Cryptocurrency can be confusing. I'm currently watching a TV show on Netflix named "Startup" with Martin Freeman, Adam Brody and Ron Perlman and it's amazing, I'm totally OBSESSED. Yet, I still don't really understand the premise of the whole movie, Cryptocurrency. 🤷♀️
Although some countries, including India, are considering banning Bitcoin, an outright ban in the United States is unlikely. In fact, some people think that an attempt to curb Bitcoin's growth might also slow economic growth in the U.S., and could threaten the status of the dollar as the world's reserve currency. So if you can't beat them, join them, right? According to the Mayor of Miami, Francis Suarez, Miami is the "Bitcoin capital of the world" and now he is spotlighting the city’s very own cryptocurrency, MiamiCoin ($MIA).
The new digital asset is designed to generate millions of dollars for our city’s economy – of course, only if people understand it, I mean ... embrace it. 👀
Per CityCoin’s website,
“The possibilities of CityCoins become endless as cities one by one begin to #pickupthebag and communities and software developers around their respective CityCoins. CityCoins communities will create apps that use tokens for rewards, local benefits, access control (to digital or physical spaces), trading, lending, smart contract execution, and more. As one simple example, local businesses can provide discounts or benefits to people who show they ‘Stack for their city’ by Stacking their CityCoins.”
So essentially the city’s "token" will be used to fund the development of Miami, reduce homelessness, support law enforcement as well as encourage people to move to Miami.
In fact, MiamiCoin will be the very first CityCoin.
According to Mayor Suarez,
“What the city gets out of it is a percentage of the coins that are mined are actually donated to the city of Miami by the virtue of its protocol. So the city of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin, because obviously, Miami has now become, and we’ve talked about this many times on your program, the Bitcoin capital of the world."
Check out the interview below.