What you'll learn 👉
Introduction
MonaCoin Coin is the first Japanese cryptocurrency. It is particularly successful in the Japanese community, so that there are now shops in the country where Bitcoin and MonaCoin Coin can be paid for.
At present, the Japanese company is backed by around USD 800 million and daily coins worth USD 9.6 million are traded.
The exchange rate is 14.54 USD per MonaCoin Coin. The currency is traded on Bittrex, Livecoin, Bitbank, Bleutrade, ABwang and Zaif.
MonaCoin Coin – The Cryptocurrency
As the most widely used cryptocurrency in Japan, MonaCoin Coin has already inspired many users.
Named after a figure called “Lyra”, the developers of Mona called the algorithm for mining the currency Lyra2RE (v2).
The block time is 1.5 minutes; as a reward the Miner receives 25 MonaCoin Coins. There is a total volume of 105,120,000 coins.
As a user you can store the coins in the Windows 32- and 64-bit, Linux 32- and 64-bit, Mac OSX 64-bit, Source Code and Android Universal Bitcoin Wallets.
The coins can be used in many different areas, especially in Japan. A website called “monappy” supports the currency.
This allows users to send coins to each other when playing online games. It is also possible for users to upload contributions, such as self-painted pictures, which are then rated with a small donation in MonaCoins.
Furthermore, the platform offers an online shop in which users can offer real things and in return are paid with the cryptocurrency. monappy “also has the function of serving as a wallet, without the user having to download an external wallet.
The MonaCoin Coin trend even goes so far that an electronics store in Japan accepts Bitcoin and MonaCoins as means of payment.
MonaCoin Coin – The Company
MonaCoin Coin was founded in 2013 by Mr. Watanabe.
He was then a visitor to the Japanese bulletin board 2-channel.
The currency became so popular when it was first shown at WBS TV Network Tokyo and became so popular that a man bought a piece of land in MonaCoin Coin.
Since then, the currency’s trend has been booming.
Not only that the currency can be used on “monappy”, but similar to Dogecoin Coin, Twitter users can now show the appreciation of a contribution by Monacoin Coins.
In general, the company attaches great importance to the currency being decentralized and limited in a peer-to-peer network to ensure security for the user.
The developers behind MonaCoin Coin have also created other platforms as “monappy”: On the website “askmona” you get on the one hand any kind of information about the currency in a forum style, on the other hand you can also send coins to others via the site. On “monadash” interested people get an insight into any statistics of the currency since it has been established on the market.
Conclusion
The team behind MonaCoin has managed to create a fan culture behind the currency.
The trend towards the cryptocurrency is booming, especially in Japan. By adapting and recognizing the currency, the developers have created a broad market for their currency.
You can’t buy it directly for fiat on any exchange. You can choose the best BTC exchange for your region and buy BTC there, then trade it for MONA on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
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 has acceptable fees and limits and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is as good or even better than Coinbase. Coinmama is also legit exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is secure place to buy crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet
or KeepKey
, those are the safest options. You can read our article on how to use Ledger Nano S wallet and where to buy it or check out other top physical crypto wallets here. You can also create a paper wallet – learn here more about crypto wallets.
