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How to Buy Miami Coin and Stack It On OKCoin

In this article we will review:

And the remaining 70% can be stacked to yield STX and/or Bitcoin. Miami Coin was borne from a partnership with CityCoin – an outfit that is planning to help launch a spat of municipal-based cryptocurrencies. In the case of $MIA, 30% of the revenue generated will be forwarded directly to the city’s wallet. The way this coin will split earnings is similar to the way SafeMoon crypto works.

Learn more about MiamiCoin

He also noted that if yields were to continue at that rate, they could entirely cover the city’s tax needs. MiamiCoin needs the support of a city’s residents in order to work. MiamiCoin (MIA) is on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet.

The Bottom Line on $MIA

A person familiar with the government’s discussions around MiamiCoin says that the city’s attorneys vetted the initiative and ensured that accepting the donation was legal under city and state laws. You can now stack MIA with Earn and get STX rewards, and then you can stack STX to get bitcoin rewards. We don’t charge fees on Earn, so the rewards are all yours.

City of Miami launches its own cryptocurrency ‘MiamiCoin’

For the sake of simplicity and brevity of this tutorial, we’ll move forward with the “Mine one block” option. It will take several minutes before STX hits your Stacks Wallet, so don’t fret if it doesn’t an introduction to fundamental analysis in forex come right away. Once your STX has hit your Stacks Wallet, it’s time link your wallet to the Miami Coin platform. Click on “I’m new to Stacks.” Follow the prompts to complete the onboarding process.

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Make sure to guard this with your life and keep it somewhere safe.

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. For example, you can mine Dogecoin with your PC and earn DOGE as an expression of gratitude for lending your hardware power. Firstly, according to Miami Coin’s main website, 30% of the revenue generated from Miami Coin will be forwarded to a wallet reserved for the city of Miami.

MIAMI (MIAMI) is on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet. Today we’re going to swoop in on a subset collection on the Stacks blockchain. So, follow your nose, everyone we’re going to break down the 3D Stacks Parrots Bitcoin NFT Collection. Once you sign up for OkCoin make sure all your identity verification is complete and safety verification and passwords are set.

MiamiCoin is the first CityCoin to market, activated by the community in August 2021. 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. Now you have the option to either mine for one block (in other words, you place a bid once).

The City of Miami will be debuting a cryptocurrency this summer to help raise additional funding for local projects. The Miami Herald first discussed the coin last month, which opened for digital mining on August 3. City officials said revenue from mining MiamiCoin could be used to fund the city’s civil initiatives.

  1. Either send crypto from another wallet or exchange or connect your bank.
  2. Stanley disaffirm’s these comments, saying that neither he nor his organization have benefitted from these projects.
  3. Bloomberg, who was on the call as a member of Adams’ transition team, says that an attendee compared Stanley’s presentation to an “SNL skit.” “When someone finally asked, ‘Well, what can you do with it?
  4. But Stacks came along and changed everything; this protocol lets users build apps, smart contracts and cryptocurrencies atop the Bitcoin network.
  5. ’ [Stanley] said, ‘We’re working on that but right now there’s a great NFT art market in Miami that uses MiamiCoin,” Bloomberg says.

To acquire Miami’s new cryptocurrency, you won’t be able to purchase it — at least, not yet. Check out this post which is one of the most popular of all time. While he acknowledges the potential positive uses of Miami Coin, Subramanian says people need to be cautious before putting significant money into it. “This could actually be a solution to some of the long-ailing problems of city finances, where high-performing cities are not compensated adequately in terms of tax dollars,” Subramanian says.

As such, welcoming MiamiCoin as an additional revenue stream and a way of raising the city’s profile as a crypto mecca has been a no-brainer. CityCoins give communities the power to improve and program their cities by unlocking a new funding mechanism for their city, and creating an open-source protocol for developers to build on. As with any investment, be sure to take proper risk management before investing in highly speculative assets like Miami Coin and other cryptocurrencies. “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.

Developers can create apps that use MiamiCoin for access control (to digital or physical spaces), trading, lending, smart contract execution, and much more. 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. 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. There has been a lot of interest over the last two months in Miami Coin.

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