Since the time of launch first cryptocurrency Bitcoin, over thousands of cryptos were introduced in the market which is kept on increasing day-by-day with different features and objectives behind them. If some coins were launched with the aim of promoting decentralised Apps, then some launched for revolutionising the banking system. Every coin is being introduced with a unique purpose with the common aim of mas adoption of their coins. In this article, we will discuss the Monaco Coin or MCO coin which was launched in mid-2016 and since then gaining the attention of crypto enthusiasts.
What Is Monaco Coin?
Monaco which is recently renamed as MCO which is aimed at simplifying the accessibility of cryptocurrencies and reinventing the crypto-financial systems. The MCO platform which consists of crypto Visa and crypto wallet app and Financial services having the features of investment and credit products makes the ecosystem of MCO.
Working Of Monaco Coin (MCO)
MCO is headquartered at Hong Kong aiming at introducing the cryptocurrency in everyday life. For keeping pace with its aim, it offers “prepaid Visa cards” which can be easily recharged with Bitcoins and Ether along with fiat currency. Monaco coin was launched in 2017 to back the Visa card having the capacity to hold multiple crypto and fiat currency with access to cross border banks in the minimal exchange rate. To roll out the card globally, Monaco took the support of MCO coins by raising around 26.7 US dollars worth of token sales.
Utility Of Monaco Coin
Monaco coins facilitate the purpose in the following ways:
- MCO coins can be used to enjoy the benefits of premium Visa cards.
- Monaco coins can be treated as collateral for receiving 50% better rate in the Credit card service.
- Coin gives the voting power for adding the coins to the MCO crypto wallet.
- Cashback rewards offered by Visa cards are given as MCO coins.
The supply of Monaco coin was fixed at 31.6 million which signifies that MCO coins will be staked more when premium Visa cards are adopted by mass.
Points To Ponder While Buying ICO
Cryptocurrency is considered a complex medium of exchange as compared to fiat currency. It is essential to know about the factors to be considered before buying any cryptocurrency. To buy Monaco coins, we should consider the following points:’
- Supply- Demand: The supply and demand of the coins represent the liquidity of the cryptocurrencies. The circulation of MCO out of total supply must be high enough at the time of buying and selling also.
- Availability: Monaco coin is available on more than 20 crypto exchanges and can also be exchanged via decentralised exchanges and peer-to-peer platform. You can sign on any of the crypto exchange to buy the MCO coins or can purchase MCO credit card for getting the MCO coins as cashback rewards.
- Competition: Before purchasing MCO coins, you must be assured of the competitors if they are not selling the same products at a better price with better features. You can easily monitor with the help of various news feeds and tools available in crypto space.
- Major partnerships: While buying the Monaro coin, you should be aware of the latest partnerships of Monaco for the better prospects of profits.
Majorly considering the above factors, you can make your choices related to amount and number of coins you wish to invest in Monaco coin.
Pros And Cons Of Monaco Coin
Without knowing the advantages and disadvantages of Monaco coin, the understanding of any cryptocurrency will be incomplete. To enhance knowledge, let us brief the pros and cons of Monaco Coin.
- In terms of competition, Monaco is having quite impressive performance since its launch due to the relatively better in fulfiling the promises related to their services.
- Project on which Monaco coin has been issued even if fails at some point, you can rely on the domain of Crypto.com which is an asset associated with Monaco coin.
- Outstanding Monaco crypto wallet supports not only multiple cryptocurrencies but fit currency also while selling and purchasing crypto assets.
- Two main products which are prepaid credit cards and Crypto invest are quite popular among the crypto community which might assure that price of Monaco will increase.
- Main aim to promote the adoption of cryptocurrency across the world is the key captivator of liquidity and fresh investments.
- Delaying in delivery of cards is one of the issue described by the users of Monaco credit card, thus shakes the reliability of Monaco coin.
- Undisclosed ICO funds collected were invested in bringing the Crypto which stands out as the bone of contention for many people.
- Several layers of the authentication process sometimes irritate the consumers and let them in leaving the process.
Future Of Monaco Coin
Future of any cryptocurrency is difficult to predict because of the continuously changing conditions of crypto markets. Many analysts predict the future of Monaco coin worth of million-dollar while others focus on the loopholes of the project. Prediction related to price might be a difficult task but the development in the features can be expected due to the highly expert development team behind the Monaco project. The success of the Monaco coin is highly dependent on the adoption of prepaid Visa cards offered in the Monaco project. Visa card plays a major role in staking the MCO coins, thereby increasing the value of coins. MCO crypto wallets and Crypto credit also play a significant in pushing the prices of MCO coins. If we track the progress and consider the unique features behind Monaco coin, we tend to incline in a positive direction.
Every other day, a cryptocurrency launches in the market place and vanishes while some stays for a long time and others are just fake currencies meant to dupe the innocent investors. Before investing in any coin, one must read the whitepaper and website of the same to know the team, purpose, roadmap and etc of project, rather blindly investing. Monaco coin is still in the nascent stage which might prove as a gainer in your portfolio.
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Content Writer| Blockchain | Cryptocurrency | Technology