon mining jobs, but upon their cost basis and price at sale.
Almost all cryptocurrencies have an issue with scalability. All blockchains suffer from relatively low transaction capabilities, especially when compared with their traditional competitors like credit cards. As coin valuations go up and price charts steadily rise, many wonder about the future of cryptocurrencies. For Civic Coin in particular, the issue of scalability is an important one. The platform seeks to address an extremely important issue—cyber security—but there are legitimate questions about how it will scale since it requires so much sensitive information from users. Time will tell how Civic Coin’s leadership responds to these concerns.
Civic Coin, as a newly minted crypto coin, has a lot to offer potential investors. It has enjoyed significant price appreciation since its launch earlier this year, and its function on an incredible blockchain platform only boosts its value.