[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"575e481f-9071-4037-a139-36fe0c261889","updated_at":"2023-08-09T04:14:12.264866+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"MobileCoin, a cryptocurrency established in 2017 by Joshua Goldbard and Shane Glynn, revolutionizes mobile transactions with privacy-focused cryptocurrency for seamless and secure digital exchanges.","sapo":"Discover MobileCoin: Revolutionizing mobile transactions with privacy-focused cryptocurrency for seamless and secure digital exchanges.","title":"The Complete Guide to Cryptocurrencies: MobileCoin","content":"

MobileCoin (MOB) is a prominent privacy-focused cryptocurrency designed specifically for mobile devices. Its integration into the Signal messaging app, used by over 1 million users, aims to elevate widespread crypto adoption.

What is MobileCoin?

MobileCoin, established in 2017 by Joshua Goldbard and Shane Glynn under MobileCoin Inc., is a privacy-focused cryptocurrency project. It introduced its protocol as open-source through the MobileCoin Foundation in April 2020 and launched on December 7, 2020. This cryptocurrency prioritizes mobile-friendly, private peer-to-peer transactions and offers a recovery PIN feature for user convenience.

MobileCoin gained early support from Signal's Moxie Marlinspike and secured substantial funding. In 2018, it raised $29.7 million in funding from Binance Labs. The MobileCoin Foundation obtained $11.35 million in venture funding in March 2021 and secured $66 million in Series B funding in August 2021, with notable backers like Alameda Research, Coinbase Ventures, Gaingels, and Marc Benioff.

How does MobileCoin work?

MobileCoins are securely stored in digital wallets, each assigned a unique address. When users intend to initiate MobileCoin transactions, they simply input their wallet address within the MobileCoin app. Utilizing the power of public-key cryptography, the app generates a one-of-a-kind transaction ID. This identification is propagated across the MobileCoin miner network, where the transaction is verified and subsequently integrated into the blockchain. Operating on the blockchain platform equips MobileCoin with the same robust advantages characteristic of other cryptocurrencies: assured security, enhanced privacy, and swift processing.

What Problems Does MobileCoin Address?

MobileCoin aims to address critical challenges within the crypto space.

Simplify user onboarding through innovative features like text-to-pay, reducing the learning curve associated with decentralized assets.
Enhance security. The network prioritizes privacy, safeguarding transactions and identities to counter security breaches. MobileCoin's open-source protocol has undergone third-party verification.
Target sustainability issues, boasting a reduced carbon footprint compared to other networks like Bitcoin. MobileCoin operates as a carbon-negative protocol, eliminating the need for resource-intensive mining.
Address network congestion. With 3-5 second transaction times and a Proof-of-Stake consensus algorithm, MobileCoin enhances scalability and provides faster transactions than previous protocols.

What are the benefits of MobileCoin?

MobileCoin offers numerous advantages:

Enhances privacy through elliptic-curve cryptography integration.
Utilizes CryptoNote and zero-knowledge proofs for added transaction confidentiality.
Features a cost-effective fee structure for efficient crypto utilization.
Facilitates easy new user adoption through Signal messaging app integration.
Allows in-app payments similar to popular mobile payment providers.
Links wallet and phone number for streamlined transactions.

Currently, MobileCoin's advantage might be challenged as Meta prepares to launch its cryptocurrency project. However, MobileCoin's focus on prioritizing privacy in financial transactions could attract users valuing discretion in digital interactions. This emphasis on privacy might make MobileCoin appealing for secure and confidential financial exchanges within messaging apps.

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MobileCoin’s price history

MobileCoin's price history

Figure 01: MobileCoin’s price history. Source: BitScreener

Presently trading at $0.7138, MobileCoin holds the #168 position among all cryptocurrencies. The circulating supply of MobileCoin stands at 195,286,109 tokens, contributing to a total market capitalization of $139,593,736.

Over the past day, MobileCoin has experienced a 2.48% price decrease. However, its consistent growth of 1.59% in the last week has sparked optimism among investors, reflecting a promising return on their investments.

In the preceding 30 days, the value of MOB surged by 17.52%, raising its price from $0.608301 to $0.714875 and augmenting its market capitalization. If contemplating purchasing MobileCoin, it may be prudent to wait for a bear market. The cryptocurrency has encountered a 6.46% drop in the last 3 months, erasing $0.04937 from its former price of $0.764246.

Is MobileCoin a good investment?

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MobileCoin's price forecasts

Figure 02: MobileCoin’s price forecasts. Source: BitNation

Bitnation's MobileCoin market forecasts are established through the utilization of sophisticated machine-based algorithms that assess various technical indicators, including RSI, MACD, MA, ATR, and BB. However, it's important to note that forecasts can vary among different forecasters.

Through the technical analysis and forecasts by BitNation, it suggests that this cryptocurrency is currently positioned as a favorable investment.

How to Buy MobileCoin?

Choose an Exchange: Pick a reliable crypto exchange that offers MobileCoin (MOB) trading.
Create an Account: Sign up and verify your identity on the chosen exchange.
Deposit Funds: Add funds to your exchange account using options like Debit Card, Credit Card, Wire Transfer, or Bitcoin.
Select Trading Pair: Go to the exchange's trading section and find MobileCoin trading pairs.
Place an Order: Decide on the type of order (market or limit) and specify the amount of MOB you want to buy.
Review and Confirm: Double-check order details and confirm the purchase.
Complete Purchase: Execute the order to acquire MobileCoin.
Secure Your MOB: For added security, consider transferring MOB to a personal wallet.

Always research your chosen exchange, be cautious with investments, and prioritize security.

Overall, MobileCoin is a privacy-focused cryptocurrency tailored for mobile devices and messaging app integration that prioritizes user privacy, security, and easy transactions. Despite the upcoming competition, its privacy-centric approach could differentiate it. Addressing crypto challenges and positive market forecasts add to its investment appeal. However, careful research and market awareness are crucial in cryptocurrency investments.

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The Complete Guide to Cryptocurrencies: MobileCoin

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