Monacoin (MONA) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

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Bitcoin was the first real cryptocurrency, and nearly every crypto coin, token, and asset since then has been somehow based on or inspired by it. As more and more cryptocurrencies have been developed, they're starting to become more niche. One coin that's being developed has a very particular niche: the people of Japan.

Monacoin is a Japanese cryptocurrency that's been around for a few years. We were interested in what it was and how it compared to the competition, so we decided to dive in and figure out what it was all about.

Using our guide below, you'll get acquainted with what Monacoin is and how it works. And if you're looking for other altcoins that look promising, don't forget to read our new list of the best altcoins of 2018.

History of Monacoin

Monacoin was released in 2014 (developed a year before) as a Japanese alternative to Bitcoin. It was started initially as a fork off of Litecoin. Since then, its development has been continuous, with added features over the years keeping it competitive with other cryptocurrencies. These features include SegWit (for improved transaction speed) and The Lightning Network (a second layer of protocols that allows instantaneous transactions). It's meant to be decentralized and community-driven.

Unlike some other recent coins, it's meant to be used for electronic payments, and little else. It has its own wallets for Linux, Mac, Windows, and Android, all of which can be downloaded from the platform's main website.

The Features of Monacoin

Some of the differences of Monacoin include a quicker transaction speed and a higher amount of currency in circulation (than its predecessor).

Monacoin is not meant to be mined on an ASIC rig, something which makes it easier to mine for those who don't have a lot of money to spend. Instead, its algorithm is based on GPU/CPU mining. In this way, it's similar to Vertcoin. Like Vertcoin, it also changes the mining difficulty level every time a new block is created, which is around every 1.5 minutes. Compare that to Bitcoin, which takes 10 minutes.

As of now it does not support atomic swaps (instantaneous currency conversion) but implementation of it hasn't been ruled out.

The Team Behind Monacoin

The Monacoin project was founded by a mysterious individual (or group of individuals) calling themselves “Mr. Watanabe” – a purposely-generic name, like the Japanese version of “Smith.” No individual in the team has actually been named, leaving the project an anonymously-developed one. Given that the crypto community is typically into privacy and anonymity, this shouldn't be a surprise.

What's next for the project? We don't know. The team hasn't created any roadmaps to speak of, so we're limited to the announcements that we see on their Github page.

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Monacoin's Competition

From one perspective, Monacoin has a lot of competition. Electronic cryptocurrencies focused on personal payments are numerous, including Vertcoin, Bitcoin, and Litecoin. When you look at it from another perspective, however, they actually don't have much competition – after all, they're limiting their focus to Japan only, so they're not really competing with those other coins.

In that sense, since those other coins don't have the same narrow focus, Monacoin could actually be the pre-eminent Japanese cryptocurrency.

The Trading History of MONA

The coin's history is made up of long periods of slowness and stagnation, followed by sudden booms in price. For the last two years the price was pretty low – between $0.06 and $0.50 – but the last few months have seen the price suddenly spike up to $3, then to an all-time high of $17, before sinking back down to around $5 where it stands now. Currently it stands in the top 100 in terms of overall market cap.

Buying MONA

Right now, it looks like the best places to buy Monacoin are Zaif and Bitbank. These exchanges are based in Japan – not surprising, considering Monacoin's focus. You can get MONA for Bitcoin or yen there. Other exchanges include Upbit, Bittrex, and Livecoin (also traded for Bitcoin). If you don't have Bitcoin, you'll have to find an exchange that trades it for fiat.

Currently there are no USD-to-MONA trading pairs supported for this currency.

Storing MONA

Monacoin offers several wallets for download, including for Android, Linux, Mac, and Windows. It's not likely that they're planning for it to be storable in other wallets anytime soon, but if you're interested in getting into MONA, you might want to check out their Github updates to see if any announcements are made. They'll be made in Japanese, so unless you speak the language fluently (we don't) you might not get a lot of info there anyway.

Monacoin vs Vertcoin

These are similar coins. Both are cryptocurrencies with a focus on decentralization and P2P payments. Both are “ASIC-resistant,” meaning their mining algorithms are set up so that you don't get more coins for putting in more processing power. Monacoin is an exclusively-Japanese coin, however, while Vertcoin is more international. Both of these coins are listed at CoinMarketCap, and both utilize the Lightning Network and Segwit as a part of their features. Both also have their own wallets for mobile devices.

Monacoin vs Bitcoin

These are only slightly different, and their similarities have to do with the fact that Monacoin was partly based on Bitcoin. Both are cryptocurrencies based on peer-to-peer electronic payments, and both use a blockchain to keep a record of transactions. Both use updated features like Lightning Network and SegWit to speed up transaction times. Monacoin is a Japanese cryptocurrency, while Bitcoin is meant to be used by all – in this way, they're completely opposite. Monacoin has more coins in circulation, with over 100 million (compared to Bitcoin's 21 million).

Monacoin vs Monaco

Despite the similar names, these are very different platforms. Monacoin is a Japanese cryptocurrency used for electronic payments, while Monaco is a platform that allows people to spend their cryptocurrency anywhere via a debit card and a platform that automatically converts their crypto into local fiat currency. Monacoin has their own wallets, but no card, while Monaco does have its own card. Monacoin is only used in Japan, while Monaco is currently usable in several Asian countries, with Europe and the United States next on their list.

Frequently Asked Questions

  1. Where can I read Monacoin news?
    On the platform's Github page. You can probably also find info on Japanese Twitter and on Reddit.
  2. Where can I buy Monacoin?
    You can get it on Bitbank, Zaif, Livecoin, Bittrex, and Upbit.
  3. Is Monacoin an exchange?
    No, it's a Japan-only cryptocurrency used for direct P2P electronic payments.
  4. What's the price of Monacoin?
    Around $5, last we checked.
  5. Is there a Reddit for Monacoin?
    Yes, there's a community of people discussing it there.
  6. Is Monacoin based in Japan?
    Yes, and it's intended exclusively for Japanese users.
  7. Is there a Monacoin wallet?
    Yes, they have several wallets available via their website.
  8. Is there a Monacoin wiki?
    Not to our knowledge, no, not one specifically for Monacoin.
  9. What is Monacoin?
    It's a decentralized P2P cryptocurrency intended for use in Japan.
  10. Can I get Monacoin at an ATM?
    Apparently the Zaif marketplace has ATMs in Japan, so technically you could get Monacoin from one of them, we would assume.
  11. Is there a Monacoin to USD exchange?
    No, not at the moment.
  12. How does Monacoin mining work?
    It uses an ASIC-resistant proof-of-work algorithm.
  13. Can I mine Monacoin?
    Of course you can!
  14. Is there a Monacoin Twitter?
    Yes, but it looks like a bot account.
  15. Does Monacoin have a future development chart?
    Not from what we've seen.

Conclusion

As cryptocurrencies grow in number, we're likely going to see more and more of them start to veer away from the dream of being a currency that can Unite The World, and instead focus on more specific applications. Some currencies can only be used for certain applications, others for certain platforms, and others exist mainly to provide liquidity for cryptocurrency conversions (like Ripple's XRP). Monacoin is a cryptocurrency that isn't trying to do anything groundbreaking, preferring instead to do things right (by including new improvements for transaction speed) and for a specific community: the people of Japan.

We don't know if they'll ever think of expanding outside the country, but all the same, they know their goals and they haven't steered away from them, which is admirable in its own right.

Does Monacoin seem like it's worth investing in, but you want to see some other options? Check out our new list of recommended altcoins to invest in in the year 2018.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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