Miami Coin Investment: A Beginner's Guide To Getting Started

MiamiCoin (MIA) is the first-ever city coin, launched in August 2021. It is a unique cryptocurrency that intends to support and improve the city of Miami. MiamiCoin is powered by the Stacks protocol, which enables smart contracts on the Bitcoin network. While MiamiCoin cannot be used as a currency in the city, it can be mined, held, or stacked for potential STX and BTC compensation. As of September 2021, the only exchange where you can purchase Miami Coin is OkCoin. This article will provide a step-by-step guide on how to invest in Miami Coin.

MiamiCoin's history and future

MiamiCoin (MIA) is a unique cryptocurrency that aims to support and improve the city of Miami. It was launched in August 2021 as the first CityCoin to hit the market. CityCoins are digital currencies that allow individuals to support their favourite cities while potentially receiving Stacks (STX) and Bitcoin (BTC). MiamiCoin is powered by the Stacks protocol, which enables smart contracts on the Bitcoin network.

The concept of CityCoins was designed to give communities the power to improve and program their cities by unlocking a new funding mechanism. MiamiCoin was activated by the community, marking its entry as the first CityCoin. Since its launch, MiamiCoin has been mined and stacked by individuals who want to support the city of Miami and benefit from the protocol. The project has grown steadily, with the community continuously exploring new use cases and applications for the coin.

MiamiCoin operates through a process known as mining, which is performed by forwarding STX tokens into a CityCoins smart contract on the Stacks blockchain. This process is a competition, with the selected miner chosen at random, weighted by the total STX spent. The selected miner receives new MiamiCoins. Notably, 30% of the STX forwarded by miners is sent directly to a reserved wallet for the city. Additionally, MiamiCoin holders can lock their coins in a CityCoins smart contract for selected reward cycles and receive a portion of the remaining 70% of the STX sent by miners.

MiamiCoin offers a range of potential use cases. It can be mined, held, or stacked for potential STX and BTC compensation. As a programmable currency, MiamiCoin opens up endless possibilities for utility, including new opportunities for developers, entrepreneurs, and residents. Developers can create apps that use MiamiCoin for access control, trading, lending, smart contract execution, and more. Furthermore, local businesses can provide discounts or benefits to customers who show their support for the city by stacking their MiamiCoins.

Miami has long been a centre of culture and innovation in the United States, particularly in the realm of crypto and blockchain technology. The city has attracted developers and entrepreneurs due to its strong network effects, supportive government, and a culture defined by constant evolution and disruption. MiamiCoin provides an ongoing crypto revenue stream for the city, while also earning STX for MIA holders.

How to buy MiamiCoin

MiamiCoin (MIA) is a way for people to support the city of Miami and grow its crypto treasury while earning STX and BTC for themselves. It is the first CityCoin to market, built on the Stacks Protocol, which enables smart contracts on the Bitcoin network.

Step 1: Sign up for OkCoin

OkCoin is the only exchange as of 24 September 2021 to purchase Miami Coin. OkCoin allows you to purchase Miami Coin and stake it for 430% APY in 15-day cycles. To sign up, use a referral link to earn $50 when you purchase $100 in any crypto.

Step 2: Deposit USD or other Crypto

Once you have signed up for OkCoin, complete your identity verification and safety verification, and set up your passwords. You can then deposit funds either by sending crypto from another wallet or exchange or by connecting your bank. Note that you will only be able to deposit $500 per day until you verify your identity (Lvl 2).

Step 3: Purchase MIA Coin

Once you have funds within OkCoin, you can purchase Miami Coin. Simply hit the "Buy Crypto" button, select the amount, and select Miami Coin, or go to the "Trade" tab and search for MIA and set some limits.

Step 4: Earn 430% APY

When you "stack" or stake your Miami Coin for 15 days, you will earn 430% APY rewards paid out daily in STX. By locking up your Miami Coin, you provide liquidity to the Coin, and in return, you'll earn STX in compensation. You can then sell, stack, or just hold your STX. OkCoin also lets you stake your STX to earn Bitcoin at 10% APY.

Mining MiamiCoin

To forward STX tokens to the smart contract, you must first purchase STX tokens. You can do this by signing up for a crypto exchange like OkCoin, depositing USD or another cryptocurrency, and then using those funds to purchase STX tokens. Once you have STX tokens, you can participate in the mining competition by forwarding them to the CityCoins smart contract.

It's important to note that mining MiamiCoin is a random process weighted by the total STX spent. This means that the miner who forwards the most STX tokens to the smart contract has the best chance of being selected and receiving the MiamiCoin reward. Additionally, 30% of the STX forwarded by miners is sent directly to a reserved wallet for the city of Miami, contributing to the city's crypto treasury.

MiamiCoin mining also offers the opportunity to earn BTC compensation. By stacking their MiamiCoins, individuals can lock them in a CityCoins smart contract for selected reward cycles and receive a portion of the remaining 70% of the STX sent by miners. This provides an additional incentive for individuals to participate in mining MiamiCoin and support the city of Miami.

MiamiCoin's potential use cases

MiamiCoin (MIA) is a unique cryptocurrency that intends to support and improve the city of Miami. It is the first CityCoin to hit the market. CityCoins are digital currencies that allow individuals to back their favourite cities while potentially receiving Stacks (STX) and Bitcoin (BTC). MiamiCoin is powered by the Stacks protocol, which enables smart contracts on the Bitcoin network.

MiamiCoin offers a range of potential use cases. It can be mined, held, or stacked for potential STX and BTC compensation. As a programmable currency, MiamiCoin opens up endless possibilities for utility, including new opportunities for developers, entrepreneurs, and residents.

Mining: MiamiCoin can be mined by forwarding STX tokens into a CityCoins smart contract on the Stacks blockchain. This process is a competition, and the selected miner, chosen at random, receives new MiamiCoins. 30% of the STX forwarded by miners is sent directly to a reserved wallet for the city.

Holding: MiamiCoin holders can lock their coins in a CityCoins smart contract for selected reward cycles and receive a portion of the remaining 70% of the STX sent by miners.

Trading and Lending: MiamiCoin can be used for trading and lending. Developers can create apps that use MiamiCoin for these purposes, as well as for smart contract execution.

Access Control: MiamiCoin can be used for access control to digital or physical spaces. For example, developers can create apps that use MiamiCoin to grant access to exclusive events, online communities, or even co-working spaces in the city.

Local Business Benefits: Local businesses in Miami can provide discounts or benefits to customers who show their support for the city by stacking their MiamiCoins. This could encourage more people to use MiamiCoin and support local businesses, creating a positive cycle of investment in the city.

MiamiCoin's benefits for the city

MiamiCoin (MIA) is a unique cryptocurrency that was launched to support and improve the city of Miami. It is the first CityCoin to hit the market, giving communities the power to improve and program their cities by unlocking a new funding mechanism.

MiamiCoin has the potential to transform the financial relationships between citizens and their government. It is not an involuntary tax or philanthropy but a new way for the government to receive funding. Every time Miami Coin is mined, 30% of the mined cryptocurrency goes into a city-owned digital wallet. This wallet has already generated over $10 million for the city, with the Mayor of Miami, Francis Suarez, stating that the city has earned over $21 million since the cryptocurrency's debut in August 2021. This is approximately one-fifth of the city's entire tax revenue.

The funds from MiamiCoin can be used for public works or a cryptocurrency dividend, potentially reducing taxes for residents. The Mayor believes that if city-specific cryptos succeed, residents 'won't have to pay a cent in tax'. This could be a significant benefit for the city, as it may help make up for what it pays to the state in taxes.

MiamiCoin also encourages economic competition between cities and aligns residents within cities. It has the potential to revolutionize the way governments are funded in the future, with other cities already expressing interest in creating their own CityCoins.

MiamiCoin provides an ongoing crypto revenue stream for the city, with no limit to how much revenue it can bring in. If the price of Miami Coin increases while it continues to flow into the city's possession, Miami could have a substantial digital bank account. This could be a risk, however, as entities and cliques with a monopoly on Miami Coin could threaten the city.

MiamiCoin also benefits holders by allowing them to stack and earn BTC through the Stacks protocol. It can be mined or bought by individuals who want to support the city and earn crypto.

Frequently asked questions