In this guide, we’re going to explore Metacoin, the native token to a blockchain Hyperledger Project, developed by the Linux Foundation. With the stated goal of creating a trusted DeFi ecosystem, this project claims to be associated with some high-end business partners such as JP Morgan, IBM, and Intel.
In this article, we will explore MTC, provide a handy step-by-step purchasing guide, and answer a few frequently asked questions in regards to the coin.
What is MTC?
Metacoin (MTC) is a native token to the blockchain DeFi system known as Hyperledger. Starting in 2017 and released in Oct 2018, this platform was developed on the Linux Foundation’s Hyperledger Project. Hyperledger is a private blockchain development that boasts some impressive business associates and its architecture aims to improve the transaction speed and the overall security of blockchain technology.
Due to its architecture, Metacoin boasts a theoretically zero gas fee rate and a high degree of transaction speed. Metacoins primary business model appears to be creating a business-friendly blockchain ecosystem in the hopes of creating fertile ground for DeFi commerce, dApp development, and token value.
At the time of writing, MTC has a Market Cap of $203,658,917 and an overall ranking according to coinmarketcap of #3344.
Step 1: Register on Fiat-to-Crypto Exchange
To obtain an MTC token, you must first possess another cryptocurrency, such as Bitcoin (BTC) or Ethereum. (ETH) We’ll use BTC as an example in this step-by-step.
To obtain BTC, you must first sign up for a Fiat-to-Crypto Exchange. When it comes to selecting an exchange, you have a variety of alternatives, each of which will provide various services and costs. We will, however, utilize CryptoWallet for our example. CryptoWallet can be found on the Apple App Store or the Google Play Store.
The CyrptoWallet system is a safe and simple app with a quick and easy setup. Once you’ve finished your download follow the onscreen instructions and link a preexisting fiat account to your new CyrptoWallet account. Once completed transfer the desired amount of fiat currency from your fiat account to your CyrptoWallet account.
Step 2: Buy BTC with Fiat Money
After you’ve sent some fiat currency to the CryptoWallet account, your new fiat balance will be displayed in your CryptoWallet app. Now you will be able to trade this fiat for some Bitcoin.
To get started, go to the BTC trading tab, choose the amount you wish to buy, and then click ‘buy.’ CryptoWallet offers several purchasing options and will display up-to-date market data, price charts, etc which will allow you to make better and more informed financial decisions.
Once the trade is finalized the quantity of BTC you purchased, as well as any remaining funds you may have, will be shown in your CryptoWallet account.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have some BTC, you can begin trading it in for MTC, but to do this you’re going to have to register to altcoin exchange and transfer funds over to your new account.
To start, you’ll need to find an altcoin exchange that allows you to trade BTC and MTC, often displayed as the trading pair BTC/MTC. This trading pair is supported by platforms like Bittrex and Liquid, however, for the purposes of this example, we’ll be using Liquid.
To begin, click the ‘register’ button on the Liquid homepage and follow its on-screen instructions. This will entail completing a few simple steps, answering some KYC security questions, verifying your identity, and securing your account, which will most likely be in the form of two-step verification.
Once Liquid confirms the completion of the registration process you will be able to transfer some BTC from your CryptoWallet account to your new Liquid account. To do so, navigate to the Liquid ‘transfer funds’ or ‘deposit funds’ tab. Follow the on-screen prompts to select the cryptocurrency you want to deposit, in this case, BTC. Liquid will now provide you with an address to which you can send BTC.
To do this select the ‘send funds’ on your CryptoWallet app, select BTC, the amount, and either scan the QR code or enter the address. A few confirmations will be done and after a short time, your BTC will appear in your Liquid account.
So now that the BTC is in your Liquid account you can trade it for some MTC. Find your way over to the trade tab, select the BTC/MTC trading pair, the amount you wish to trade, and select ‘trade.’
You are now in possession of your very own MTC.
Last Step: Store MTC Securely
After getting some MTC you may be wondering where to put it, and for this, you’re going to need a wallet.
When looking for a wallet system, first look for what wallet actually stores your desired currency and then choose the best wallet that suits your needs. In the case of Metacoin, you are somewhat limited in terms of choice, with your two primary options being Metacoins native wallet METAWALLET, and the very secure but quite expensive hardware wallet Ledger Nano S.
After you’ve chosen the best wallet, you’re going to need to deposit some MTC onto the system. Simply follow Liquid’s ‘withdraw funds’ tab instructions and input your wallet address via QR code or manual input.
CryptoWallet is another provider of a robust and secure wallet system, unfortunately, it does not currently offer the storage of MTC but is still worth keeping an eye on in the future. With a simple to use design and secure digital architecture, this system may be worth considering as it continues to bring out more features and coin storage options.
Other Useful Tools for Trading MTC
We are not authorized to provide trading tips or advice, however, we can provide information about trading tools that when used probably can help you make better decisions when engaging with the trading market.
In a general sense most trading tools provide you with some kind of on-screen information that allows you to chart the asset movements, growth, price, volume, or intensity of a particular token, Here is a very quick rundown of some of the more commonly used tools.
One of the most fundamental is On-Balance-Volume (OBV), which depicts both positive and negative movement of an asset’s volume, as well as the value direction of an asset’s movement trend.
The Average Directional Index (ADI) is a straightforward indicator that tells traders how strong a trend is. This is the asset’s movement intensity, which gives a greater idea of the likelihood of lengthy moves.
The Stochastic Oscillator displays the asset price over a specified period and concerning a specific condition inside that time frame to traders.
Latest News for MTC
In this section, we will cover a few of the recent news stories and announcements in regards to Metacoin.
On February 8th, 2022 Metacoin released its roadmap for the year. This included the announcement of a game, the build-up of the MetaDAPP system, and the announcement of a gaming platform.
On February 4th, 2022, Metacoin announced the release of its very own coin wallet. METAWALLET was announced and will quite likely become one of the main, if not the primary means of storing MTC, being available for download on IOS or Android App.
Can I buy MTC with cash?
Not in a direct sense, you can however purchase MTC via trading it for BTC, as we’ve outlined above.
Are there any quick ways to buy MTC in Europe?
There are a few ways in which to purchase MTC within Europe, Liquid being one exchange that will support the trade.
Are there any alternative platforms to buy MTC or Bitcoin with credit cards?
You cannot buy MTC with a credit card, instead, follow the above guide to purchase MTC. BTC however can be purchased with a credit card using a system such as eToro.