The creator of Monacoin – the Japanese Watanabe – set as his main goal the creation of a virtual currency, which will be based on a peer-to-peer architecture.
History of Monacoin
Monacoin cryptocurrency appeared on the global Internet market in 2014 and became a fork of Litecoin. She quite rightly won the title of the first cryptocurrency of the Japanese state. A feature of the cryptocurrency monacoin has become open-source, accessible to everyone. From the first days of its origin, this currency has become very popular. The reasons for her great love could not be identified. Perhaps the name contributed to this because of Monacoin in translation from Japanese means “cute cat.” Perhaps the main impetus in the history of Monacoin was the love of compatriots, who actually demonstrated love and support for domestic projects. Paradoxically, a rather significant contribution to the growth in popularity of MONA cryptocurrency was made by television, which shot and showed a video in which it was told how, thanks to Monacoin mining, it was possible to earn an amount sufficient to purchase a land plot. Soon after the broadcast of this story on the popular television channel, entrepreneurs turned their attention to this cryptocurrency and provided the opportunity to make purchases in offline and online stores. Today there is even an auction where you can pay for a purchase using this cryptocurrency. However, the Japanese, namely they are the main holders of monacoin, went further in their love and created ATMs in which you can buy this currency.
Main advantages and disadvantages of MONA cryptocurrency
The digital currency Monacoin, like many others, has its positive aspects.
- Due to the fact that the peer-to-peer architecture formed the basis of the Monacoin cryptocurrency, it became possible to achieve absolute security of money transactions, protecting the network from hacking and hacker attacks.
- Each user has the opportunity to independently appoint a conditional commission, which is charged for conducting and servicing money transfers and other operations.
- In the process of making transactions, you can not completely indicate your details and data. However, even such confidentiality does not preclude the ability to view all successful operations.
- The interface is designed in such a way that even a beginner can easily figure it out and start the mining process without any special difficulties.
- In the processing mode, Proof-of-Work provides reliable protection of coins against external pressure. The emergence of a new block will necessarily entail changes in existing ones. This greatly complicates the hacking process, reducing this possibility to almost zero.
- For mining, Monacoin does not have to invest in reinforcing your computer. The developers made sure that Monacoin could be earned on weak equipment.
- The platform design is made in a truly Japanese laconic style and does not contain any additional content components.
- Very high platform performance – all operations are performed almost instantly.
Despite the positive aspects, Monacoin also has disadvantages, among which the following can be distinguished:
- Since this digital currency has no real security, it is quite difficult to predict the final outcome of Monacoin production.
- The operation that started the process of execution, stop or cancel is no longer possible.
- The Monacoin course is quite unstable and entails the possibility of losing everything at once.
- If you set a goal – to get rich, then you still have to spend money on the purchase of expensive equipment.
Bitcoin and Monacoin: what are their differences?
The main distinguishing feature is security and privacy. This is exactly what the creators of the Monacoin cryptocurrency bet on. Unlike Bitcoin, information on conducting cash transactions, buying and selling virtual currency is not publicly available. As mentioned earlier, for a successful result, you do not even need to enter your personal data. However, the main difference is that Monacoin today has a very small distribution area, while Bitcoin is among the top 10 most famous and expensive virtual funds of the whole world. Monacoin earnings are most common in Japan. But it is precisely this feature of it that entails another significant drawback – the absence of wallets. Today, almost every virtual currency has its own wallet system. In Monacoin-wallet, there are only two ways to store it – online or on a desktop wallet.
Monacoin Course Prediction
The Monacoin course has never been stable, but in September 2017 you could see a rapid and stunning takeoff, although for a long time they could not hold their positions and it was followed by a not so rapid, but fall. Today, the owners of the currency of the coin can again rejoice at the fact of its significant appreciation and rise in the exchange rate. Many analysts and traders today do not consider the system as a tool for long-term investments. The position this digital currency as an opportunity for short-term earnings on hype. Perhaps the attitude to the possibility of earning Monacoin would be changed by the fact that it would cease to be practically the national currency of Japan and yet it would reach the world level.
Prospects for Monacoin
Today, the creators see the main direction in improving this virtual currency is improving the code. In April 2017, an important 75% threshold was reached for Monacoin. Today, Monacoin’s prospects are still not very significant, but some achievements can already be traced. For example, great potential. The network is not only stable but also showed stability in the event of congestion.
What are the ways to earn Monacoin
Today, there are several ways to make monacoins. Let’s look at each of them.
- Mining This method is quite available at home. To date, this cryptocurrency has not yet reached the point at which home mining is impractical. However, for those who want to get a quick and significantly tangible financial result, it is better to unite in groups (pools).
- In Japan, this currency is accepted as payment for the purchase of goods or services rendered. Almost all online stores and the traditional format support this cryptocurrency.
- The Japanese were so fond of their first virtual currency that they introduced the possibility of transferring Monacoin into yens and cashing them out at the country’s ATMs. In the same ATMs, cryptocurrency can also be purchased.
- Some sites give their visitors the opportunity to earn monacoins in the form of a reward for actively discussing site topics or creating new discussion questions that relate to this cryptocurrency.
- All users who have monacoins are required to register on the Monappy platform, inside which you can not only buy or sell Monacoin cryptocurrency but also put up for sale your own drawings or other goods made by yourself.
Summing up, I would like to note that in comparison with bitcoin, which over time only strengthened its position, monacoin looks very modest. Analysts believe that the reason for this was an excessive focus on the domestic rather than the external market. However, it should be noted that this currency still has a fairly good potential. This is facilitated by the system’s resistance to various technical overloads and excellent stability. The developers of the interface of the official site have made it so simple and affordable to use that even a novice can easily figure out what’s what. Alas, today Monacoin has not been included in the list of popular cryptocurrencies, still being an “exotic toy”, which they prefer to mine today in order to subsequently exchange for a more famous currency or simply “to be”.