Monaco Review: Where to buy Monaco and how to mine Monaco?
Cryptocurrency is the topic which is slowly and gradually gaining people’s interests and has always been in the news due to its astounding and erratic consequences. There are some great advantages using the cryptocurrency and also some innovative ideas are being combined with the cryptocurrency to make it more appealing to the investors. But the problem with cryptocurrency like Bitcoin and other crypto giants is that one cannot use them for day to day processes such as while buying things from stores and online platforms as they are not accepted by many stores. Some of the online stores have started accepting Bitcoins as a mode of payment but the majority of the store owners don’t trust Bitcoin or any cryptocurrency as there is this feature of these coins that offers anonymity to the person when spending, transferring or depositing these coins from their online wallet. The only way you can use crypto coins is by converting them into your desired form of currency. But, the problem with it that the banks would charge you a huge fee for doing so. Being a viable solution for the ones who don’t use cryptocurrency frequently it is not a good option for the frequent users as they would have to spend a lot of time and money just for converting the crypto-coin in fiat currency. But luckily, now there is a Visa card named Monaco which will solve this problem. In this review, topics such as what is Monaco, news about Monaco, where to buy Monaco, how to use it, how to mine Monaco coin and information about the mining pools will be discussed and also some views of Reddit users over Monaco will be mentioned.
What is Monaco?
Monaco is a Visa-branded card which has a simple and basic idea of relieving people from the pain and waste of time and money of the conversion of cryptocurrency in the currency, one is using. To benefit from Monaco, you will have to create an account with an IOS or Android app of the company and link your Ethereum or Bitcoin wallet with the account. After the completion of process and creation of an account, a Visa card will be made available to you which when swiped, an exact amount of Ether or BTC will be deducted from your wallet equal to the amount of purchase in your currency. Currently, 23 currencies are being supported in around 120 countries by Monaco. The Monaco card/App can be used both online and offline wherever Visa cards are accepted, as a mode of payment. The only fee you will be charged for in addition to the purchase amount is the transaction fees of 1%. The exchange rate for converting cryptocurrency in your desired currency is paid by Monaco.
Kris Marszalek: He is Monaco’s CEO and has been an entrepreneur in the regions of Southeast Asia for many years. He has taken many companies from zero to $100 million. He is the former CEO of Engoso and founder of BEECRAZY.
Rafael Melo: He is the CFO at Monaco and has experience of more than a decade and a half in the field of finance and has a deep understanding of the risk in investing, mobile payments ecosystem in Asia.
Gray Or: He is the CTO and has been a hacker and product designer by profession and has an experience of 9 years in full stack engineering.
Benefits of Using Monaco App/Card
The reason why this solution is better than any other solutions out there is that the exchange rate is exactly equal to the interbank exchange rates. On the other hand, bigger banks charge you additional fees. Also, using cryptocurrency for transactions will bypass the exchange charge for converting your currency into the currency of the currency in which you are traveling in or wanted to purchase anything. There is no monthly or yearly charge leading to more savings along with the low interbank exchange rates. Despite all of Monaco’s benefits, comparisons are done by some Reddit users on Reddit between any other debit cards and Monaco card. Monaco has also introduced its cryptocurrency token known as MCO. From the safety point of view, to create Monaco account one will have to go through their enhanced process containing KYC. All these processes of creating an account can be done through the app in less than 3 minutes. Also, sending money via App is easy and the transaction is real-time based making the transferred money readily available for the recipient. The usage of Monaco is beneficial to few groups of people more specifically the ones who travel regularly or frequently. The regular travelers can use Monaco as a means of local currency as it does not charge any extra fees for currency conversion and gives best exchange rates. Monaco also provides good conversion rates for the cryptocurrency, benefiting the users. Monaco also offers 10% cash back whenever you spend using Monaco. Reddit users praise Monaco for these mentioned benefits and consider using it.
MCO ICO and news
As most of the tokens available, MCO is also an ERC20 token. The ICO of Monaco’s token lasted for exactly a month starting from May 18th, 2017 until June 18th, 2017. The price of the token during the ICO was set at $3.80 and its current price is $5.26. The highest market price of the token was recorded in the month of September 2017 accounting to a price $24.22. The current market cap of the token is priced at $69,522,558 USD. Total 31,587,682 MCO tokens were created out of which 30% of the tokens are in circulation accounting for 13,205,542 tokens. The earnings earned from the transaction fees will be stored in the Smart Contract of MCO and will be divided among the token holders. The usage and distribution of the token are as follows:
1)30% tokens were distributed as crowdfunding and are in current circulation.
2)25% tokens were distributed as a good gesture to the Monaco card founders, the ones who were the biggest and earliest contributors to the ICO.
3)10% of the tokens were kept by the company while 5% of the tokens were distributed among the advisors.
4)Remaining 30% is stored as reserve tokens to be used whenever necessary.
Where to buy Monaco?
Binance, a China-based exchange lists most of the Chinese coins and is popular for listing huge numbers of ICOs and charges a price of just 0.1%.
HitBTC is a European based cryptocurrency only exchange platform, offering high liquidity in the market.
YoBit is a blockchain asset exchange founded in Russia and which lets traders to trade fiat money with cryptocurrency.
Gate.io is a cryptocurrency only exchange that offers a wide range of altcoins which can be bought by BTC, ETH, USDT, and QTUM only. Gate.io charges a fee of 0.2% for any transaction made.
Where to store Monaco?
MCO being an ERC20 token, any of the ERC20 complaint wallets can be used to store MCO tokens. Some of these wallets and details about these wallets are given below:
It is a wallet based on Ethereum used to store ERC20 and also USD and Euros.
Offers chrome extension and is used to store many cryptocurrencies.
How to mine Monaco coin?
Before looking into how to mine Monaco coin, you must understand the process associated with it. Everyone is looking forward to earn tokens for various cryptocurrencies by the means of mining. First, you have to join a mining pool among many mining pools available. Mining pool are the sources which are there to increase the computational power of the miner. Before joining a mining pool, the biggest questions that arrive in one’s mind for earning MCO tokens through mining is ‘How to mine Monaco’, ‘Are there any mining pools?’ etc. There are many mining pools for the miners to choose from. There was a creation event for token mining where only Ether contribution was accepted and converted into MCO tokens. Also, the creation of token was real time in response to the incoming Ether contributions. The token generation was soft capped at the recipient of 150,000 ETH. After this event, no more MCO could be created. The MCO mined by the company was planned to be used in the following manner:
1)35% of the total tokens will be used for the sole purpose of R&D and product development. This includes the cost of making a new R&D center in Shenzhen.
2)20 % of the tokens will be used for marketing and customer acquisition.
3)15% of the mined tokens are used to pay for the e-Money licenses and compliance.
4)30% tokens are used as working capital.
Besides this event, there is no information about MCO mining. However, one can mine Bitcoin and Ethereum using mining pools or via GPU mining and then convert the mined BTC or ETH in MCO tokens.
Monaco Vs TENX
Monaco, no doubt seems to have a great future forward to it. But while comparing the new crypto with its biggest competitor, TENX some of the flaws in Monaco’s system can be seen. For starters, Monaco card can be used at 30 Million places worldwide while the TENX card can be used at 36 Million places in the world. In Monaco, you can use Bitcoins, Ethereum and ERC20 tokens for transactions while in TENX you can use Dash in addition to all those mentioned above. And the news is that TENX is adding more cryptocurrency to this list. Both the cryptos offer the ability to lock your card using your mobile app which is good for the purpose of security. Security features are better in Monaco app than TENX app as it offers facial recognition while in TENX, normal 4 digit password security is used. The 10% cashback while spending through Monaco is available only if you spend to participated retailers who may be expensive compared to other retailers. While TENX offers 0.1% of cashback on spending through it on any retailer store. The 0.1% cashback may seem less as compared to the 10% cashback but after looking the conditions for availing the cashback, it doesn’t make much difference about which of those two cards you use. No reward is offered to the token holders of MCO. On the other hand, TENX rewards their token holders by 0.5% of their total earnings. Also, the team of TENX seems better than Monaco’s team in comparison keeping the factors such as investment, experience, and marketing in mind. The comparison between these two companies has been the topic for debate on many social platforms like Reddit.
Is Monaco a Scam?
The topic of relating Monaco to a scam is quite complicated. There have been allegations of fraud on the CEO and some other members of the Monaco team as their knots are tied to a company known as Ensogo which was forced to shut down and is facing charges of fraud. Despite the fact that there were no legal charges against Kris Marszalek (CEO of Monaco), some news articles and posts on Reddit consider Kris Marszalek a fraud. Keeping these allegations aside, another dark spot on the company’s name is that it was going to make an announcement on 31st August 2017 related to the approval of Visa card and launching of their app but the company failed to take the approval of Visa card. Also, the company missed the deadline for shipping cards to the users which raised questions in user’s minds. Looking at the points mentioned above it cannot be decided whether the company is a scam or not. One interested in knowing the complete truth about the Ensogo fraud or about the announcement will have to do detailed research about the topic and depending on that it can be found about the scam in the company.
Monaco has come up with the unique idea and no unique idea has gone unnoticed. If you had questions like “Where to buy Monaco” or “How to mine Monaco”, let me tell you that the options are not few. The Monaco Company has now started the marketing of its products as it has been focusing on establishing the foundation for the cards. The company’s aim is to make millions of people stop using their credit cards and use Monaco cards instead. For sure, there are many benefits of using a Monaco card but the company will have to battle with many banks for this purpose. The company is making the cryptocurrency more useable and spendable which is the need of the hour because as it goes, a currency which can’t be is of no use.
Website – https://mona.co/