If you've ever tried to cash out to your "favorite" national currency from cryptocurrency, you know this is an area that the cryptocurrency industry needs to work on - badly.
Much like a casino, it's far easier to get one's money into cryptocurrency than it is to get one's money back out. There are transactions fees, exchange fees, wire fees, transfers delays, verification, verification delays, enhanced verification, enhanced verification delays, regular delays, network congestion delays...
If you're in the US, even if you do manage to get this money into a bank account legally, there's a fairly good chance your bank will simply shut down your account for no reason other than that they don't like cryptocurrency.
Enter, hopefully, Monaco. And no, I don't mean the ""...sovereign city-state, country and microstate on the French Riviera in Western Europe."
Monaco is an ERC20 token that is trying to solve a simple, but serious issue - getting your money out of cryptocurrency easily. Or, perhaps more specifically, Monaco is focused on allowing you to directly spend your cryptocurrency at the point of sale with a card swipe - without any unusual fees.
Monaco fallen down near a long-term (relatively speaking, for the crypto market) low as priced in Bitcoin - highlighted in red below. This, combined with the recent announcement that the Monaco wallet app has just entered closed beta-testing, may make it an attractive risk/reward prospect, assuming the project comes to fruition.
Remember, this is still an ERC20 token and not a project with a native blockchain yet operational. There is also a lot of potential regulatory risk to this project, but Monaco is closer to market than any potential competitors other than possibly TenX (PAY). That is another token worth looking at if Monaco interests you.
Disclaimer: This is not financial advice. Do your own due diligence.
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Copyright: venezuelaaldia.com, Monaco, transparenciaactiva.gob.sv
digital currency continues to grow in this world so no wonder if the system is applied in Morocco
Very useful information and thanks for sharing.
I've heard of Monaco but, not too familiar with it. So would you still have to pay some sort of exchange rate to convert the Monaco to what ever fiat you're trying to use with the Visa card? That looks to be the case in the picture you posted.
Also, would you being holding Monaco tokens on the card? Do they plan to create a blockchain with real coins? Or support multiple chains?
I've seen several of these card type tokens pop up lately, Moxy.one, etc. I think this could be a really useful product once cryptocurrency is accepted at a larger number of brick and mortar stores. Could be a big product one day.
"So would you still have to pay some sort of exchange rate to convert the Monaco to what ever fiat you're trying to use with the Visa card?"
I believe the hope is to have it function like a normal CC. Those references to interbank rates could be related to APR, or it could be exchange costs. We'll have to wait for the card to go live to be sure.
I'd have to refresh my memory on their goal for the tokens - a lot of these pay tokens have plans to allow holders to get a portion of network fees.
Gotcha, it would be really cool to have this work without exchange rate fees or the merchant to have to install special POS equipment.
None the less it does sound like a cool project, with a solid product. Hope it comes to fruition. Thank you for the update man!
That piece of info will really be helpful.Thanks for the info @lexiconical. It really helps us newcomers. You did not mention where we can get these cards and where we can use it.
Monaco is still testing/deploying the cards. Check their official website (use google to get a safe link.)
I been waiting like 3 months to get a card, and there are still apparently over 28,000 ahead of me on the waiting list...
They had better speed up on their delivery, or a flop wouldn’t be surprising.
(Also questionable that they require staking over $4000 worth of tokens to get a card with decent limits. IMO, TenX is a far better choice - IF they can also deliver).
"they require staking over $4000 worth of tokens"
Only for 6 months... it's not that bad.
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Great article
it look like a potential coin. it will grow with the passage of time. i will definitely buy it.
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