A Guide to Marscoin: What Is It and Should You Buy It?

Most people are familiar with cryptocurrency and the idea that the decentralized digital currency could be the way of the future. 

One of these cryptocurrencies is called Marscoin. But what exactly is Marscoin and how does it work? Here’s a quick guide that breaks down what you need to know. 

What Is Marscoin?

Marscoin is a cryptocurrency project founded by Dr. Robert Zubrin in 2014. 

Its main purpose is to serve as a charity project and provide financial support for missions to Mars. 

Users can generate Marscoin through the blockchain mining process, similar to that of Bitcoin. The price of Marscoin fluctuates pretty regularly from hour to hour. Marscoin is currently trading in five active markets.

Mars is listed on many cryptocurrency exchanges, but unlike other major cryptocurrencies, it cannot be purchased directly with fiat money. That can make it a bit harder to invest in than other currencies. 

If you want to purchase Marscoin, you’ll have to first purchase another type of cryptocurrency. Then, you can move to an exchange that allows you to trade that currency for Marscoin. However, you can still easily buy the coin by first buying Bitcoin from any fiat-to-crypto exchange and then moving to an exchange that offers to trade Marscoin.

The Vision of the Marscoin Project

As a cryptocurrency intended to fund missions to Mars, Marscoin will act as a separate currency for people on the Red Planet.

A major problem with the Mars missions of companies such as Mars One and SpaceX is that there isn’t enough money to finance the projects. Experts estimate that the projects will require billions of dollars. This is where the Marscoin project would like to start.

Hundreds of thousands of Marscoins have already been donated to the Mars Society, a nonprofit dedicated to funding missions to Mars, to provide part of the necessary budget for these missions. By purchasing a coin, the buyer supports the settlement missions to Mars. Currently purchased coins will still exist on Mars if the missions are successful.

Key Information about Marscoin

Marscoin is an open-source coin that’s maintained by the Marscoin Foundation. Originally, it started with a value of about 0.0030 dollars. In the years that followed, the cryptocurrency did not see a significant increase, but it has increased fivefold since 2018. Around 28.3 million Marscoins have been generated so far, with a hard cap of 44 million. 

A big advantage of Marscoin over Bitcoin or other cryptocurrencies is its fast processing rate. A transaction can be confirmed in just two minutes, while waiting times can run up to 40 minutes with Bitcoin.

How to Purchase Marscoin

Marscoins are available for purchase both online and offline. They can only be purchased online at Cryptopia. Therefore, a digital wallet is required to complete the purchase and make future transactions. Wallets from Cryptopia are available for all operating systems as a download.

There is also a mobile version for all Android platforms. If you don’t have Internet access, the wallet can also be used offline. Soon Marscoin will be available for trading on well-known websites like Poloniex, Bittrex, or Binance.

Aside from purchasing Marscoin, you can also mine it. This works much the same way as it does Bitcoin—you use mining pools and combined computer power to generate more coins at a lower price. 

Why Purchase Marscoin

While the price of Marscoin was originally low, Elon Musk inadvertently endorsed the currency. 

Since the owner of SpaceX is always involved in new business opportunities and modern trends, many people were excited by his endorsement. With just one tweet, Musk caused the price of Marscoin to rise significantly.

Thanks to this endorsement, Marscoin could be a good future investment. With the price steadily on the rise, investing now could lead to big returns in the future. 

And, if space travel becomes a reality, Marscoin will be our currency. That makes it even more of a critical investment.

The Future of Marscoin

The first mission to Mars is scheduled to launch in 2024 at the earliest, so a short-term investment into this cryptocurrency is speculative. However, a long-term investment could pay for itself over several years. 

Mars missions will likely attract increased attention, which means that the market value of Marscoin has a chance to increase in value. The future is uncertain, but there’s no doubt that cryptocurrencies have an important role in our financial landscape. Marscoin is meant to be a commercial competitor, and you don’t have to be an expert to know that it has many investment benefits. 

Perhaps now is the time to speculate with a small investment in Marscoin. Doing so could provide you with big payouts in the long term. 

Published by Robert Ryerson

A financial professional with more than three decades of experience, Robert Ryerson works closely with clients in the Freehold, New Jersey, area to meet their financial planning needs. As a Certified Financial Planner (CFP) at New Century Planning, he focuses on retirement income planning, as well as estate administration, regularly assisting his clients with legacy and estate planning. He also advises them on health and disability insurance, including Medicare, Medicaid, and Medicare Supplement Plans. Mr. Ryerson’s many years helping his clients navigate the complexities of retirement planning gave him a deeper understanding of the healthcare costs that retirees face. In 2013, he drew upon this knowledge to co-author the book What You Don’t Know About Retirement Will Hurt You. Outside of his work at New Century Planning, Robert M. Ryerson is a regular fixture at workshops and seminars on retirement. He has delivered several keynote speeches on the often-confusing topic of required minimum distributions. Mr. Ryerson continues to share his financial expertise as a facilitator of online courses for Certified Public Accountants through The Society for Financial Awareness. In the early 2010s, Mr. Ryerson became concerned about the threat of identity theft after noting the many cybersecurity breaches suffered by major companies. He became a Certified Identity Theft Risk Management Specialist (CITRMS) in 2014. He has since taught identity theft recovery courses at local community colleges. Mr. Ryerson also wrote a book on the topic entitled What’s the Deal with Identity Theft: A Plain English Look at Our Fastest Growing Crime. A graduate of Rutgers University with a degree in economics, Mr. Ryerson began his career in the financial services industry as a stockbroker. He obtained his CFP designation in 1991 and began working as an independent financial planner a few years later. In addition, he is a notary public.

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