What Is Monaco (MCO) And Why It More Than Doubled?

Just after the announcement of Bithumb listing, Monaco (MCO) more than doubled its price. It is a move not seen in any digital currency since the markets cooled off in February and March. The news is official as stated in Bithumb twitter handle. The tweet said,. “We are pleased to announce $MCO’s …

Just after the announcement of Bithumb listing, Monaco (MCO) more than doubled in price. It is a move not seen in any digital currency since the markets cooled off in February and March. The news is official as stated in Bithumb twitter handle. The tweet said,

“We are pleased to announce $MCO’s listing on @BithumbOfficial, one of the top 10 cryptocurrency exchanges globally, today. To demonstrate our commitment to the Korean market, we now have a Korean website (https://t.co/Q4Vx1bIfTs) and community channels.”

Monaco is opening up to the Korean market making it reach above the $13 mark. The announcement made the coin hit a record and paved a whole new path for the asset. The currency is still halfway to its last achieved BTC prices, however, with its prices doubling overnight, it will take less time. The recent price move for MCO is dramatic as the currency traded below the $5 mark in March and early April. The listing on Bithumb may also have its negative impacts since the crypto market is volatile and even a new listing may trigger dumping.

Singapore Visa and Monaco tokens

The primary objective of Monaco platform is to contribute towards the adoption of crypto debit cards. With this in mind, the currency is using an approach of making assets in the crypto sector to be more scalable and secure to use by introducing crypto debit cards. The ideas made the platform to partner up with Singapore Visa to provide an excellent platform for issuing Visa-branded debit cards. The Visa-branded debit cards will be available for usage in Singapore. Monaco also received official approval from the Visa representatives for issuing the Visa-branded cards. Moreover, the partnership would enable them to find a way of crossing between the usage of traditional fiat currencies, digital currencies, and digital assets.

Beware of scam

Monaco posted in the twitter handle about the recent scams related to the token and wallet. The fraud was about the platform issuing ETH. Monaco platform rejected this and went ahead and posted it on their Twitter handle. The tweet stated,

“Please beware: We are not giving any tokens away. Please secure your tokens. They are many scams running out there.”

For the Monaco card holders, this is vital information. Take note!

Future of Monaco coin


The digital coin is doing exceptionally well in the crypto market for the past few days. One of its most significant gains was attaining the record of 101% in just a short period. The first recipe for its profit is being listed on one of the significant exchange markets. The listing makes MCO more visible, accessible, and attainable. The listing is the latest progress for Monaco and made its value in the market to increase at around 60% against the dollar. By Monaco receiving approval from visa representatives, causes the digital currency to find its way of converting traditional fiat currencies to digital currencies. The approval also enables the coin to bring mass adoption of crypto debit cards. With the latest developments, Monaco (MCO) is more likely to enjoy the fruits of their hard labor in the time to come.

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Monacoin: Japan’s First Native Cryptocurrency — Next Big Thing Or Next Beta-Max?

But J. Maurice, a bitcoin expert and representative director at Wiz K.K. in Tokyo is on the fence about the digital currency. “Monacoin is almost identical to Bitcoin with a few minor tweaks, which is cool, but once Bitcoin’s new lightning network reaches mainstream adoption, I think interest in all alternative …

The mother of all cryptocurrencies, Bitcoin, was apparently created by Satoshi Nakamoto, an individual using a Japanese name; no one is sure that he’s really Japanese. However, this is one reason why Japan is fond of bitcoin — perhaps a bit of nationalist pride.

What many people don’t know is that Japan does have its own indigenous cryptocurrency, Monacoin, which began almost as a joke in 2013. It’s become a serious commodity in recent years but is it worth investing in?

Monacoin currently has a market capitalization of roughly $220 million (1 Monacoin=$3.74) but last December its value surged to more than a billion dollars, trading at almost $20 per Monacoin. Like all cryptocurrencies, the value is subject to massive fluctuations but in recent weeks the price seems to be rising again.

It was created in December, 2013 via a posting on Japan’s ubiquitous Internet bulletin board, 2channel. It should be noted that 2channel, also known as “2chan,” was also the inspiration for 4chan, a bulletin board for Internet discourse in America, plagued with controversy. However, in Japan, 2channel is still a vibrant forum for whistleblowers, hackers, commenters and sometimes breaking news.


Jake Adelstein

Monacoin, created for fun by the mysterious “Mr. Watanabe” in 2013 is Japan’s first home-made cryptocurrency. In December of last year it had a market cap of over $1 billion.

This cryptocurrency was initially introduced by an individual, male or female, under the name “Mr. Watanabe.” Like the creator of Bitcoin, Mr. Watanabe has never revealed his or her actual name. In addition, Mr. Watanabe has played little part in the development of the cryptocurrency since it began but is widely believed to be Japanese.

Mr. Watanabe in his original forum post introducing Monacoin, described the currency as a kind of game currency, much like the ones used in the hugely popular Final Fantasy video game. It was modelled after other Japan-developed video games that have their own proprietary currencies. Mr. Watanabe also made it clear that Monacoin was not designed to be a cryptocurrency. Nobody paid much attention to the creator on that point, like “Frankenstein’s monster,” it has taken on a life of its own.

The name of the coin comes from “Mona,” an ASCII art drawn character that resembles a cat emoji, and has long been popular on the 2channel bulletin board.

Shutterstock

Monacoin was officially born on January 1, 2014. A Bitcoin Talk Forum on the same date detailed the coin’s launch and its specifications. It is based on Litecoin technology, but its volunteer network of developers and users have improved upon it over time, making the currency very fast to send and relatively secure. The Monacoin Foundation is an important nexus of the movement but it is still very much a grassroots community rather than a highly-organized network.

Cult Following

It was after the collapse of what was the world’s largest bitcoin exchange, Mt. Gox in Tokyo, in 2014, that Monacoin began to get some favorable press , being introduced as “safe and made in Japan.” It was featured on the Tokyo TV Network, WBS, which introduced a man purchasing a plot of land with Monacoin, and showed him building a Shinto shrine to Monacoin. The rationale seeming to be that in Japan, which is originally a polytheistic and animist country, any cryptocurrency worth having should be inhabited by a God. It certainly couldn’t hurt.

There are now at least four major currency exchanges in Japan where monacoin is traded, including ZAIF, and at least five online stores and physical stores that accept Monacoin. There are alsoan increasing number of ATMs in Japan that deal in Monacoin, and because it is Japan’s first cryptocurrency, it has a solid fanbase. A Monacoin tipping system was also developed by a high school student and allows people to “tip” (give) Monacoin to others via Twitter. On March 23, JIT Holdings announced it was starting a service in Japan that would permit Japanese citizens to purchase real estate with Monacoin. It claims to be the first company in Japan to offer such a service, which it eventually hopes to extend overseas.

Monacoin is still mostly used within Japan, with its international usage very limited . However, anyone can download the apps that let you use it. It is still mineable, if you have the time and computer power to do it. However, will the coin really last or will it end up like many Japanese proprietary formats, such as BETAMAX, a great idea and good technology that becomes obsolete in the face of the competition?

“The merits of Monacoin are that it’s more a means of payment than a source of speculation. The community makes it easy to use. The ability to tip easily in Monacoin via Twitter etc. makes it increasingly used online. The handling fees for it are extremely low compared to other means of payment,” said Keiichi Hida, a leading voice on cryptocurrency in Japan.

But J. Maurice, a bitcoin expert and representative director at Wiz K.K. in Tokyo, is on the fence about the digital currency. “Monacoin is almost identical to Bitcoin with a few minor tweaks, which is cool, but once Bitcoin’s new lightning network reaches mainstream adoption, I think interest in all alternative coins will drop significantly.”

Another Monacoin expert, Akihisa Sekino, believes the language barrier has kept Monacoin from spreading outside of Japan, but he feels that within Japan the virtual currency is deeply-rooted and here to stay. It is reportedly one of the top five cryptocurrencies in Japan. Even the cryptocurrency-themed Japanese idol group, Virtual Currency Girls, have a Monacoin member.

Sekino is correct in some ways. Monacoin is easy to use in Japan if you are a cryptocurrency exchange user or willing to shop online, but for the outsider, even finding articles on it in English is hard to do at present. However, once you get the hang of it, the appeal is certainly there. It’s an easy way to show appreciation with more than just a “like” but with some virtual cash to back it up.

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Here’s why crypto isn’t accepted for more everyday transactions

In the original whitepaper, Satoshi Nakamoto envisioned Bitcoin as a peer-to-peer version of electronic cash that would facilitate transactions without the oversight on a trustworthy, centralized party. Since then, cryptocurrency has surged in popularity as an asset class – and Bitcoin is now just one of …

In the original whitepaper, Satoshi Nakamoto envisioned Bitcoin as a peer-to-peer version of electronic cash that would facilitate transactions without the oversight on a trustworthy, centralized party.

Since then, cryptocurrency has surged in popularity as an asset class – and Bitcoin is now just one of many digital currencies out there. Investment has poured into the sector because many see the blockchain as an important foundational technology for the future, and it’s also gained traction for speculative reasons.

However, strictly from a payments perspective, certain issues have cropped up since the original Bitcoin vision was outlined, and they’ve ultimately prevented crypto from receiving mainstream adoption as a currency for day-to-day transactions.

What are these obstacles, and how will they be overcome?

THE RETAIL OPPORTUNITY

Today’s infographic comes to us from NetCents, and it highlights the growing acceptance of cryptocurrency by retailers and a willingness for consumers to consider using it.

Importantly, the graphic also highlights the major hindrances preventing crypto from reaching mass payment adoption, as well as how the future may look significantly different than today.

In 2017, the amount of brick-and-mortar retailers accepting crypto grew by 30.3% to 11,291 retailers globally.

At the same time, users have also warmed up to the idea: a recent survey found that 40% of people familiar with the digital currency would be open to using it in everyday transactions.

So why aren’t most people able to buy a coffee at their neighborhood cafe with Bitcoin?

PAYMENT CHALLENGES

There are three main obstacles to using cryptocurrency for everyday transactions. (Note: this list mainly focuses on Bitcoin examples)

1. Price volatility In 2017 alone, the Bitcoin price fluctuated between $1,000 and $20,000. Big swings in price make it unattractive for day-to-day transactions.

2. Slow transaction times The average confirmation for Bitcoin takes about 20 minutes per transaction right now – but during past stretches of activity (such as in Jan 2018), it got as high as 41 hours.

3. High transaction fees The average transaction costs around $1 right now, but just months ago, the average Bitcoin transaction costed $40.

These factors are not necessarily problematic at all times – but one can see why these challenges may make crypto less appealing for everyday retail transactions, such as one at the grocery store or the local coffee shop.

CRYPTO TO THE MASSES?

Despite these concerns, there is much optimism that crypto can be a boon to retailers – even brick-and-mortar ones. The blockchain is still new, and people around the world are working to solve these payments issues night and day.

Crypto e-payments companies are constantly introducing new technologies and features that could potentially decrease transaction costs and provide instant settlements for retailers, while also eliminating the issue of fraudulent chargebacks. Making ground on these issues would make crypto significantly more appealing to the masses as a form of payment.

What else needs to be done to push crypto into the mainstream?

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Chilean Banks vs Crypto Exchanges: Will Citizens Have Access to Technology?

Earlier this week, a group of cryptocurrency exchanges in Chile applied to the courts to fight the decision of banks to shut down their bank accounts. The exchanges, including Buda, Orionx, and CryptoMarket (CryptoMKT), state that the banking system in Chile is taking matters into their own hands and …

Earlier this week, a group of cryptocurrency exchanges in Chile applied to the courts to fight the decision of banks to shut down their bank accounts. The exchanges, including Buda, Orionx, and CryptoMarket (CryptoMKT), state that the banking system in Chile is taking matters into their own hands and that they are “killing the entire industry.”

Banks Itau Corpbanca and Scotiabank announced the closure of the bank accounts of BUDA and CryptoMKT on March 19. A week later, the state-owned Banco del Estado de Chile followed the move by confirming the closure of the accounts of all three cryptocurrency exchanges.

Now, as the exchanges wait for their case to be heard, with some news set to emerge on April 20, according to BUDA’s co-founder and CEO Guillermo Torrealba. The exchanges are left puzzling as to why the banks feel they have the power to deny access to a new wave of technology.

Situation in Chile

Speaking to Cointelegraph, Torrealba outlines the cryptocurrency situation in Chile as precarious, and that the entire open and liberal feeling on this technology is not all as it seems:

“Chile is showing its “B” side, that of being an extremely conservative country, even though we make huge efforts for the world to see us as liberals.”

Torrealba explained that despite the outcry in the media, and even across Twitter, banks are refusing to respond or open their closed accounts. Moreover, according to Torrealba the banks, who seemingly have a large share of power in the country, are making the cryptocurrency environment worse than Ecuador, Bolivia or China:

“The banks have shown their darkest side. Restricting a whole country to access a technology just because they didn’t like it. This is even worse than Ecuador, Bolivia or China’s case, where the government was the one that took the initiative. Because you could judge the decision of a government, because, at the end of the day these players represent the people, and people are free to take whatever path they feel is right.”

Banks ruling over regulators

The issue for Torrealba is that the banks, by closing these accounts and effectively stopping the running of cryptocurrency exchanges, are slowing and prohibiting the progress of cryptocurrency in the country. There is no rule, law, or legislation against digital currency in Chile, yet the banks are operating like stern regulators.

“In Chile the story is different” Torrealba said. “There hasn’t been one regulator, legislator or government official saying that cryptocurrencies aren’t legal, it was just the decision of a very powerful sector of the economy: the banking industry.”

The reason that Torrealba is up in arms about this decision, and is going as far as to get the courts involved, is that he feels as if there has been a restriction on economic liberties.

“So why is this fight important? Because of economic liberty. But not even liberty from an abusive government, but liberty from a corrupt and overpowered financial industry which is protecting itself in the most archaic and prehistoric way: denying a technology in the most open and overly bold way they could find. [The banks are] so openly abusive that everyone agrees that what they’re doing is illegal but that isn’t enough for them to stop. They’re just too big to need to tread carefully, or to act inside the regulatory frame.”

Of course, Torrealba is directly affected by this banking blockade, and for that reason, has every reason to feel the way he does. His justifications may well be emotive, and perhaps inflammatory, however, he is not alone in thinking what he does.

Outsider reactions

There was a slew of reactions from Twitter users both inside and outside of Chile, with the general idea of banks setting the boundaries of cryptocurrency usage clearly getting under the skin of a number users.

Chile’s state owned bank, Banco Estado, closes down all Chilean #crypto#exchanges accounts. What the fuck!? How much more damage will financial institutions make to #innovation and their own clients?#blockchain#cryptocurrency#crypto@CryptoMKT@Cointelegraph@BudaPuntoCom

— Eduardo Hernández (@TheCryptoCEO) March 30, 2018

Apparently all Chilean banks will cut ties with crypto companies https://t.co/mA2fo2ux3r This would be a huge negative blow to Chile’s reputation as a rational, innovation-friendly, free market economy @budapuntocom@AbifChile@BancoEstado@sbif

— Ted Rogers (@tedmrogers) April 10, 2018

So disappointing to see leading Chilean bank @BancoEstado close #crypto client accounts. Chile is 1 of the leading regional economies but these actions stifle innovation. Support @budapuntocom!

— Sam Trautwein (@Xad_2002) April 10, 2018

But it was not only those reactionary tweets that found this move as odd. Barry Silbert, CEO and founder of Digital Currency Group, tweeted directly to the banks imploring them to change their decision.

This is very disappointing, @itauchile@scotiabank@BancoEstado

Please reverse your decision and support innovation, financial inclusion and help build a more efficient financial system for the people of Chile https://t.co/HmECjo7BTd

— Barry Silbert (@barrysilbert) April 13, 2018

Arthur Gervais, a Blockchain professor at Imperial College London and co-founder of Liquidity.Network also agrees with Torrealba about this being a degradation of fundamental rights. Professor Gervais told Cointelegraph:

“Traditional finance intermediaries are likely to experience a fundamental shift in their business models, which understandably creates tensions. The attempt, however, to censor decentralized technology, is not only likely to fail and a fundamental deprivation of human rights, but it’ll further empower and motivate those that develop novel Blockchain technology.”

Ongoing, and precedent setting

It will be interesting to see what comes of this case, and if the exchanges are successful. Cointelegraph will continue to update the story as and when news becomes available.

If the defence of cryptocurrencies as a right for people to access in terms of its technological aspects is successful, it could lead to a lot of fightback from others who are seeing their cryptocurrency businesses being unfairly limited.

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Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day

Instead, Venezuela’s government is focusing on its oil-backed cryptocurrency the Petro (PTR), which recently received the “Satoshi Nakamoto Prize” from the Russian Cryptocurrency and Blockchain Association. The Petro, through its initial token sale, is said to have raised more than $5 billion from …
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Venezuela’s economic situation has been steadily declining in the past few years, bringing Venezuelans to turn to cryptocurrencies.

According to VeneBloc data, the bolivar-to-bitcoin market recently reached a new record, as the equivalent of $1.009 million in bolivars were exchanged for bitcoin on April 17.

VeneBloc tracks transactions made on peer-to-peer exchange LocalBitcoins on the South American nation. It currently posts a rate of over 800,000 bolivars per dollar. Venezuelans are turning to cryptocurrencies as the government has enforced strict foreign exchange controls back in 2003.

These controls see individuals and businesses who aren’t able to obtain government approval to purchase dollars at legal rates turn to the black market. Cryptocurrencies help Venezuelans access foreign goods, and effectively survive government failures.

Last year Jorge Farias, the co-founder of Venezuelan-based cryptocurrency brokerage Cryptobuyer, which had over 10,000 users at the time, said:

“The transaction takes a few minutes, our commission is three to seven percent lower than the banks, and our exchange rate is regulated by supply and demand, making it more realistic than the official”

Venezuelans have limited access to official foreign exchange markets, which makes it hard to get a sense of what their fiat currency is worth. Cryptocurrency exchanges help them here, along with websites tracking the rate to dollar auctions, and WhatsApp groups.

Prices in Venezuela surged by 454 percent in the first quarter of this year, and a whopping 8,900 percent over the past 12 months. The hyperinflation has left the country on the brink of economic collapse, a problem that the government seemingly isn’t addressing.

Instead, Venezuela’s government is focusing on its oil-backed cryptocurrency the Petro (PTR), which recently received the “Satoshi Nakamoto Prize” from the Russian Cryptocurrency and Blockchain Association. The Petro, through its initial token sale, is said to have raised more than $5 billion from investors throughout the world.

While the country’s National Assembly and other entities bashed the Petro’s sale, some analysts doubt it even exists. Meanwhile, the country has implied it may charge for exports in it and ordered state-owned businesses to accept it, which could create demand.

As for its economy, the executive secretary of the country’s Blockchain Observatory, Daniel Peña, revealed he believes the oil-backed cryptocurrency will positively impact it within “three to six months.” In an interview to the country’s Cuatro F newspaper, he said:

“There are many advantages, among them is that the inflationary scheme of the Venezuelan economy breaks down. Stolen or stolen tickets, because it is a digital currency that is safe to handle and has more functionality. The intermediaries will disappear, it will be a directional purchase. The waiting time for transactions will be reduced, because it will be faster than the banking system.”

Featured image from Shutterstock.

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