In short by locking up your Mia coin it provides liquidity to the Coin and in return you’ll earn STX in compensation. OkCoin actually let’s you stake your STX to earn Bitcoin at 10% APY which is very appealing. “If Alice sends 10 STX to the contract and Bob sends 30 STX, then Alice and Bob have a 25% and 75% chance to win the rewards for that block, respectively,” CityCoin explained.
MIA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. “MiamiCoin is powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. Anyone can compete to mine MiamiCoin by forwarding their STX tokens through the protocol,” CityCoin said. It is a marketplace where users can buy and sell Bitcoins to and from each other.
As far as we can tell, BitMart is not one of those exchanges. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency. You will have to first buy one of the major cryptocurrencies, in this case, Bitcoin (BTC). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase.
They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering.
Miners who win are rewarded with new CityCoins tokens. Stacks is a Bitcoin layer for smart contracts, unlocking hundreds of billions of dollars of latent capital. As a fully programmable, productive asset, Bitcoin is unleashed via Stacks for countless use cases. Hardware wallet here is definitely a better option of cold wallets.
It will take several minutes before STX hits your Stacks Wallet, so don’t fret if it doesn’t come right away. Once your STX has hit your Stacks Wallet, it’s time link your wallet to the Miami Coin platform. Next, you’ll need to transfer your newly acquired STX to the Stacks wallet, which needs to be linked to the Miami Coin platform.
Latest News for MIA
At the time of the last update of this review (20 March 2020, right in the middle of the crisis with COVID-19), BitMart’s 24 hour trading volume was USD 1.8 billion. This amount placed BitMart on place no. 24 on Coinmarketcap’s the list of exchanges with the highest 24 hour trading volumes. Needless to say, if you start trading here, you will not have to worry about the order book being thin. Many exchanges does not allow investors from USA as customers.
“All you need to do is transfer Stacks (STX) tokens to [Miami Coin’s] smart contract.” The MiamiCoin treasury consists of STX, which is sent by miners when they forward the funds to a Stacks smart contract for the right to compete in a mining competition. 100% of the STX forwarded by miners makes its way into the city treasury. You can store coins on exchanges after purchase but we recommend using a dedicated wallet for security and long term storage.
However, you can use marketplaces such as LocalBitcoins to first purchase BTC, and finish the rest of the steps by transferring your BTC to respective AltCoin exchanges. But we are not done yet, since MIA is an altcoin we need to transfer our to an exchange that MIA can be traded. Below is a list of exchanges that offers to trade MIA in various market pairs, head to their websites and register for an account.
Stacks’ technology finally makes Bitcoin “programmable.” Launched in Apr 2018, MXC is a centralized cryptocurrency exchange registered in Seychelles. It supports CNY, VND, USD, GBP, EUR, AUD deposit, and CNY, VND withdrawal.
MiamiCoin (MIA) is on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet. Buy & sell MiamiCoin (MIA) with fiat currencies (USD, CAD, AUD, EUR, GBP etc). Easier for beginners to use but this convenience can come with higher fees. AirSwap describes itself as a decentralized, peer-to-peer token trading network powered by Ethereum. DREP is committed to building “connectors” and “toolboxes” based on blockchain technology, and aims to…
Are there any alternative platforms to buy MIA or Bitcoin with credit cards?
Because of the very nature of the wallets in exchanges, they will be always online(“Hot Wallets” as we call them), therefore exposing certain aspects of vulnerabilities. A paper wallet is a type of free cold wallet, it’s basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards. Well, unlike the Ethereum blockchain, you can’t build apps or NTFs on top of Bitcoin. But Stacks came along and changed everything; this protocol lets users build apps, smart contracts and cryptocurrencies atop the Bitcoin network.
- If this is confusing to you, don’t worry; I’ll break it down for you.
- You will need to connect your Ledger or Trezor to MyEtherWallet or MyCrypto.
- MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders.
- OkCoin actually let’s you stake your STX to earn Bitcoin at 10% APY which is very appealing.
- For example, you can mine Dogecoin with your PC and earn DOGE as an expression of gratitude for lending your hardware power.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn’t take more than 15 minutes to finish. If this is confusing to you, don’t worry; I’ll break it down for you. Mining typically involves using hardware to solve complex cryptographic equations to validate and secure a cryptocurrency network, and in return, you’ll receive digital assets as a reward.
Once you sign up for OkCoin make sure all your identity verification is complete and safety verification and passwords are set. Either send crypto from another wallet or exchange or connect your bank. Buy & sell MiamiCoin (MIA) with fiat currencies (USD, CAD, AUD, EUR, GBP etc) or another coin such as BTC or ETH. However, with a stead growth over the past three months, MIA has the potential to grow further and may yield some very decent gains.
Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best. MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.
MiamiCoin is the first CityCoin to market
For example, you can mine Dogecoin with your PC and earn DOGE as an expression of gratitude for lending your hardware power. Anyone can mine MiamiCoin, program MiamiCoin via smart contracts, and even earn BTC from the protocol as it gets more usage. MiamiCoin is a new way for developers to create applications and experiment with innovative use cases. Mine, stack, and support the Magic City while earning Bitcoin in your sleep. MiamiCoin is the first CityCoin to market, built to support the City of Miami while rewarding its holders through the Stacks Protocol. Please note that this analysis is purely base on MIA’s historic price actions and is by no means financial advice.
Hardware wallets offer the most security but cost money. They are the best choice for those storing a lot of value or planning to hold long term. BitMart is a crypto exchange from the Cayman Islands.
Miners can compete to mine MiamiCoin by forwarding STX to a Stacks smart contract, at which point the block winner will be chosen at random weighted by the amount of STX forwarded. Developers can create apps that use MiamiCoin for access control (to digital or physical spaces), trading, lending, smart contract execution, and much more. Miami has long been a center of culture and innovation in the States. In the last few years, we have witnessed it take center stage as a technical powerhouse among major US cities, particularly in the realm of crypto and blockchain technology. Developers and entrepreneurs have moved to the city en masse under the recognition of strong network effects, a supportive government, and a culture defined by constant evolution and disruption. Mining MiamiCoin is performed by forwarding STX tokens into the smart contract in a given Stacks block, and is a one-way process.
To acquire Miami’s new cryptocurrency, you won’t be able to purchase it — at least, not yet. There are guides to manage an unofficially supported ERC-20 token on Ledger and Trezor. You will need to connect your Ledger or Trezor to MyEtherWallet or MyCrypto.
100% of mining commitments are Stacked in a smart contract and the corresponding rewards are distributed proportionately amongst NYCCoin holders. 100% of mining commits are sent (in STX) to Miami’s reserved wallet. MiamiCoin holders can vote on whether to distribute funds to a respective city gov unless already contractually obligated to honor existing agreements.
Has the city of Miami partnered with CityCoins?
Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. Is after all a good place to go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed. MiamiCoin is the first CityCoin to market, going live on June 8, 2021.
Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.