MONA
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MONA

MonaCoin 10-15 years
Website http://monacoin.org
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OTH RELPs
White Paper
Avg Price
0.00%
1D

$ 0.3583 USD

$ 0.3583 USD

Market Cap

$ 22.658 million USD

$ 22.658m USD

24h trading volume

$ 190,231 USD

$ 190,231 USD

7d Vol

$ 914,268 USD

$ 914,268 USD

Circulating supply

65.729 million MONA

Related information

Issue Time

2013-12-01

Platform pertained to

--

Current price

$0.3583USD

Market Cap

$22.658mUSD

Volume of Transaction

24h

$190,231USD

Circulating supply

65.729mMONA

Volume of Transaction

7d

$914,268USD

Change

24h

0.00%

Number of Markets

23

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Historical Price

Introduction

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3H

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1D

0.00%

1W

0.00%

1M

-2.12%

1Y

-14.84%

All

-77.57%

Aspect Information
Short Name MONA
Full Name MonaCoin
Founded Year 2014
Main Founders Mr. Watanabe
Support Exchanges Binance, Bitbank, Zaif, Fisco
Storage Wallet Trezor, Ledger

Overview of MONA

MonaCoin, known by its short name MONA, is a peer-to-peer payment network and digital currency, based on an open-source blockchain protocol. MONA was created in 2014 by a person or group known as “Mr. Watanabe”. It is often referred to as the first cryptocurrency from Japan where it has achieved noticeable popularity.

MonaCoins unit of account also named 'monacoin', is a digital asset that allows users to send or receive payments. MONA can be stored on different digital wallets including but not limited to Trezor and Ledger. The cryptocurrency is traded on various exchanges; Binance, Bitbank, Zaif, and Fisco to name a few.

It should be noted that while MONA follows a similar mechanism to Bitcoin, they are inherently different and MONA presents unique attributes and uses within the cryptocurrency market. Its community-centric nature has led to a close-knit user base that continually contributes to the development and promotion of MONA, both within Japan and abroad.

overview

Pros and Cons

Pros Cons
First cryptocurrency from Japan Relatively smaller market compared to large-cap cryptocurrencies
Supported by popular exchanges Possible unfamiliarity for non-Japanese users
Close-knit and active community Dependent on community for development and promotion
Can be securely stored on hardware wallets like Trezor and Ledger Susceptible to market volatility, like all cryptocurrencies

Pros:

1. First Cryptocurrency from Japan: MONA was the first cryptocurrency in Japan, which gave it early exposure and acceptance within the local market. It heralded the blockchain revolution in the region and made it a recognizable name within the crypto space in Japan.

2. Supported by Popular Exchanges: Being supported by popular exchanges like Binance, Bitbank, Zaif, and Fisco, increases its accessibility to a broad range of users. This broad network not only provides liquidity but also makes trading MONA easier and more straightforward.

3. Close-knit and Active Community: MONA has a community-centric approach, which has led to the evolution of a close-knit community that actively participates by contributing to the development and promotion of MONA. This can boost the tokens growth and adaptation rate.

4. Secure Wallet Storage: MONA tokens can be securely stored on popular hardware wallets like Trezor and Ledger. These hardware wallets provide a higher level of security compared to some other wallet types, reducing the risk of theft or hack.

Cons:

1. Smaller Market: Although it gained early prominence, MONA's market size is relatively smaller compared to large-cap cryptocurrencies like Bitcoin and Ether. A smaller market size can increase volatility and risk.

2. Possible Unfamiliarity for Non-Japanese Users: Since MONA was specifically developed and initially catered to the Japanese market, it might be unfamiliar to non-Japanese users in terms of understanding the community norms, terminologies, and usage.

3. Dependence on Community: While community support can be a pro, the flip side is that the development and marketing of MONA are heavily dependent on this community. In case the community becomes less active, it could impact the tokens growth potential.

4. Market Volatility: Like all cryptocurrencies, MONA is susceptible to market volatility. Changes in demand and supply, regulatory announcements, and macroeconomic factors can result in significant price fluctuations.

website

What Makes MONA Unique?

MonaCoin, or MONA, introduces a few innovative elements that distinguish it from other cryptocurrencies. First, it holds the unique position of being the first cryptocurrency originating from Japan. This allows it to tap into Japan's technological sophistication and unique consumer base, instilling a strong national character that distinguishes it from other, largely Western-centric digital currencies.

Moreover, MONA implements a different type of proof-of-work algorithm called Lyra2RE(v2), which represents an evolution from some older algorithms. This mechanism offers robust security and ASIC resistance, enhancing the decentralization level of the network and making it more accessible for individual miners.

Another significant distinction lies in MONA's community-focused approach. The developers deliberately foster a sense of community around the cryptocurrency, with many of the advances and promotions largely driven by the community users. It encourages more grassroot-level participation compared to some other larger cryptocurrencies, which can lead to innovative use cases, improvements, and adaptations from the user base itself.

However, it's essential to note these distinctions do not inherently make MONA superior or inferior to other cryptocurrencies. They reflect different development focuses and target user bases. Like every other cryptocurrency, MONA embodies a balance of advantages and challenges. Its ultimate success depends on a wide array of factors including technological development, community involvement, market acceptance, and regulatory environment.

Circulation of MONA

Circulating supply: The circulating supply of MonaCoin (MONA) is currently 65,729,675 tokens. This means that these are the tokens that are currently available to buy and sell on exchanges.

Price fluctuation: The price of MONA has fluctuated significantly since its launch in December 2013. It reached an all-time high of $17.34 on January 7, 2018, but has since fallen to its current price of $0.419179 as of September 25, 2023.

There are a number of factors that can contribute to the price fluctuation of MONA, including:

  • Supply and demand: The price of MONA is determined by the supply of tokens available and the demand for those tokens. If there is more demand for MONA than there is supply, the price will go up. Conversely, if there is more supply of MONA than there is demand, the price will go down.

  • News and market sentiment: Positive news and developments surrounding MONA can boost demand for the token and drive up the price. Conversely, negative news and developments can dampen demand and drive down the price.

  • Overall market conditions: The cryptocurrency market as a whole is volatile and can experience significant price fluctuations. MONA is not immune to these fluctuations and its price can be affected by broader market conditions.

Additional notes: MonaCoin is a Japanese cryptocurrency that is known for its unique mascot, Mona the cat. MONA tokens are used to purchase goods and services from a number of merchants in Japan.

The MonaCoin team is working on a number of initiatives, including expanding the MonaCoin ecosystem and launching new features. If the team is successful in executing on its plans, this could boost adoption and demand for MONA.

Overall, MonaCoin is a well-established project with a number of potential benefits. However, it is important to be aware of the risks associated with investing in a cryptocurrency, including the risk of price volatility.

Investors should carefully consider their own risk tolerance and investment goals before investing in MONA.

How Does MONA Work?

MonaCoin, known as MONA, operates using a peer-to-peer network, which allows for direct transactions between users without the need for intermediaries, such as banks or payment processors. These transactions are recorded on an open-source blockchain—a distributed, decentralized ledger that records all transactions in a permanent and transparent manner.

The fundamental principle of MONA is based on the Proof of Work (PoW) consensus mechanism, specifically using the Lyra2RE(v2) hashing algorithm. The Lyra2RE(v2) is an ASIC-resistant mining algorithm, which means it can prevent centralization of mining activities, making it more accessible for individual miners to join the network and contribute computational power.

Each new block in the MONA blockchain is generated approximately every 1.5 minutes, a shorter time than some other cryptocurrencies, which may provide speedy transaction confirmations. As with other PoW cryptocurrencies, miners compete to solve complex mathematical problems with their computers to add a new block to the blockchain. Once the problem is solved, the block gets added to the blockchain, and the miner who solved the problem is rewarded with new MONAs.

The transaction data contained within these blocks is secured via cryptographic principles. If any attempt is made to alter the data of a previous block, it would affect every subsequent block, making the blockchain very secure against tampering attempts.

It's important to note that despite having a myriad of potential uses, like other cryptocurrencies, its value and use are mainly determined by supply and demand dynamics in the market.

Exchanges to Buy MONA

MonaCoin (MONA) is available for purchase on a number of different exchanges, each supporting a range of currency pairs and token pairs. Please note, the availability of currency pairs or token pairs can vary from one exchange to another and may change over time. The following is an example of some exchanges where MONA can be purchased and their commonly supported pairs:

1. Binance: Widely recognized as one of the largest and most popular cryptocurrency exchange, Binance provides a platform to trade MONA against other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

2. Bitbank: Bitbank is a digital asset exchange highly active in Japanese market where MONA trading is notably robust. Common pairs include MONA/JPY (Japanese Yen).

3. Zaif: Also a Japan-based exchange, Zaif often supports MONA/JPY and MONA/BTC pairs.

4. Fisco: Fisco is a cryptocurrency exchange operating in Japan that offers MONA trading. The MONA/JPY pair is commonly available.

5. Bittrex: Bittrex is a global exchange platform that facilitates MONA trading. Bittrex typically supports the MONA/BTC trading pair.

6. Livecoin: Livecoin is a modern service for accessing cryptocurrency exchange markets. They facilitate trading for numerous cryptocurrencies including MONA. Major pairs include MONA/BTC and MONA/ETH.

7. Bleutrade: Bleutrade is another cryptocurrency exchange that allows users to trade digital currencies like MONA. The MONA/BTC trading pair is usually available here.

8. CryptoBridge: CryptoBridge is a decentralized exchange that supports trading of a wide range of digital currencies including MONA. Typically, MONA/BTC is a common pair.

9. CoinEx: CoinEx is a global digital coin exchange that supports multiple currency pairs including MONA/BTC and MONA/ETH trading.

10. FinexBox: Lastly, FinexBox is a digital cryptocurrency platform facilitating a variety of digital currency pairs. MONA/BTC is a pair that is often available.

Please note, users should always conduct their own research and due diligence when selecting an exchange for purchasing or trading cryptocurrencies.

How to Store MONA?

MonaCoin (MONA) can be stored in a variety of digital wallets that support its underlying technology. The choice of wallet can often depend on the user's convenience, security requirements, and device availability. Here are some wallet types that you can use to store MONA:

1. Hardware Wallets: These are physical devices that can securely store cryptocurrency offline. Two notable hardware wallets that support MONA are Trezor and Ledger. They provide robust security for your assets, as they are immune to computer viruses and your private key remains safely offline. They can be a preferred choice for storing large amounts of MONA.

2. Desktop Wallets: Desktop wallets are computer programs that provide exclusive control over your digital assets and enable secure direct transactions from a users computer. Some desktop wallets that support MONA include the MonaCoin Core Wallet intended for Windows and Linux, and MultiDoge for Mac OS.

3. Mobile Wallets: Mobile wallets are apps on your phone that store your cryptocurrency and allow you to transact directly from your mobile device. Coinomi is one of the mobile wallets that supports MONA and is available for both Android and iOS devices.

4. Web Wallets: Web wallets run on internet browsers and can be accessed from any device with internet connectivity. However, they can be less secure than hardware or desktop wallets.

5. Paper Wallets: Paper wallets involve printing the cryptocurrency's private keys on a sheet of paper. They enable conducting transactions by scanning the QR code from the paper. They are considered highly secure as they are completely offline, and hence, immune from online hacking attempts.

Always remember that irrespective of the type of wallet you choose, it's crucial to secure and backup your private keys, keeping them a secret. If you lose them, you may lose your MONA permanently. Always make sure to conduct your own due diligence before choosing a wallet.

STORE

Should You Buy MONA?

MonaCoin (MONA) may be suitable for a variety of individuals, depending on their specific interests and goals within the world of cryptocurrencies. However, it's important to make investment decisions based on careful analysis and consider the following points:

1. Cryptocurrency Enthusiasts: If you have a keen interest in the digital currency landscape and want to invest or transact in a cryptocurrency that is well-known and commonly used in Japan, then MONA could be of interest to you.

2. Blockchain Technology Supporters: If you appreciate the distributed, open-source nature of blockchain technology and want to support a currency that values community participation in its development process, MONA communicates a strong community-centric approach.

3. Diverse Portfolio Holders: For those wanting to diversify their cryptocurrency investment portfolio with smaller-cap cryptocurrencies in addition to larger, more renowned cryptocurrencies, MONA can represent such an inclusion.

4. Risk Tolerant Investors: If you are comfortable with the inherent volatility of digital currencies and understand that the value of a cryptocurrency can rapidly increase or decrease, then you might consider investing in MONA.

On the note of advice, consider the following:

- Conduct Thorough Research: Before making a decision to invest in MONA or any other cryptocurrency, ensure you understand thoroughly what you're investing in by researching the coin, the technology behind it, its use cases, and its potential growth prospects.

- Understand the Market: Cryptocurrency values can fluctuate wildly, driven by factors including technological developments, regulatory news, market trends and more. Stay informed about these factors to make sound investment decisions.

- Use Secure Wallets: If you choose to buy MONA, make sure to store the tokens in a secure wallet to which you own the private keys. Both Ledger and Trezor hardware wallets support MONA.

- Be Risk-Aware: Always be cognizant of the risks involved in cryptocurrency investments, which can be highly volatile and unpredictable.

- Seek Professional Advice: Consider consulting with a financial advisor or someone with experience in cryptocurrency investing. They can provide guidance depending on your financial goals and risk tolerance.

Please note that this advice is meant to serve as a guideline and should not be considered as financial advice. Always perform your own independent research and consult a financial advisor before making any investing decisions.

BUY

Conclusion

MonaCoin (MONA), being the first cryptocurrency in Japan, holds a unique position in the crypto landscape. It is based on a peer-to-peer network and boasts a robust Proof of Work (PoW) algorithm. MonaCoin has carved a niche space for itself, especially within the Japanese market, and it continues to maintain a well-engaged community.

For development prospects, MONA's future largely depends on how well it can leverage its community-centric approach, how effectively it can carry out technological advancements, and the overall reception from its potential users. It's unique national identity coupled with the backing from well-known exchanges and support for secure wallet storage may work favorably for MONA's progress.

As for the financial prospect, like any cryptocurrency, MONA's capacity to make money or appreciate in value is subject to a myriad of factors such as market demand-supply dynamics, global regulatory environment, technological advancements, and economic factors affecting Japan, to name a few. While history shows cryptocurrencies can yield significant returns, they are also subject to high volatility and can equally incur substantial losses. Thus, potential investors in MONA, or any other cryptocurrency for that matter, should always do their due diligence, stay updated with the market trends, and possibly seek advice from financial experts before making any investment decisions.

FAQs

Q: How different is MONA from other cryptocurrencies?

A: MONA's distinction lies in its origin from Japan, its implementation of a different proof-of-work algorithm known as Lyra2RE(v2), and its strong community-centric approach.

Q: On which exchanges can MONA be bought?

A: You can buy MONA on several cryptocurrency exchanges like Binance, Bitbank, Zaif, Fisco, and others.

Q: What type of wallets can be used to store MONA safely?

A: You can securely store MONA in hardware wallets like Trezor and Ledger, desktop wallets, mobile wallets, web wallets, and even paper wallets.

Q: What is the key mechanism underlying MONA operations?

A: MONA operates on a proof-of-work (PoW) consensus mechanism, specifically using the Lyra2RE(v2) hashing algorithm.

Q: Who might consider buying MONA coins?

A: Investors with a keen interest in the digital currency landscape, those who appreciate blockchain technology, investors looking for diversified portfolios, and those comfortable with market risk may consider purchasing MONA coins.

Q: Does MONA present potential for financial appreciation?

A: Like any cryptocurrency, MONA has potential for growth and financial appreciation, but it is subject to market volatility, so investment should always be accompanied by adequate research and precautions.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

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ruy
to the moon
2023-09-05 18:51
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