Megacoin is an alternative cryptocurrency coin that was created and launched in May of 2013, created by Dr. Kimoto Chan. It is using the Bitcoin core and a scrypt based algorithm and will get a total of 42 million coins going into circulation over the next decades. It is completely anonymous just like most other cryptocurrencies and has gained a massive popularity in the cryptocurrency community due to its openness about the its vision and its marketing abilities.
The Megacoin is different from the Bitcoin by using the scrypt algorithms for mining purposes instead of SHA256 as Bitcoin uses. It is a coin made with the purpose of making easy money transfers around the world as well as being used as a payment method for different goods and services online. The first two years of mining a total of 31 million coins will go into circulation and after that the mining will become so difficult that it will only add a few million coins the next years and by 2079 all 42 million coins will be successfully mined by the community. It is possible for miners to use ASIC, GPU and CPU to mine out the coins, with a large advantage to the people or pools that uses the ASIC rig to mine, as it allows them to mine 5,000 times faster than with a regular CPU. The block target is to create a new one every 2.5 minutes and the difficulty will retarget every 22.5 minutes. Megacoin has been hyped up a lot by the community and has seen backing from Kim Dotcom who is a famous internet personality who created Megashare. It is completely decentralized like the other cryptocurrencies, meaning that no company, government or person owns or controls the coins, but instead is controlled by the people who holds the coins and the market.
The Megacoin is the 10th largest cryptocurrency in the world currently, having around 22 million coins in circulation at a value of around $0.70-$0.80 per coin. The total market value of the coins has reached a level of $16.5 million, but is expected to increase in the future as Megacoin continues to become more popular and integrated as a payment method with different online stores. The Megacoin can be mined by downloading the Megacoin wallet and start mining from there and can otherwise be bought and sold from different cryptocurrency exchanges online. You can exchange Bitcoins, Litecoins and dollars for the Megacoin, making it easy to purchase and sell and cash out funds if you are looking at it from an investment purpose.
You can see a presentation video of the Megacoin by clicking the link below:
The Megacoin has made an effort out of becoming one of the most widely accepted forms of payment in the cryptocurrency world, having several different online shops accepting the coin as a payment method. In these shops you can find different goods and services that you can purchase with the coins instead of having to pay with your credit card. You can also gamble with the Megacoin as there are different casino and lottery sites created that uses Megacoin as a payment method. Lastly you can use the Megacoin for investment purposes only and exploit the volatility it is experiencing as a cryptocurrency to your advantage.