This article shall discuss various cryptocurrency exchange platforms that allow you to buy Monacoin. Furthermore, we’ll also talk about the pros and cons of investing in Monacoin.
Summary (TL;DR)
- Monacoin(MONA) is a cryptocurrency developed and predominantly used in Japan.
- The transaction processing time taken by it is considerably less than that taken by Bitcoin.
- Monacoin uses the mining algorithm Lyre2RE (v2).
- You can purchase and trade Monacoin on various cryptocurrency exchange platforms and laptops, PCs, and mobile devices.
- Monacoin has various pros and cons, and one should do proper research before investing their hard-earned money.
Table of contents
What is Monacoin?
Monacoin, also known as MONA, is a digital cryptocurrency that was created in 2013. It is a part of the Monacoin Project and has been made by an anonymous entity ‘Mr. Watanabe‘. This coin is predominantly used in Japan.
The average time taken by Monacoin for creating a block is 1.5 minutes, which is considerably less than 10 minutes taken by Bitcoin for creating a connection.
Japan’s Financial Services Agency has approved Monacoin. Furthermore, various exchange platforms and stores in Japan accept Monacoin as a payment method. Moreover, the mining algorithm involved in Monacoin is Lyre2RE(v2). It was launched on a website in Japan known as ‘2 channel’.
Monacoin Tokenomics
- Algorithm: LYRA2RE
- Total coins : 105,120,000
- Block reward: 25 MONA
- Block time: 1.5 minutes
Where to buy Monacoin?
Several exchange platforms in and outside japan facilitate buying Monacoin crypto. Crypto exchange platforms where you can acquire and trade Monacoin are:
How to buy Monacoin?
You cannot swap Monacoin on Swapzone, Uniswap, PancakeSwap, etc. Furthermore, the coin is available to a limited number of crypto exchanges stated above. In order to acquire it over various cryptocurrency exchange platforms, you can go through the detailed steps below.
How to buy Monacoin on Bittrex?
To purchase or acquire Monacoin, you must have Bitcoin (BTC) or USDT as Bittrex offers MONA/ BTC and MONA/ USDT. Furthermore, you can buy BTC or USDT using your Credit/ Debit card at Bittrex.
Follow the simple steps given below to buy MONA:
- Firstly, sign up or sign in to your Bittrex account.
- Further, head over to the instant buy option and select the asset, BTC or USDT.
- Thereafter, enter your card details and the amount of USD you wish to invest.
- Then, complete the verification and funds will be available in your wallet section.
- Now select the ‘Markets’ option. Scroll down, on the left corner, search for MONA.
- Visit the trading tab, and enter the amount of USDT/ BTC you wish to invest into MONA.
- Finally, enter all the details and place an order.
Also, read Bittrex Fees: Are You Paying Too Much Fees?
Buy MonaCoin: Pros and Cons
| MonaCoin Pros | MonaCoin Cons |
|---|---|
| Monacoin facilitates both public and private transactions. | Firstly, it is prevalent only in Japan, and people outside do not know much about Monacoin. |
| Uses Dark Gravity Wave v3 and Lyra2RE v2 to ensure transparency, fairness, and safety. | Secondly, it is only a crypto token for trading and does not offer much. |
| Bittrex Pros | Bittrex Cons |
| Fiat deposit is available. | Low liquidity for certain coins. |
| The security system and support system is better than others. | There is no margin trading. |
| Quick signup and verification. | High maker and trader fees, i.e., 0.2%. |
Why invest in MonaCoin?
The world of cryptocurrencies is laden with many risks and uncertainties. Monacoin is popular in Japan and is also used for daily transactional activities there. However, it is exposed to risks. Thus if you are inclined towards purchasing Monacoin, you should carry out extensive research and make an informed decision.
Buy MonaCoin: Conclusion
Monacoin is a cryptocurrency that was created in Japan and is predominantly used there as well. It uses the mining algorithm Lyre2RE (v2). However, like any other cryptocurrency, it involves several risks, and the monacoin price fluctuates drastically. Therefore, it can be considered as a good investment option only after proper research and great caution.
Frequently Asked Questions
What is the market supply of Monacoin?
Monacoin has a total market supply of 105,120,000 MONA, whereas the circulating collection is 82,541,437.
Can I purchase Monacoin with USD?
Monacoin cannot be directly purchased with cash because there is no such method. Instead, you can first buy some significant cryptocurrencies like Bitcoin and Ethereum and then exchange them for Monacoin on a crypto exchange platform such as ProBit.
Which system does Monacoin use?
It is based on Proof of work, the same system on which Bitcoin is based.
Where to store Monacoin?
Monacoin can be safely stored in Hardware wallets such as Ledger Nano X and Nano S.
