Monacoin Investment: Is It A Smart Move?

MonaCoin (MONA) is a digital currency predominantly used in Japan. It was designed as a payment network for peer-to-peer transactions, bypassing exchanges or third-party involvement. The cryptocurrency was created in 2013 and launched the following year by an anonymous individual. In this paragraph, we will explore whether Monacoin is a good investment.

Monacoin's future price predictions

Monacoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the original Nakamoto client and built on an open-source platform. It was launched in April 2014 and is Japan's first native cryptocurrency.

• Monacoin is expected to increase in value steadily over the coming months and years.
• The market cap, trading volume, and market dominance of Monacoin show great promise.
• The community is growing and is supported by experienced developers.
• The number of parcels is capped, which will create scarcity and increase the price of tokens as the community grows.
• Monacoin has a high market capitalization, which makes it a good investment option.
• The crypto market is incredibly volatile, and no one can accurately predict its direction. However, if the market makes a major move up or down, we may get a general idea of its direction soon.
• Monacoin is an extremely risky investment like most small altcoins. Its profit potential is immense, but so is its possible downside.

The pros and cons of investing in Monacoin

Pros

• Monacoin is a well-established cryptocurrency, having been launched in 2017.
• The number of tokens is capped, which will create scarcity and potentially increase token prices as the community grows.
• Monacoin has a high market capitalization, indicating it is a mid-cap investment with high growth potential and the ability to withstand adverse market effects.
• The platform is underpinned by committed developers who work to expand the community and improve the platform.
• Monacoin's price has been on an upward trend, reaching an all-time high of $4.16 in 2021.

Cons

• Monacoin is a risky investment with a volatile market price.
• The success of Monacoin heavily depends on further updates to the platform and its ability to attract more users.
• The cryptocurrency market is incredibly volatile, and it is challenging to predict its direction.
• Monacoin has high buy-in costs, with the cheapest available plot of land costing over $2,000.

How to buy Monacoin

To buy Monacoin, you will need to have either Bitcoin (BTC) or Ethereum (ETH) for trading purposes. You can then use a cryptocurrency exchange like Binance, Bittrex, ShapeShift, BitTrex, Hikenex, Zaif, Bleutrade, Cryptsy, or LiveCoin to trade your BTC or ETH for Monacoin. Here is a step-by-step guide on how to buy Monacoin using Binance:

Step 1: Create a Binance Account

• Visit Binance’s Website (https://www.binance.com/en).
• Look for the 'Secure' certificate in the address bar as confirmation of the site's genuineness.
• Bookmark the authentic site to avoid any confusion in future searches.
• Click on the 'Register' tab and fill in your trading details, such as your mobile number or email address.
• Choose a strong password that includes a mix of numbers, symbols, and upper and lower-case letters.
• Optionally, you can enable two-factor authentication (2FA) for added security.

Step 2: Buy Your First Bitcoin (BTC)

• Send money to your Crypto wallet on Binance using a bank transfer or debit/credit card.
• Move your cursor to the 'Buy Crypto' tab and select your currency (e.g. US Dollars).
• Choose the 'Credit/Debit Card' option and select Bitcoin (BTC) and the amount you want to spend.
• Review the total amount, including all fees, and click "Buy BTC."
• Fill in your credit card and personal information, then click "Pay now."
• Verify your email and phone number, and complete your identity verification by uploading an official document.

Step 3: Transfer Your Cryptos to an Altcoin Exchange (e.g. Bittrex)

• Create a new trading account on an exchange that trades Monacoin, such as Bittrex.
• Click on "Holdings" in the top right menu.
• Locate "BTC" in the Token section and copy the "Deposit Address."
• Go back to Binance, click on "Wallet," and select "Fiat and Spot (Deposit & Withdrawal)."
• Find BTC in the list, click on "Withdraw," and paste the deposit address from the other exchange.
• Select BTC as the transfer network and enter the amount you want to withdraw.
• Submit the withdrawal request and confirm it with your 2-Factor Authentication code and an email.

Step 4: Trade Monacoin (MONA)

• Go back to the exchange where you transferred your BTC (e.g. Bittrex).
• Look for the "Markets" button and click on it.
• Ensure you select the "BTC" pair in the left column and type "MONA" in the search bar.
• Select the "Market" tab to place a buy order.
• Enter the amount of BTC you want to spend or use the percentage buttons to specify a portion of your deposit.
• Click on "Buy MONA" to complete your purchase.

Final Step: Store Your Monacoin in a Hardware Wallet

To keep your Monacoin secure, consider storing it in a hardware wallet, such as a Ledger Nano S or Ledger Nano X. These wallets provide military-level security and are designed to protect your assets from hacking attempts.

The history of Monacoin

The history of Monaco is primarily concerned with the protective and strategic value of the Rock of Monaco, the area's chief geological landmark. The Rock of Monaco served as a shelter for ancient peoples and later as a fortress.

The first permanent settlers of Monaco were the mountain-dwelling Ligures, who emigrated from their native city of Genoa, in what is now northern Italy. The ancient Ligurian language is not directly connected to the Gallo-Italic language spoken by the modern inhabitants of Liguria, of which Monegasque is a dialect.

The Port and Rock of Monaco were consecrated by the Phoenicians in the name of their deity, Melqart. The colony was called Monoikos. The name of the colony derives from the local veneration of the Greek demigod, Heracles, also later adopted by the Romans. Hercules passed through the area, and a temple was constructed there. Because this "House" of Hercules was the only temple in the area, the city was called Monoikos.

In 1191, Holy Roman Emperor Henry VI granted suzerainty over the area to the city of Genoa. On 10 June 1215, a detachment of Genoese Ghibellines led by Fulco del Cassello began the construction of a fortress atop the Rock of Monaco. This date is often cited as the beginning of Monaco's modern history.

The Grimaldis, descended from Otto Canella and taking their name from his son Grimaldo, were an ancient and prominent Guelphic Genoese family. Members of this family, in the course of the civil strife in Genoa between the Guelphs and Ghibellines, took refuge in Monaco, accompanied by various other Guelphic families, most notably the Fieschis.

In 1297, Francesco Grimaldi, known as "Malizia" (translated from Italian either as "The Malicious One" or "The Cunning One"), and his men captured the fortress protecting the Rock of Monaco while dressed as Franciscan friars – a monaco in Italian. This began the Grimaldi dynasty, under the sovereignty of the Republic of Genoa.

In 1346, Monaco annexed the town of Menton, and in 1355, it annexed Roquebrune, increasing its territory by almost ten times. In 1419, the Grimaldi family purchased Monaco from the Crown of Aragon and became the official and undisputed rulers of "the Rock of Monaco".

In 1612, Honoré II began to style himself "Prince" of Monaco. In the 1630s, he sought French protection against the Spanish forces and, in 1642, was received at the court of Louis XIII as a "duc et pair étranger". The princes of Monaco thus became vassals of the French kings while remaining sovereign princes.

The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297. The state's sovereignty was officially recognised by the Franco-Monégasque Treaty of 1861, with Monaco becoming a full United Nations voting member in 1993. Despite Monaco's independence and separate foreign policy, its defence is the responsibility of France.

Monacoin's use cases

Monacoin is a peer-to-peer electronic cash system that was designed to cut out the middleman, such as financial institutions. It is a cryptocurrency with a focus on finance, similar to Bitcoin, but with a faster transaction speed. Here are some use cases for Monacoin:

• Faster Transactions: Monacoin's block time is faster than Bitcoin's, allowing for quicker transaction confirmations. This makes it ideal for time-sensitive transactions or purchases that require immediate confirmation.
• Lower Fees: Monacoin transactions typically have lower fees compared to other cryptocurrencies like Bitcoin. This makes it more cost-effective for smaller purchases or transactions where minimizing fees is essential.
• Decentralization: Monacoin, like other cryptocurrencies, operates on a decentralized blockchain network. This means that it is not controlled by any central authority, such as a government or financial institution. This aspect ensures greater user privacy and freedom from centralized control.
• International Money Transfers: Monacoin can facilitate international money transfers more efficiently and at a lower cost compared to traditional remittance services. This is especially useful for individuals or businesses sending money across borders regularly.
• Investment and Trading: Monacoin can be traded on various exchanges, and its value fluctuates based on market demand and supply. Investors can buy and hold Monacoin, hoping for its value to increase over time, or they can engage in short-term trading to capitalize on price movements.
• Online Purchases: Some online retailers and service providers accept Monacoin as a payment method. This allows individuals to purchase goods or services anonymously and securely, protecting their financial information.

Frequently asked questions