Monaco: Solution To The Payments Problem
We go beyond the top 100 list of cryptocurrencies on CoinMarketCap.com to bring you an overview of what the Monaco cryptocurrency platform is. The Ethereum based ERC20 token basically helps anybody (cryptocurrency holders included) to be able to spend money (Bitcoin and Ethereum included) anywhere VISA is accepted.
Cryptocurrencies are going mainstream, but when it comes to paying for goods and services, payment methods like VISA remain more convenient. The services provided by Monaco make it very easy to spend cryptocurrencies as well as fiat currencies all over the world. We will delve into how this works later in this article.
Monaco’s market cap at the time of writing stood at US$ 68.3 million dollars according to CoinMarketCap.com. The same website stated the price of the token as $5.16. This amounts to a profit of roughly 709% since its ICO launch in May 2017. In Ethereum terms, the ERC20 token’s price has seen an 87% increase. Hopefully, at the end of this article, we will be able to determine if there is any correlation between the price and what Monaco offers.
Simple But Important Use Cases
So far, the use cases of Monaco are quite simple and straightforward. As mentioned earlier, its products make it possible to spend Bitcoin, Ethereum, and different fiat currencies anywhere VISA is accepted. The products that make this possible are the Monaco VISA card and the Monaco app.
This is how it works. You swipe your Monaco VISA card to pay for whatever it is you ordered. Immediately, the amount spent would be deducted from the Ethereum or Bitcoin you hold and exchanged. You get to keep your Bitcoin or Etheruem balance. The only fees involved here are the normal rates charged by banks for the exchange. There are no monthly or yearly fees to be paid by the card user.
It gets better. Card holders also receive a 2% cashback each time the card is used. They automatically earn the Monaco (MCO) equivalent of the 2%. Depending on the preference of the user, the MCO tokens can be held or exchanged for Ethereum or Bitcoin. Those who wish to trade can also do so easily since MCO is listed on 19 exchanges.
With this product, Bitcoin and Ethereum holders no longer have to exchange their coins for local fiat currencies anytime they have to travel. The VISA card takes care of this task instantly in the background as the cardholder makes payments.
As the Monaco card deals with payments, the app allows users to send money to each other instantly without any fees. Just like it is with the Monaco card, only bank charges are involved when money is sent using the app. The app also supports over twenty fiat currencies and works in more than 100 countries.
As is the case with every cryptocurrency project that has not been abandoned, Monaco has even more useful features and services they are yet to launch. The two to look forward to are the Automated Crypto Investing and Monaco Credit.
Automated Crypto Investing would allow individuals to invest in cryptocurrencies and companies in the cryptocurrency space as well. Monaco app users anywhere in the world would simply have to deposit the minimum investment amount in their local currency to get started. Bitcoin deposits would also be allowed.
The only other thing users of this service would have to do is select their portfolios. The active investment proper would be done on their behalf. This means investors would not be required to have any in-depth knowledge about investing in the cryptocurrency space.
Another good thing about the Automated Crypto Investing is that investors can take profits at any time without any penalties. The fees for the service are also to be charged on profits.
The other upcoming service on Monaco is credit. This is a simple one. Users deposit their Bitcoin or MCO tokens and are allowed to borrow from Monaco. Should one fail to pay back loans given, the Bitcoin or MCO tokens used as collateral would be used to cover the debt.
Focus on The Few But Useful Services
“Simple” and “useful” are two words we can use to summarize the products and services offered by Monaco so far. The project does not promise to provide solutions to a long list of complex problems but offers simple services that are needed. With less to focus on it can be expected that sustained quality services and products would be the results.
We would see how Monaco progresses in terms of gaining more users and the launching of their upcoming products. In the meantime, You can let us know about any experiences you have had with Monaco’s ICO or products.