Cryptocurrencies have become pretty popular nowadays, and it would surely be hard for you to find someone that has not heard of the crypto market. One cryptocurrency that has been getting some buzz is Garlicoin. There are many e-currencies around today, and it is vital that you invest in the right one. Garlicoin is one of the excellent options you have when going into this market.
But, what exactly is Garlicoin and what makes it special? If you have ever wanted to know everything about Garlicoin, you are in luck as we have you covered here. We will provide an extensive review of the coin, detailing its history, features, real-world application, community support and many more. After reading this, you will be armed with more than enough knowledge about Garlicoin. Let us start by understanding what exactly Garlicoin is.
What is Garlicoin?
If you engage in discussion with an expert on digital currencies, you will learn that among digital monies, Garlicoin is unique. This can be attributed to the carefree approach of Garlicoin to cryptocurrencies as well as the aim of some issues that have plagued investors in the market.
And yes, the name is coined from “garlic” and “coin,” which is a firm indication of the humorous nature of the platform. The coin was born as a meme, but the market cap that exceeds $1 million indicates that this digital money is no joke. Garlicoin is a decentralized cryptocurrency that is a fork of Litecoin, a very famous digital currency with a market cap of over $8 billion. As a result of this, Garlicoin boasts fast and cheap transactions, although there will only be 69 million units available on the market.
History of Garlicoin
On 25 December 2017, DigitalizedOrange who was a Reddit user presented his dream of creating a digital currency that will revolutionize the memecoin market to the Garlicoin community at the time. In fact, the actual post he dropped was “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin.” The post seemed funny at first, but it was able to gather over 45,800 points and 1,200 comments in just about a month after he dropped the post.
The mainnet was publicized on 21 January, at about 2 pm EST, and the memecoin market has changed ever since then.
Features of Garlicoin
Garlicoin has some compelling features that make it popular among investors. The 40-second block time the platform produces allows for very fast confirmations, and anyone with a GPU will be able to contribute to mining because of the ASIC resistant proof-of-work protocol.
Garlicoin traded at about $0.75 when it first hit the market, and it drew a lot of interest within the first day on the market. The price hit close to $4 on the first day, which is quite impressive for a new digital currency, although there has been a steady decline since its early days.
Garlicoin is open source, so you can go on GitHub to find out what makes it tick. Also, the currency is decentralized, so you do not have to worry about sudden inflations in the e-money, and it has a limited number of units on the market, 69 million units to be precise.
Slow trading and transaction speeds are some of the things that frustrate traders in most cryptocurrencies, but these are not issues with the Garlicoin, as it boasts pretty fast trading and transaction speed.
Security is paramount in the crypto market, and you should always consider it before you invest in any digital currency. Garlicoin does a decent job of protecting you from any form of digital attack with its wallet encryption.
The Garlicoin Community
The Garlicoin community is a steadily growing one that boasts over 140,000 users on Reddit, which is quite impressive. In just a few weeks after the Garlicoin Twitter account was opened, it gained over 1000 followers, and the Facebook page has only about 200 likes. Seeing as the digital currency kind or originated from the Reddit community, it makes sense that the Reddit community will be the biggest.
Real world uses of Garlicoin
Garlicoin just like most other cryptocurrencies has some uses in the real world. The increasing popularity of digital currencies means there are more and more applications for them, which consequently leads to a rise in demand. Garlicoin’s 40-second block times means it offers you breakneck trading speed, making it easier to receive and send payments at high speed and a meager cost. Therefore, substantial financial transactions that will typically take you long periods can be completed in only a few minutes.
Also, just like most other cryptocurrencies, the Garlicoin serves as an alternative store of your wealth that is resistant to monitoring and censorship. Therefore, you do not have to worry about the authorities freezing your wallet, as you are the only one that would have access to it. Privacy of transaction is a big issue when it comes to crypto market, and it is a quality that most traders consider before investing in a digital currency. With Garlicoin, you can be sure that all your transactions are private.
Future of Garlicoin
When it comes to the future of Garlicoin, one can only wonder what the future will bring. The market is rising steadily, and there seems to be potential for more growth, especially if the success of Dogecoin is anything to go by. Dogecoin started out as a sort of farcical e-currency, but now it has successfully attracted a large audience, thereby giving hope to Garlicoin.
Because of the low entry point, Garlicoin is readily available at a low cost, which incentivizes first-time crypto investors and even experienced traders. Garlicoin creates a platform for newbie crypto traders to begin their exploration of the vast crypto currency world easily.