New York – October 09, 2017 – A virtually unknown cryptocurrency has just popped up in New York City. Posted next to a Bitcoin logo on the window of B&V Convenience Store at 211-01 Jamaica Ave in Queens below a New York Lottery sign is NYC – New York Coin. The owner, Bernard Samaroo, says he “supports less expensive transaction fees” (there are virtually no fees using the NYC network) “and the idea of giving people in remote or under-developed areas equal access to banking could be very beneficial to them”.
Almost everyone by now has heard of Bitcoin and its disruptive blockchain technology. Digital currency on your smartphone that one day has the potential to replace fiat currencies, credit cards and money transfer services. Since Bitcoin’s creation in January 2009 there have been many “alt-coins” created to bring further improvements to future usability, most successfully by lowering transaction confirmation time. Litecoin dropped the transaction time from 10 minutes to 2 1/2 minutes. Dogecoin (although initially created as a joke) subsequently lowered the block time (transaction confirmation) to 1 minute. Ethereum had successfully lowered its transaction time to around 14 seconds, but that has steadily been on the rise since July, now sitting at over 30 seconds.
NYC has been reliably processing transactions every 30-seconds since its launch on March 6th, 2014. NYC possesses one of the fastest confirmation times as well as one of the lowest market caps of any cryptocurrency. Odd but true. Without falter, the NYC network has been quietly building one of the most usable and fastest blockchains in existence. Unlike Ripple or other “pre-mined” digital currencies that kept a majority stake for the creator and/or investor, NYC is a fair-launch true cryptocurrency with no pre-mine or distribution. NYC has a block explorer available to verify its full transaction history.
NYC had a similarly mysterious beginning as Bitcoin. The developer of New York Coin also disappeared at launch – never to be heard from again. The original github account (nycoin/nycoin) that contains the open-source code for NYC has never been modified since creation in March 2014. While many of its peers have seen their market caps explode into the many, many Billions of Dollars, NYC remains undiscovered and currently possesses a tiny market capitalization.
It appears the market will need to catch up with New York Coin at some point. After all, it is literally “faster than a New York minute”. In the meantime, market inefficiencies can present rare buying opportunities.