Monacoin Is The First Japanese Cryptocurrency

Monacoin Is The First Japanese Cryptocurrency

Business CRYPTOCURRENCY NEWS
Apr 20, 2018 by Pooja Nagpal
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Monacoin is the native cryptocurrency of Japan. The coin has a huge fan following and is trading on at least four major crypto exchange but is limited to Japan.
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Monacoin, The Cryptocurrency Is Safe And Made In Japan

The king of the cryptocurrency world Bitcoin was created by Satoshi Nakamoto, It is said that he is from Japan, but nobody really knows what the truth is. This Japanese indigenous cryptocurrency created huge hype among Japanese that the whole Japan is very fond of bitcoin now.

There is one more cryptocurrency named Monacoin that has been originated from Japan. As the origination of Bitcoin happened in Japan is not confirmed that’s why Monacoin is said to be the first native cryptocurrency of Japan.  It is said that the cryptocurrency Monacoin was created out of a joke in the year 2013. It has become a necessary commodity in Japan nowadays but the question is, “Is it really worth to invest in?”

If we talk about the market capitalization of Monacoin, it is currently approximately $220 million. The cost of the coin is around $3.74 but in the month of December last year, 2017 when it was the surging season of all cryptocurrencies, the coin value reached $20.

The cryptocurrency was created through a posting on Channel2, a Japanese Internet bulletin board. This channel is known as the whistleblowers of scammers, commenters, Hackers and news update sometimes. The Monacoin creator is supposed to be a Japanese man or woman named to be Mr./Ms. Watanabe. The real name is not yet revealed. He said that the original Monacoin was meant to be used in Video games named Final Fantasy and was not made to be used as a cryptocurrency properly.

The name of the coin was derived from the ASCII (American Standard Code for Information Interchange ) art character that looks like a cat emoji. The coin was officially launched on New year’s eve, 2014, when bitcoin forum detailed out the specifications 0f the coin. The technology, that the coin is based upon is Litecoin and by the time the network of users and developers have improved which has made the payment faster and cheaper through it.  The coin community is still working on the grassroots level that needs to be more organized further.

Monacoin is introduced as “Safe and made in Japan” by news agencies and channel on TV. Monacoin is traded on at least four major cryptocurrency exchanges in Japan the list also includes ZAIF. It is also accepted as a payment on at least four to five online and physical stores. Some of the Japanese ATMs are too there, which deal in Monacoin. The coin has a huge fan base in Japan but due to the language barrier, the coin has not reached outside Japan, according to some Monecoin expert.