MonaCoin advantages and disadvantages
The great popularity in Japan can be an advantage as well as a disadvantage. Despite the relatively old age – the Mona Coin crypto currency can already be traded since 2014 – there are not many exchanges where you can buy MONA Coin and the coin is still quite cheap. It was quiet around the course most of the time. Nevertheless, Japan is a market that should not be underestimated and is also growing steadily. Japan is more willing than most nations to make crypto currencies part of everyday life.
One could argue that the coin is still undervalued, simply because it is not really known here in the West. The coin, on the other hand, offers fast transactions and good returns for Miner.
Bitcoin Code Course – Development – Forecast
MonaCoin started with a value of 6 cents on the stock exchanges. That was March 2014. After that, the price dropped to about three cents. In July the price rose to 50 cents, in August 2014 it fell to 20 cents. After all, it was only around 10 cents in September, 4 to 5 cents in October and 2 to 3 cents at the end of the year. But think is the Bitcoin Code legit and in 2015, the Mona Coin price was only slightly volatile. In January and February it ranged between 3 and 6 cents and in March, April and May the price fluctuated around 13 cents. The situation was similar in June and July. In August the value of the coin remained above 10 cents, in September 2015 it sank below. For the rest of the month it was usually around 6 cents per coin.
2016 was a similar year, but the share price was rather lower. At first, Bitcoin Code and the price was quoted at 5 or 6 cents. From the summer onwards, the price fell continuously until it was only 2 cents at the end of the year.
At the beginning of 2017 there was a slight upward trend, in March the coin was 4 cents, in May over 20 cents. In June and July, the MonaCoin share price reached 70 cents in places. Here the price jumped and fell several times. Until September, the price then remained relatively stable between about 40 and 50 cents. For the time being, the record for the crypto currency in October should be over 4 euros. The coin then fell to at least 2.50 euros in November. The coin entered December with 6 euros. The share price developed particularly well this month, reaching a high of EUR 16. In January the coin lost again, but the price seems to remain above the values of the previous year.
Although the Mona Coin has been on the market for some time, it is not easy to predict. It is clear that the Bitcoin Code price has developed well over time and was higher in 2017 than in previous years. It could well be that 2018 will also exceed the previous year.
Create an App like Bitcoin Profit
The MonaCoin Wallet can be downloaded and installed in different versions from the official website. During installation, the MONA Wallet should automatically connect to the server, then it is best to select the default Wallet and have a new seed created. The seed should be well secured, because it is the key to the wallet in an emergency. After selecting the password, the wallet should generate the address.
Where can I buy the MonaCoin?
Bittrex and Livecoin are among the best-known stock exchanges where you can buy MonaCoin. There are also Zaif, CryptoBridge, Bleutrade and Trade Satoshi. Only on Zaif, Mona Coin is possible to buy with Fiat money, in this case yen.
The crypto currency has a strong and growing base in Japan. It is interesting because the crypto currencies are particularly popular here.
MonaCoin – What is this crypto currency?
MonaCoin, also called MONA for short, is the most widespread crypto currency in Japan. It is not a national crypto currency, but it is still incredibly popular in a country that is far more open to crypto currencies than many Western nations. The MonaCoin Coin is a simple and fast digital means of payment.
The crypto currency once emerged from a litecoin fork. A fork is the splitting off of a side blockchain from a main blockchain. Thus the side chain retains numerous functions of the main chain, but can also be easily changed. Litecoin was once developed to offer even faster transactions than Bitcoin. The MonaCoin Coin is even faster: The block time is 1.5 minutes.
In its function, however, it can best be compared to the DogeCoin: the coin can be used in social media to send someone a small donation, for example if they have published an article that people like. MONA can also be sent for online games. The story of MonaCoin development is also similar to that of DogeCoin, because both started as a harmless joke. Just like the coin with the Internetmeme, the MONA Coin became a serious and widely used digital means of payment. Coins are accepted in many Japanese online stores, but also increasingly more in standard shops in the island state.
Transactions with the crypto currency can be carried out either privately or publicly. As a hash algorithm for encrypting transactions, the MonaCoin crypto currency uses the highly developed Scrypt. The coin can also be mines. It uses the proof-of-work algorithm to verify transactions and add new blocks to the block chain. Since the block time is only 1.5 minutes, new blocks are generated very quickly. As a reward, 25 MONA coins are distributed to the miners. In mining, the miners make the computing power of their computers available so that they can perform the complicated and energy-consuming algorithms for validating the transactions.
MonaCoin – Who is behind the crypto currency?
The development began on the 2channel website, which could also be described as a Japanese Reddit. It is one of the most popular websites in the country. The developer was on the forum under the pseudonym Mr. Watanabe. You can’t find out more about him or the team that might be behind the crypto currency. After your posts during the release, the coin should be considered as a game where you try to find the hash. The crypto currency was not preminded or largely advertised with an initial coin offering. It seemed that she was more of a joke to Mr Watanabe.
This did not stop the Japanese from making active use of the coin. Although MonaCoin should never really become the “Japanese crypto currency”, Bitcoin and other crypto currencies from the West had a rather difficult situation due to the language barrier. The “Galapagos effect” had the island state firmly in its hands. Even if many Japanese were interested in crypto currencies, the mostly English-language websites posed an obstacle. After all, it was Keiichi Hida who made the MONA Coin so popular. Hida himself is a crypto-fanatic and lobbyist at Rising Bitcoin Japan, based in Tokyo. For him it was important that people have something to refer to. Together with friends, he founded the MonaCoin Foundation, a foundation that promoted the spread of the crypto currency.
Hida told CoinDesk that it is important to have something people can relate to:
“Some early users of crypto currencies recognized it early on. But almost all Monacoin information is on Japanese websites and in Japanese. So Monacoin was more accepted by other Japanese.”