Monaco is a company that provides Visa-branded debit cards to its users and is powered by cryptocurrencies. Basically, Monaco cards are funded by cryptocurrencies and work just like any regular Visa card.
The idea here is to help users perform everyday transactions with cryptocurrency easily. And when we say ‘transactions with cryptocurrency’, we don’t mean that you need to pay the vendor exactly in terms of cryptocurrency, say 0.0015 BTC or 0.003 ETH. Rather, you pay the vendor in the local currency which has been drawn through the cryptocurrency-funded account. The exchange and conversion are performed by Monaco.
If you are looking to open an account with Monaco, all you have to do is visit their official website, sign up, and verify your identity. Once you are past the KYC formalities, all you have to do is deposit/transfer any of the numerous, accepted cryptocurrencies to your account. You are now set to spend cryptocurrencies through your Monaco card.
It is absolutely free to open an account with Monaco. Furthermore, it will never bother you with pesky things like maintaining a minimum balance or paying a monthly fee, contrary to what other players in the industry do. Another great thing about Monaco cards is that you do not have to worry about exchange fees or international transaction fees.
Considering that Monaco is powered by cryptocurrencies, they do not face the same problems are fiat currencies. This means that you can take your Monaco card wherever you go and the card, by default, will convert the cryptocurrency to the local fiat currency whenever you make a purchase. This is definitely a dramatic improvement over the conventional debit cards, which tend to add a transaction fee for every international purchase.
Therefore, it is evident that Monaco’s customer base can be split into two groups -
- People who want to spend their cryptocurrencies easily, without having to manually convert them into fiat currencies through exchanges, and
- International travellers who can easily make purchases in local currencies, without worrying about transaction fees and other additional charges.
Apart from these exciting features, Monaco also enables you to exchange multiple currencies and save a great deal on exchange fees. Additionally, you can convert and send money to your friends or relatives at the lowest rates possible.
While other cryptocurrencies like Bitcoin are hoping to become legal tender, Monaco has completely changed the game by assuming the responsibility to convert fiat currencies into cryptocurrencies and vice-versa for the people. Not only this, but they have also ensured that users can spend the same efficiently, anywhere in the world.
What are Monaco Tokens?
As mentioned earlier, it is absolutely free to open an account with Monaco and reserve your Monaco card. However, this basic card has its own drawbacks, which is primarily a $200 limit on free ATM withdrawals and an interbank exchange limit of $2000. In order to move past these limitations, you need to upgrade your card to Ruby Steel, Precious Metal, or Obsidian Black category.
In order to upgrade to these ‘superior’ cards, you will need to purchase and hold MCO tokens, the amount of which varies with every card. For instance, if you want the Ruby Steel card, you need to purchase 50 MCO, whereas, in the case of Precious Metal, you need to have a minimum of 500 MCO. As of early April 2018, 1 MCO is worth approximately $5.71.
While the price of upgrading your Monaco card may seem a bit too steep, keep in mind that these elegant looking cards offer up to 2% MCO cashback on all purchases. For instance, if you make a purchase with the Ruby Steel Monaco card, you will earn 1% cashback in MCO. The more you spend, the more MCO you will earn and you can convert these Monaco tokens to Bitcoin, Ether, or fiat currencies! By doing this, Monaco became the first player in the industry to offer cryptocurrency cashback to its patrons.
Where to buy Monaco tokens?
MCO tokens are listed on some of the most prominent cryptocurrency exchanges in the world, namely Binance, Bittrex, BigOne, Bit-Z, Coinnest, Coinrail, Livecoin, et cetera.
MCO tokens, just like any other cryptocurrency, can be stored in a wallet. Considering that Monaco platform is built on the Ethereum Blockchain, MCO tokens can be stored in any wallet that is compatible with Ethereum. Users will have many choices here but some of the most popular ones are MyEtherWallet, Jaxx, Ledger, et cetera.
Monaco cryptocurrency mining
It is not possible to mine MCO tokens.
Monaco Tokens and Price Trends
MCO tokens commenced trading on cryptocurrency exchanges in early July at around $1.5. Unlike other cryptocurrencies, MCO followed a different path which led to its value soar dramatically in late-August 2017, when it almost touched $20. This rally did not last for long and its price went down significantly in September. However, the price was still well above the levels at which it commenced trading.
Its value soared again December and January, which was around the same time when Bitcoin and other cryptocurrencies were enjoying massive gains. The rally faded by February and the price went down to levels below $10.
Risks involved with investing in MCO tokens
Monaco has made using cryptocurrencies in real-life a whole lot easier. Users need not worry about converting and exchanging the cryptocurrencies themselves - Monaco does the job for them. For the time being, it is available only in Asia, though it has plans to expand in Europe and the United States as well. You can visit the official Monaco site for information.
However, you need to consider the extreme volatility that cryptocurrencies face in today’s world. This, in conjunction with the legal hurdles which these decentralised virtual currencies face, makes them the most volatile and risky instruments to invest in. Any depreciation in the value of these cryptos will severely impact your spending habits with Monaco cards.
That’s why, we strongly urge you to look into other investment instruments like mutual funds , which are less susceptible to volatility. Not only are they safe and secure, but they also have the potential to deliver strong returns in the long run. This asset class has been around the block for quite some time and has earned itself a flawless reputation.
"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.
A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."