A Beginner´s Guide to Buying, Selling, Using, and Mining Monacoin:
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It’s no secret that some cryptocurrencies are more popular in specific countries. This is true even though cryptocurrencies are designed to be global, instead of national as fiat currencies are. However the nationality of the developers and early investors, along with the where the developers live lends certain coins to be more popular in those countries.
One would imagine then, that since Bitcoin’s mysterious founder used the Japanese name Satoshi Nakamoto, that Japan would be a hotbed for new cryptocurrencies. Surprisingly, the opposite was true, until Monacoin.
Monacoin (MONA) is a Japanese based cryptocurrency, and is the first of its kind. It’s designed to function like Bitcoin (BTC), but tailored for a distinctly Japanese audience. It began in 2014 as a fork off Litecoin (LTC) It works with a website called Monappy, where users can trade their physical belongings for MONA, the token for Monacoin. It also works as a payment platform. Users can pay each other with MONA from any part of the world. Monappy also works as a social community website where tips can be given in MONA for helpful videos or content.
One of the primary features of the Monacoin’s blockchain is its ability to create a block in 1.5 minutes. Compared to other blockchains, this is an incredibly quick transaction time. Fast block times are highly sought after in the cryptocurrency world, making Monacoin a popular coin to use as a payment solution. Websites like Reddit can be a helpful source to learn more about this popular coin.
While cryptocurrencies may seem complicated, they are actually quite simple to define. Most importantly, each cryptocurrency is based on a blockchain. Blockchain, by definition is a technology that stores the data and source for a digital currency on a decentralized network. Meaning it records all of the transactions that are made with the coin in a permanent and sequential manner. Blockchains are decentralized and open to the public, allowing anyone to process and work on the blockchain. This provides more security to the blockchain, as it’s not based on a central server that can be easily hacked or crashed.
Buying Monacoin takes a couple of steps, but is a fairly simple process. First, users will need a wallet to store their MONA tokens in. The official Monacoin wallet can be downloaded through their website. Or you can use a lite wallet like Jax or Coinomi. Hard wallets can also be purchased as a precautionary backup to your Monacoin or litecoin wallet. Next, purchase Bitcoin through an exchange site like Coinbase. This can be done with cash or with credit card. From there, Bittrex can be used to transfer the Bitcoin into Monacoin. Provide your wallet address when asked for in order for your MONA tokens to appear in your wallet.
When you’re ready to cashout to USD, follow the above steps in reverse, in order to sell your MONA. Bittrex can be used to convert your MONA back into Bitcoin. Then, Coinbase or other exchange sites can turn your Bitcoin into your fiat currency. Lastly, visit your local ATM to withdraw cash and complete your cryptocurrency transfer.
They ways to use Monacoin are seemingly unlimited. This is because of the site Monappy, which allows users to trade their personal belongings for MONA. Everything from computers, to files, to video game upgrades can be purchased on the site using MONA. Almost anything can be bought with Monacoin. Even Monacoin poker is available.
Monacoin can also be used as a payment solution, allowing businesses and individuals to pay each other with MONA quickly and seamlessly. This is a popular option as the value of MONA rises. The more the currency is worth, the more others will be willing to give up for less of the coin.
Monacoin can also be utilized by investing in the coin. As coin holders purchase MONA and store it in their wallet, they can watch the exchange rate into other currencies, both fiat and crypto. The higher the price of MONA, the greater the return on investment.
Monacoin mining is where users work on Monacoin’s blockchain to help process the transactions and power the cryptocurrency. Miners use powerful computers with highly specialized calculators in order to mine Monacoin. It’s a complicated endeavor, but a profitable one. Miners are rewarded for their work with 25 MONA for completing a block on the chain.
As Monacoin is mined, it expands the available market cap for the coin due to the fact that new coins are rewarded to miners. This, along with the value of the coin and difficulty in mining factor into the profitability of mining Monacoin. Monacoin is mined using a proof-of-work model, where miners download a mining client and begin mining. Recently, Monacoin has boasted a high profitability in mining. Mining Monacoin is done in pools, with the Dark Gravity Wave algorithm.
Monacoin has seen tremendous growth in its price chart since its launch in 2014. This growth is referred to as scaling. When the market cap of Monacoin is compared to other coins, it should be a safe assumption that it will be able to keep growing with no issues in scaling. This is especially true as the block time remains at 1.5 minutes.
Monacoin might not be the only cryptocurrency based in Japan. But it is certainly the most popular. This is due to the Japanese Monappy website, which is largely centered on Japanese pop culture. It’s short block time has made it a popular cryptocurrency for payment solutions, being adopted by many businesses and individuals.
Satoshi Nakamoto bears a Japanese name. However due to his concealed identity, he may hail from Antarctica for all we know. Monacoin isn’t as valuable as Bitcoin, but the developers of the Japanese cryptocurrency can thank Nakamoto for kickstarting this revolution, whether he’s Japanese or not.