What is GeoCoin (GEO)?
Future of GEO Cryptocurrency and know how to buy GEO

#1. GeoCoin: The Basics

What is GeoCoin?

  1. GeoCoin (GEO) is a simple virtual currency designed to be easy to collect, create and share. It allows its users to send and receive virtual tokens encoded with short personal messages.
  2. GeoCoin enables users to collect tokens based on their geographic location, ie, the coordinates of the longitude and latitude. There is one geocoin for every 11 square meters of the Earth’s surface.
  3. It used the Qubit mining algorithm and Proof-of-Work (PoW) consensus mechanism in the past, but a transition was completed recently at blockchain number 568,125. The balance was frozen at this block number and was migrated. GeoCoin is now an ERC20 Token on the Ubiq Network.

GeoCoin Development

  1. GeoCoin is a creative cryptocurrency and has been in the market since 18 Aug 2013. It was first traded in a cryptocurrency exchange on 22 Feb 2015 at a price of $0.05.
  2. Tobler, GEO’s lead developer has developed crypto + geocaching technology where the user stand to collect Geocoins. This is executed by accessing the GPS (Global Positioning System) on the users’ smartphone devices to determine their location.
  3. The GEO development team is ambitious with its goals. Tobler says he will eventually change the mining algorithm to Proof of Spatial Analysis. This is similar to Proof of Research but specific to GIS (Geographic Information System) analysis. When mining GeoCoin, you will be solving spatial algorithms that may directly benefit science.
  4. It was planned by the GEO’s founders to develop weather resistant GEO-QR codes in the future. People can stick them anywhere, from bus stops to businesses. These show up on the maps for anyone to find them. You can also place them in a business place to attract more customers at the door.


#2. What are the benefits of GeoCoin?

GeoCoin Technology

  1. GeoCoin uses the blockchain to work as a decentralized money network. This means you can send your money on a peer to peer level with secure and instant transactions.
  2. GeoCoin uses geocaching technology, and has taken it a step further by adding augmented reality to the mix. You can use the camera on your phone to hunt for Geocoins.
  3. Users that have GeoCoins can also drop them on the map for others to find. This creates an online crypto scavenger hunt style game which makes it fun and easy for new people to get their first cryptocoins.
  4. Even if a user does not find any GeoCoin around their location, the newly developed Proof-of-Location (PoL) MapBox interface allows them to zoom/pan into their local area and drop a magnet. This magnet will attract any GeoCoin dropped in the future nearby. The interface was developed in the first place to fully automate the process, by allowing the community input to dictate where the new Geocoin drops will occur in the future.
  5. With its latest feature - called 3D Buildings, powered by OpenStreetMap and MapBox, one can get a better sense of its surroundings. Along with it, gaming experience is improved by adding sound effects to it.
  6. GeoCoin can no longer be mined. With its new MapBox interface Proof of Location (PoL) one can simply obtain GeoCoin in a fun and active way! Simply turn on your GPS and head to the location to collect the GEO.

 

#3. How to buy and store GeoCoin?

How to buy GeoCoin?

One can simply get a GeoCoin with the help of a technique called Snapping.

  1. Snapping requires a user to download its app called ‘GeoCoin Snap’ from Google Play or App Store.
  2. Once registered on the app, the user is given a unique ID. A satellite is linked to the phone with its unique credentials and unique ID, and he can find a GeoCoin by being at a specific location and then snapping it.
  3. Another way to acquire a GeoCoin is, if someone gives it to you, or if one exchanges it with fiat money.
  4. You can also exchange your Bitcoin or any other cryptocurrency for GeoCoin. One of the most popular exchanges that lets you exchange cryptocurrencies for GeoCoin is Coinswitch. It is also tradeable on top cryptocurrency exchanges like Poloniex and Bittrex.

GeoCoin Storage

  1. GeoCoin uses its own wallet software, called the UBQ Fusion wallet that is available for download on its website. The UBQ Fusion wallet is capable of handling your GEO token balances.
  2. For the maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano S. It is an ERC20 compliant token after all.
  3. If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Jaxx or Coinomi to store multiple cryptocurrencies with some added security benefits.

 

#4. What is the future of GeoCoin?

As of July 2018, GeoCoin has a market cap of approximately $2.4 million, which pales in comparison to Bitcoin which has of $140 billion.

Also Read: Complete Analysis of GeoCoin | Live GeoCoin (GEO) Price Charts And Predictions

Price History

DATE

OPEN

HIGH

LOW

CLOSE

VOLUME

MARKET CAP

July 01, 2018

0.925591

1.00

0.865459

0.870977

4,784

2,934,630

June 01, 2018

1.39

1.51

1.39

1.47

9,363

4,422,570

May 01, 2018

2.51

2.51

2.34

2.46

32,357

7,949,410

April 01, 2018

1.52

1.55

1.40

1.53

11,254

4,825,000


  1. GeoCoin was launched at a price of $0.0476313 on 22 Feb 2015. It didn’t get off to a great start, as within two months its price dropped by 43% to $0.0202775.
  2. During2016 and 2017, it did not show a significant change in its price. It was only at the beginning of 2018 that the price of GeoCoin began to peak. In January 2018, its price was all-time high at $18 but then again slumped by 13% as of May 2018, following the general market trend.
  3. The volatility of GEO rate is low compared to its competitors like Bitcoin and Ethereum. GEO token can be pegged to fiat currencies like USD, Euros etc. With the anticipation of an increase in GeoCoin value, traders can invest in GeoCoin as a long-term investment. GEO pricing forecasts see positivity in its price trends.

 

#5. How is GeoCoin different from other cryptocurrencies?

  1. The biggest difference between GeoCoin and many other popular cryptocurrencies is its geofinding system. Normally, one can either buy a cryptocurrency or receive it in exchange for bounties or services, but GeoCoin makes the process fairly different. The company has developed a system in which you can actually find “money on the streets”. Its geocaching feature allows an individual to snap GeoCoin through a smartphone.
  2. In this volatile world of cryptocurrencies, GeoCoin has the fiat feature of money and is quite stable, meaning that it has low volatility. The high volatility of cryptocurrencies like Bitcoin or Ethereum make them less attractive to people. GeoCoin has a reserve value, which is a minimum value it won't go below, limiting the risks of volatility. This also helps in giving a feeling of security to its users.
  3. GeoCoin is inexpensive as one only needs a smartphone to create GeoCoins. It also is is a greener alternative to Bitcoin and its derivatives. Whereas, the cost of electricity from mining a Bitcoin is huge, this isn’t the case in GeoCoin. This sometimes makes mining a Bitcoin unprofitable when the cost of mining it becomes higher than its value.
  4. Additionally, in contrast to Bitcoin, which requires solving many complicated programs to acquire it, GeoCoin is relatively easier to acquire by snapping it on the Earth's surface.

 

#6. Should you invest in GeoCoin?

GeoCoin is sometimes referred to as the “currency of the future” because it corrects many downsides of cryptocurrencies like Bitcoin.

  1. GeoCoin launched with features which are still new and unique to the cryptocurrency world. It is linked to a GPS or a GIS satellitem which identifies where one snapped the GeoCoin, and helping in improving its security by avoiding the GeoCoin from being replicated at those same coordinates.
  2. The gamification aspect of GeoCoin makes it more interesting for its users because it is not only a coin but also a game, that you do not pay to play but instead, you get paid to play it. In the most “layman words”, it is just like playing “Pokemon Go” but here your Pokemon will be money.
  3. GeoCoin is clearly not a scam as the product really exists and is already working well, which is something you can’t say for many cryptocurrencies out there. This means that you will not lose your investment if you intend to invest in this cryptocurrency.
  4. GEO’s marketing plan is interesting and exciting. Using social media platforms like Twitter and Facebook, to spread the word about GEO and building tools to share your GEO maps on Facebook with your friends is a smart idea. This gives GEO the potential to “go viral” and catch on quickly.

GeoCoin looks interesting in its aspects and intends to include various other features in the future as well. But if you are looking for a cryptocurrency for the purpose of purely “investing” in it for a long-term, you may also consider looking for other opportunities out there in the crypto market.

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