What you'll learn 👉
Monaco Coin – Introduction
Monaco Coin (MCO) is the cryptocurrency of the credit card provider Monaco. It is mainly used as a token for the credit card platform.
The cryptocurrency has a market capitalisation of 52 million US dollars, of which 2.5 million US dollars are traded daily.
The company was founded in June 2016 and is headquartered in Hong Kong.
What’s Monaco Coin all about?
The idea of Monaco is simple.
The credit card provider offers various credit cards based on the Ethereum Blockchain.
This has the advantage that credit card holders do not have to keep an eye on the currency exchange rates of their country as usual, but can merely pay in Monaco’s cryptocurrency.
Technologically, Monaco is based on the Ethereum blockchain. Each transaction carried out is secured by the Monaco Tokens’ countervalue. Monaco offers four types of credit cards.
The credit cards cannot be ordered directly; they are available via the purchase of the cryptocurrency. The credit cards are free of charge for coin holders.
Monaco does not charge any monthly or annual fees compared to traditional credit card companies.
Customers just have to keep the purchased Monaco tokens for six months. After that, the cryptocurrency can be exchanged into bitcoin or ethereum.
Since the launch of the ICO in May, the value per token has risen to over 2600%.
A nice feature is a material from which the credit cards are made.
They are made of metal. Credit cards are divided into four categories.
Monaco customers can receive a free credit card. It is not necessary to purchase Monaco tokens for this purpose.
Credit cards offered
With the credit card “Midnight Blue” customers can transfer up to 2,000 US dollars per month and withdraw 200 US dollars at the vending machine. Ruby Steel “has a transfer volume of 4,000 US dollars per month, whereby 400 US dollars can be withdrawn free of charge.
If the transfer values exceed the limits, fees are due.
Precious Metal has a monthly limit of 10,000 US dollars per month, of which 800 US dollars may be withdrawn.
There is also a surcharge if the limits are exceeded. The obsidian black has no transfer limit.
Customers can transfer as much money as they like. Only the withdrawal volume is limited to $1,000 per month.
Fees are also due if the limit is exceeded.
A surcharge of 0.5% on bank transfers and 2% on withdrawals will be levied for exceeding the limits.
The special feature of the credit cards is that users receive cash back of 0.75% on each transaction.
Also, except for the “Midnight Blue”, all credit cards include travel insurance coverage of US$500,000 per month.
Credit card transactions are free of charge because merchants who accept the credit card must pay a $3 fee.
This fee is deducted directly from the amount received
Conclusion
Monaco launched the token sale in May 2017 and earned 26.7 million US dollars in June 2017.
Shortly after that, the cryptocurrency was listed on Bittrex and Binance. In August of this year, Monaco launched its credit card portfolio online and launched its app.
Investors should be able to receive Monaco credit cards as early as October 2017.
Monaco thus entered an advanced phase.
According to its statements, the company follows three principles: simplicity, honesty and leadership.
Whether the company’s idea will succeed in the financial market and convince customers remains to be seen.
The fact is, however, that Monaco is facing a further market change based on blockchain technology.
You can’t buy it directly for fiat on any exchange. You can choose the best bitcoin exchange for your region and buy BTC there, then trade it for MCO on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and safe cryptocurrency exchange.
If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Cex.io review and Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit), instantly and directly to BTC.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our review of Ledger Nano S or check out other best hardware wallets here.
