The NewYorkCoin Cryptocurrency is a proved blockchain system that was launched in March 2014 by an unknown developer, just like Bitcoin. The coin has an open source code that is viewable by everyone at the Github code repository. With a decentralized system of operation, the NYcoin offers simplicity in transactions by offering free network transactions and no pre-mine offers witnessed across other Cryptocurrency platforms.
Since its launch and with no identifiable developer, NYCoin triggered the interest of several miners with its unique features that have so far led to the formation of a worldwide NYC group of supporters that are behind the functioning of the network up to the present times.
Unique Specifications Of NYCoin Include;
- Super-fast transaction confirmations at 30-seconds with the ability of speed increase with the increase of the mining hash.
- Straightforward mining
- Provision of the scrypt proof-of-work.
- A favorable launch with an easy block view through the NewYorkCoin explorer.
- A small market CAP of $42.6M
- Accessible worldwide
- Enables peer to peer transactions on mobile phones
- Core wallets
However, the NYCoin has faced so many challenges since its launch that experts say is attributed to the disappearance of the original developer(s). With no clear guidelines on the operations of the “original true Cryptocurrency,” every interested miner comes with their terms and conditions that become unsustainable over time hence disappearing into thin air.
The Coinprofit mining pool was the first of its kind to be spearheaded by an NYC miner, and it acted as the original NYCoin mining pool for a while before it became dormant and got offset from the industry. After that, Coingather a small Cryptocurrency exchange included the NYCoin in its platform and took part in its mining activities before completely disappearing from the market.
Consequently, there are claims that the original paper wallet of the NYCoin and the majority circulation supply of the coin does not exist anymore creating a series of questions on the sustainability of the platform. Even with new miners emerging to support the system, it is evident that barely ½ of the original miners are remaining. Therefore, many questions go unanswered as to how many crucial files have been lost as miners replace machines and change access passwords every so often. The security of the back-ups cannot be guaranteed either, which is so unfortunate for the NYCoin whose liquidity or value is not easily traceable for the past years.
To Invest In New York Coin Or Not?
Though the current supporters of the NYCoin insist that the future seems bright, there are endless doubts attributed to the on and off affair that the system has been undergoing all through the years. Why it is that none of the miners could sustain the coin that they say is more usable than Bitcoin for a long period? What assurance is there that the fall back is not bound to happen again? Unfortunately, we do not have the answers at the moment, and no one does either. Thus that should be reason enough for you to take caution as to whether this is a good venture at the moment, given the circumstances.
The pricing of the NYCoin also seems stuck at forth and back which is frustrating to any investor. So as much as the coin promises fast transactions at no fee, you should reconsider all possible outcomes before falling into this disruptive Cryptocurrency wave.