Miami has launched the city’s cryptocurrency MiamiCoin. The idea of local authorities was to boost the city’s income and stimulate the local economy — thirty percent of mined crypto will go to the local budget. Miami Mayor Francis Suarez supported the idea and even proposed paying wages in BTC. According to him, with the growing popularity of MiamiCoin, the city will be able to earn “millions of dollars.”
Meanwhile, anonymous from the Miami Marlins circles told, that there is a fan of Bitcoin in the team. Is it true or not is still uncertain. Perhaps, one might place bets in the Bitcasino to remain anonymous and win a significant sum, which became clear after a while. By the way, people already use cryptocurrencies to place bets on the outcome of Miami Marlins games. However, MiamiCoin is not on the list of available currencies now.
Miami becomes the new Bitcoin capital of the world
CityCoin service became the basis for MiamiCoin, allowing city councils to launch their own digital currencies to support city projects, infrastructure, etc. The developers are confident that cities can generate extra income from mining digital currencies—they’ll get up to 30% from every unit mined.
The purpose of the project is to save fundings for local initiatives from concerned residents or those who want certain improvements. Meanwhile, the law prohibits the authorities from accepting crypto payments into the budget, therefore all coins will automatically be exchanged for dollars.
“This money can be used for roads, parks, and land improvement. MiamiCoin users are investing in the quality of the city’s future. At the same time, according to the terms of the contract, the money cannot be spent on something else”, said Michael Sarasti, CIO Miami.
City residents may already begin mining MiamiCoin—miners will get 70% of the reward for each decrypted block. Cryptocurrency can also be bought through the OkCoin platform.
All CityCoin cryptocurrencies work on the open-source Stacks Bitcoin protocol and support for smart contracts. All you have to do is download the Stacks wallet and purchase STX coins from exchangers like Okcoin or Binance.
The possibilities of using urban cryptocurrencies
So, CityCoin was first introduced in Miami. It is not surprising, as Miami has long been the magnet for innovation in the US, and in the last year, the city has become a central platform for cryptocurrency startups and technologies. In addition to Miami, the United States agreed to create an urban cryptocurrency only in San Francisco so far.
CityCoin claims that the possibilities for using urban cryptocurrencies are “endless.” Local organizations can attract employees and clients by offering them special conditions, if they act as holders of cryptocurrency, it can be used to pay grants, public projects, and more.
CityCoin is proposing to the city government to use currencies to vote on local initiatives. Cryptocurrency can also be turned into a means of access to physical premises or digital goods—it is enough to confirm the presence of CityCoin in the account.
What cryptocurrencies can you invest in this year?
Investing in cryptocurrencies is becoming more popular every day. And this is not surprising that Miami Marlins players want to invest in them. Analysts believe that you can invest in the following cryptocurrencies:
- Bitcoin is at the top of the cryptocurrency Olympus and is the best digital coin to invest in. It has been around for 13 years and the entire blockchain industry started with it;
- Ethereum is sometimes referred to as the dark horse of the crypto industry. The second-largest digital currency in terms of capitalization does not have strict emission restrictions;
- Ripple (XRP) is consistently ranked 3rd in the CoinMarketCap ranking in terms of market capitalization. The altcoin is very promising, and many experts believe that Ripple is ready to fly to the moon;
- Cardano — is a third-generation blockchain project created as an alternative to Ethereum. Cardano supports smart contracts, has high bandwidth and scalability, and even today can be used in the real sector of the economy.
Finally, there are many other interesting blockchain startups: Uniswap, Polkadot, NEO, etc. There are quite a lot of niche projects that solve problems in one or another branch of the real sector of the economy. So, don’t hesitate to study them!