Monacoin Quickly Gaining a Strong Foothold in Japan; Here’s Everything You Need to Know
Bitcoin, the world’s largest cryptocurrency by market cap, was brought into the world by a person/s with the moniker ‘Satoshi Nakamoto,’ a Japanese name. Yet, it still has to be proved if bitcoin is really of Japanese origin. Nonetheless, this may be a reason why Japan has a soft corner for Bitcoin – or maybe just a hint of patriotism.
Monacoin is Japan’s meme equivalent of Dogecoin but rivals bitcoin in popularity and use. The venture started out as a joke in December 2013 but in recent times, has become a dependable, serious commodity. But the question lingers; is it really worthy of an investment?
At the time of writing, Monacoin stands at a $238 million market capitalization, which pegs it at $4.04. However, 2017 saw its value exceed a billion dollars, valuing one Monacoin above $17 in December 2017. However, like every cryptocurrency, the price is prone to instability.
“Meme” Coin Beginnings
The Monacoin was created through a post on a pervasive Japanese Internet bulletin board 2chan, which was the stimulus for the popular and controversial 4chan bulletin. The 2channel still stands strong as a preferred platform for hackers and rebels to post controversial content and breaking news. This cryptocurrency was created by a “Mr. Watanbe,” a yet undisclosed figure who went the “Satoshi Nakamoto” path.
It was named ‘Mona’ after an ASCII art drawn entity which closely mimics a cat emoji famous on the bulletin board. The altcoin is based on Litecoin‘s technology and the volunteers who have contributed to Monacoin’s code have developed it further, making it a faster form of payment.
The digital currency was incepted on January 1, 2014; with a dedicated Bitcointalk forum detailing its launch along with all features.
After the fall of the world’s most popular bitcoin exchange – Mt. Gox in Tokyo in 2014 – began the rise of the Monacoin, with it gaining positive publicity and favorable media space. It was put forth as being “safe” and “made in Japan.”
Monacoin is now traded on four big currency exchanges in Japan, such as ZAIF, and some internet stores and physical ones are open to the use of Monacoin. ATMs in Japan have also started making use of Monacoins and deal in them. This new craze has acquired a humongous following owing to being the first of its kind in Japan.
An apparent millennial move describes “tipping” or giving people Monacoins as gifts through the medium of social networking sites, mainly Twitter. Another announcement by the Japanese government states that Monacoin can be used to purchase real estate. It declared itself to be the first ever company in Japan to have bagged this deal and is positive to extend it abroad too. The coin has such a following in the country, even one of the Virtual Currency Girls represents Monacoin.
Keiichi Hida, a cryptocurrency enthusiast based in Japan, stated that the Monacoin is more of a mode of transaction than a source of speculation and that the audience makes it user-friendly. The fact that it can be used on Twitter to “tip” people makes it internet-friendly too. He also added that the handling fees are a whole lot lower than others in comparison.
Much like dogecoin, monacoin is a popular method for tipping in Japan. Source: Pixabay
Monacoin No Stranger To Criticisms
Maurice, Director of Wiz K.K. in Tokyo, does not seem too impressed with Monacoin. He argues that it is not very different than bitcoin other than a few minor changes. Furthermore, he states that once Bitcoin launches its new Lightning system all altcoins may become a thing of the past!
So, as it can be conferred, the Monacoin has varied opinions and experts at war. But one thing remains constant, the people’s love for it and its broad fan base, albeit in Japan!