Welcome to Altcoin of the Week, the column where I review and release an alt coin that I feel has some good potential for future gains. In the cryptocurrency space, we now have over 1’400 listed coins on Coinmarketcap, with more coming every single day; naturally, that means plenty of opportunity and money in picking the right horse. Please keep in mind that these are all speculative picks and none of these calls are anything close to “sure money”. At least, that’s what my lawyer tells me. This week we’re going to discuss a super simple concept and idea with MonetaryUnit.
What is MUE?
Sneakily taken from their Github:
MonetaryUnit is an experimental new digital currency that enables anonymous, instant payments to anyone, anywhere in the world. MonetaryUnit uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. MonetaryUnit Core is the name of the open source software which enables the use of this currency.
What makes it different?
MUE kind of reminds me of Viacoin, Litecoin, and others in this genre of what I’d like to call “currency” coins. That means that these aren’t used for any utility purposes but are rather meant to be used as pure money, allowing for the exchange of value between two or more parties in order to settle deals, exchange goods, or partake in services. The usecase seems a little run of the mill, and that’s because it is – money is supposed to be boring!
That being said, MUE does have a few (hey that rhymed) things that put it apart from the pack. First is their Forex exchange that will be launching soon. With MUE, you will be able to settle Forex trades and keep your gains in crypto. In addition to that, MUE is also planning on implementing several fiat gateways into their system, making the process of buying MUE a hell of a lot simpler than buying Bitcoin and sending to Trex before making a purchase. As we all know, cryptocurrencies are often locked behind these gateways, and allowing people to buy MUE in more direct methods will make it stand apart from the crowd.
Why hold MUE?
One word, bub – masternodes. If you’re looking to make some coin on staking, MUE provides one of the most reliable ways to do so – I say reliable, because if you buy yours at a relatively cheap price, you’re likely not going to lose out on your initial investment. That being said, MUE masternodes provide an ROI of around 25% per year, which is pretty impressive for most staking nodes. If you’re a holder of a MN it basically means you’ll get dividends every year, and those dividends will grow over time as MUE appreciates in value.
If you’re not looking to slam six figures on purchasing a MUE masternode, you can also buy what’s called a masternode “share” – for a 10% maintenance fee, you can purchase a fraction of someone else’s full node. Shares go for around 3’000 USD and are a much lower price point for those looking to get in on MUE staking while avoiding a heavy investment.
I like to talk about these kind of coins in a more fundamental basis, so here’s a pretty chart that might give you some more information on what I’m seeing:
This is the MUE hashrate for the last few months. We can see here that MUE has went from a lowly 2 TH/second all the way as high as 40 TH/s in the last period. Now, hashrate isn’t necessarily correlated with price, but it’s certainly something to keep track of – why has the hashrate of MUE gone up almost 10 times recently? Growing adoption of course! And while the hashrate has had a nice 10x, price certainly hasn’t:
Prices for MUE have more or less been around where they were from the last big “pump” of MUE earlier in 2017. I think we could see some big movements in MUE relatively soon with so much new interest and hashpower in this coin.
Aside from that, MUE is at a 30 Million dollar market cap (so very tiny!) compared to Dash (6 Billion) and PIVX (550 Million). As far as undervalued similar coins go, MonetaryUnit is the one. I’ll let you do the calculations on how high MUE could go if it went to challenge either of the above projects.
But please remember, analysis of coins that have “money” in the name aren’t at all financial advice. At least that’s according to my lawyer.