Through the course of this article, we will understand all about MiamiCoin and how investors and crypto users can get this crypto coin.
Today’s coin market has a wide variety of tokens. Given the recent high performance of cryptocurrencies and the widespread interest demonstrated by crypto enthusiasts, this is unsurprising.
Some tokens have gotten more engagement than others. Even if more coins are being launched into the coin market, it is important to remember that this does not change the major dips that many cryptos have seen in the crypto space, confirming the crypto market’s strong volatility.
Any token that investors or crypto users choose for their investment must be understood. This would allow users to make more informed judgments and investments, maximizing profit while avoiding scam tokens in the cryptocurrency market.
The Miami Coin has risen dramatically in the coin market due to a rise in the number of investors and crypto users, as well as a rise in both worth and value.
What is MiamiCoin?
MiamiCoin (MIA) is a CityCoin that runs on the Stacks blockchain, which is a layer-one blockchain that allows decentralized applications (DApps) to run on top of Bitcoin (BTC). Decentralized apps may be launched and secured on the Bitcoin blockchain owing to Stacks’ Clarity smart contract language.
Here is some important information about the MiamiCoin:
- Through blockchain technology, CityCoins enable contributions to cities. Citizens can mine or stack their coins to promote their city and have a role in the developing crypto coin treasury.
- MiamiCoin was founded in August 2021 and has been giving a steady stream of cryptocurrency earnings to the city of Miami ever since.
- To function, MiamiCoin requires the backing of a city’s populace.
- After the contract is deployed, at least 20 distinct wallets must signal activation. Put another way, 20 users must register with their wallets after the smart contract is set up to demonstrate a minimum degree of interest.
- This begins a 24-hour timer, after which MiamiCoin can be mined using a simple three-step procedure.
- To begin, the community mines MIA. Miners are rewarded with MIA for locking STX in the smart contract in any Stacks block. Second, users that choose to stack (or stake in the STX ecosystem) their MiamiCoin receive 70% of the mining earnings. Third, the remaining 30% is transferred to a Miami-based custodian wallet.
- Anyone can create a website that interacts with the CityCoins smart contract because there are no hardware requirements, and the protocol is open-source.
- Miners can only participate once every block, and STX committed for mining MiamiCoin is dispersed to stackers and the city’s custodial wallet instead of being reimbursed. The reward is only available to one miner for each block.
Why is the MiamiCoin Unique?
MiamiCoin, Austin Coin, and New York City Coin are the three CityCoins currently available on the market.
Here are some reasons why the MiamiCoin is unique and somewhat very distinct in the crypto market:
- For decades, Miami has been a cultural hotspot before transforming into one of America’s primary innovation centers and becoming a technology hub.
- Massive network effects have resulted from the rush of developers and entrepreneurs into the city, prompting the city government to welcome the emerging tech scene. Miami is one of the leading American cities regarding blockchain technology.
- The city holds the annual Bitcoin conference every year, which features notable speakers like Ross Ulbricht in 2021 and Nayib Bukele, the president of El Salvador in 2022. CoinmarketCap will sponsor a portion of the 2022 Bitcoin conference, which will take place from April 6 to 9.
- As a result, adopting MiamiCoin as a new source of money and a method to raise the city’s status as a crypto hotspot was a no-brainer.
- The more MIA mined, the more money flows into the city’s coffers. Any city with a coin has complete freedom over how it spends its treasury and is not legally obligated to devote CityCoin prizes to what stackers believe is the most appropriate use.
- To put it another way, there is no method for stackers to sue the City of Miami if it spends the money foolishly – MiamiCoin does not turn the city into a DAO.
- However, MiamiCoin has the potential to become a crucial instrument for garnering donations to the city, incentivizing economically smart spending.
- For example, Miami’s people and businesses may invest in MIA and hold, incentivizing the city to do the same and push up the price. Alternatively, they could propose that the monies be invested in infrastructure and services by the city. If earnings are used to benefit citizens, a virtuous growth cycle may emerge.
- Furthermore, holders have a motivation to mine and utilize MiamiCoin because rising usage earns them BTC rewards from the protocol. They can use blockchain technology to create apps and solve previously intractable problems.
- MiamiCoin, for example, enables the creation of financial applications for trading and lending, as well as the usage of smart contracts in a variety of different ways.
These are some necessary information regarding the uniqueness of the MiamiCoin in the crypto market important for potential investors and crypto users to understand as they make their investment.
Price of the MiamiCoin
At the time of writing, the MiamiCoin had expanded dramatically in the coin market, with a large growth in the number of holders and investors.
The value of the MiamiCoin is $0.002042 at the time of writing this article.
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Step-by-Step Guide on How to Buy the MiamiCoin
Even though the MiamiCoin has yet to be listed on several major exchanges, including Binance, Coinbase, eToro, and others, prospective buyers can still purchase it by following a few simple steps.
These instructions will direct and guide users and investors through the process of purchasing and storing the MiamiCoin in their different wallets with ease.
Using the Okcoin crypto platform:
- Okcoin is a cryptocurrency exchange that allows you to buy, sell, and trade digital coins. You can fund your account with a bank account transfer or a debit card after you’ve made one. Transfers between bank accounts are free, but debit card deposits cost 3.99 percent.
- This exchange provides a basic trading platform and a more advanced platform with additional functionality. Okcoin not only allows you to trade cryptocurrency, but it also allows you to earn income on your holdings by staking or lending them.
- Users can go ahead t fund their account on the Okcoin crypto platform and search and purchase the MiamiCoin on this crypto platform.
Is the MiamiCoin a Good Crypto Investment?
MiamiCoin has seen huge development and growth in the crypto market since its launch. Despite having experienced its fair share of drops, which is usual in the crypto sector, the coin has attracted many investors over time.
MiamiCoin, according to Hemang Subramanian, associate professor of information systems and business analytics at FIU, might help the city make up for its tax contributions to the state and alleviate long-term liquidity issues.
However, he did caution that early adopters and whales could amass so much money that they exert too much control over the city’s resources.
In November, Miami Mayor Francis Suarez said that the city had achieved a profit of more than $21 million. He further stated that if yields remained at that level, the city’s tax needs would be fully met.
However, when the crypto markets corrected, the price of MIA fell, and on February 2, 2022, Suarez stated that Miami had cashed out a first $5.25 million worth of MIA.
According to the Miami Herald, the city’s wallet has dropped in value from $29 million to $13 million. Suarez did not say how the earnings would be spent, but he said the city was exploring affordable housing, public services, and lower taxes.