The crypto market has a place for plenty of new currencies, alongside Bitcoin and Ethereum. If you are into this topic, you probably know that there are thousands of cryptocurrencies, and some of them are stablecoins, altcoins, and now, the new thing that is really popular is named CityCoin.
MiamiCoin is a new trend on the crypto market, and many of the traders love to call it a “crypto game-changer” for so many reasons. It’s powered by Stacks, and mining MiamiCoin is possible by forwarding the STX tokens through the Stacks Blockchain and then to the wallet that is determined to hold this newly popular coin.
Stack protocol works similarly to the classic blockchain. The CityCoins are mined by blocks, and someone “wins” the reward that depends on the STX spent. Those who mine them can later exchange them to BTC or STX, depending on the preferences.
Let’s learn something more about the MiamiCoin
People will often use platforms like Crypterium to earn their Bitcoin, Ethereum, and other currencies they prefer. But exchanging is also an option. As we explained, through the Stack protocol, they will mine MiamiCoin, which they can use later for other currencies. That means, this CityCoin enables smart contracts on BTC, using the STX network.
The short name for it is MIA. Miami is also known as Magic City, and this cryptocurrency is a way to support further development and make it even more magical. So, people in Miami, while earning BTC, STX, or MIA, they support the city, creating an exceptional crypto revenue for it. It would be used to improve the infrastructure, public events, support the startups, or in other words, create better conditions for everyone who lives there.
Some facts about MiamiCoin
This crypto was launched in August, and the goal is to allocate about 30% of the rewards to the city of Miami. The best thing is that the current mayor Francis Suarez completely supports it, explaining that the residents won’t have to pay taxes for the new projects.
Some sources claim that a few million dollars are already relocated to the city’s budget for this purpose. Hopefully, the people from Miami will live a tax-free life one day. This is one of the examples of how embracing cryptocurrencies can be helpful for the people and authorities in the same city.
Also, that means people can use it to pay for food and goods, and they need to have a separate crypto wallet, so they can use it in the city.
Every city can create its own currency, without even asking CityCoins for an allowance. CityCoins’ code is open, so everyone who knows how to use it can create a cryptocurrency for the same purpose – improving the living conditions and helping the people live better.
How does it happen for Miami to be the center of changes?
Miami was always one of the cities in the USA that embraces the changes and innovations, trying to improve the quality of living. So, it’s more than expected for them to accept and have their own cryptocurrencies, even though there is no official partnership between the city and CityCoins. It’s all based on the people’s wish to help with their crypto activities, and get a better life.
The MiamiCoin funds are known as MIA treasury, and some part of the earned crypto revenue is relocated in that treasury, and the city can use it for whatever it’s needed.
What we know about MIA is that the current price is about $0.03, and the market dominance is almost nonexistent, since it’s limited to one city and a group of people. But, it gives hope that finally, the crypto concept is used for a real purpose.
MIA is available through a few exchanges because it’s really too early to be embraced by the whole world. But, it’s not limited only to the Miami citizens – almost everyone who wants to make a change in this city, or help the residents to have a better life, can invest in MiamiCoin.
Or, with other words said, the benefit for the traders and investors is not that big, as it’s meaningful for the city authorities. But, it has a huge potential, and we shouldn’t be surprised if one day, it all takes a different course and becomes the biggest game-changer on the crypto market.
Technical details about MIA
For now, this is not supported by commercial exchanges, so the availability is pretty limited. If you track down the daily changes, you will see that there are ups and downs. The all-time high was about $0.06, which is not a lot, but what we know is that it’s on a rise this week, and the city already earned more than $7 million for the funds.
Technically, it’s considered as a donation from the citizens, who want better conditions for their city.
Currently, the market cap and circulating supply can’t be determined, because MIA is still gaining popularity, but what we know is that the price has changed by about 1% in the last 24 hours or 0.15% in the last seven days.
Miami and the coins
The mayor expects that MiamiCoin can generate up to $60 million, so the city can address them to the people who really need them. Initially, they would be used to improve the infrastructure and support cultural events in the city. But, at some point, this money will be used to help the poor people or resolve their social issues.
They hope that one day, people won’t have to pay taxes, because they will all invest in the city’s funds, as an act of philanthropy – all for their better life and for their poor neighbors.
We really love this concept, and maybe many cities around the world will embrace it. The amount they invest in the better conditions is so small but meaningful, and really generous. Probably one day, we will all be able to do that for ourselves and for a better future for our kids.