KEATS Bar & Restaurant, long-established in midtown Manhattan, is now offering their customers the ability to quickly and easily pay with NewYorkCoin (NYC). NYC is a digital currency with 30-second confirmations which makes it ideal for retail use. The NYC network also has NO network fees, which means NYC enables free worldwide money transfer. NYC is not new and is not an ICO. NYC is fair-launch cryptocurrency, just like Bitcoin (actually NYC is a fork of Bitcoin just like Litecoin) and has a proven blockchain since 2014. Customers paying with NYC at KEATS will receive a 25% discount off their bill (up to $100 per paying customer) during the NYC 25 ADVANTAGE promotion which is expected to last at least 30 days.
Bitcoin is the original cryptocurrency and launched in 2009 by an unknown developer by the name of ‘Satoshi Nakamoto’. With over 10-minute blocks and frequent network traffic jams, Bitcoin is just not practical for payment in time-senstive transactions. Bitcoin is more geared toward larger money transfers in a relatively short period of time without use of any banks or governmental agencies. Bitcoin enables a bank on your phone. And offers the unbanked worldwide money transfer. But the fees that were once reasonable have skyrocketed as mining difficulty is now reaching astronomical levels.
NYC offers solutions to all of Bitcoin’s flaws. Launched in March 2014 by an unknown developer as well, NewYorkCoin offers faster transaction times, no network fees and very low difficulty mining. Let’s review these 3 spec improvements in a little more detail so you truly appreciate their significance.
30-second blocks mean the NYC network confirms a transaction every 30 seconds. This fast block time will allow businesses to accept NYC for time-sensitive daily transactions. Paying for lunch, groceries, gas, dry cleaning, parking meter, etc can now all be accomplished using NYC. Waiting for a 10+ minute Bitcoin confirmation (that usually takes over 40 minutes) is just not practical for a majority of consumer purchases. NYC is worldwide cryptocurrency ideal for retail level use.
There are absolutely no fees to use the NYC network (send or receive NYC worldwide). This is the only cryptocurrency offering free worldwide money transfer. Did that register? NYC OFFERS FREE WORLDWIDE REMITTANCE. The worldwide remittance market is over $500 Billion USD annually. NYC can do to Western Union and Moneygram what Netflix did to Blockbuster. NYC enables no cost worldwide money transfer. This spec by itself makes NYC superior to ALL other cryptocurrencies in existence. NYC is not an ICO selling a dream. NYC enables that inevitable reality. NYC is a fair launch, no pre-mine, proven blockchain cryptocurrency since March 2014.
Low difficulty mining means less powerful, lower cost equipment, using much less energy are required to confirm NYC transactions. NYC code has Kimoto Gravity Well (KGW) built in which automatically adjusts after every block based on amount of mining hashrate on the network. This adjustment keeps the mining difficulty much lower than other scrypt coins like Litecoin and Dogecoin. By keeping mining difficulty so low, NYC is ensuring the network can remain absolutely free of charge with block rewards in themself providing miners a sufficient return for their efforts. Without the neccessity to pay miners an extra fee to verify your transaction.
Download Coinomi Wallet (beta), link is available at nycoin.net, and head on down to KEATS Bar & Restaurant at 842 2nd Ave, (212) 682-5490. The owner of KEATS, Alex Nicholas, stated “our staff has now been trained how to accept NYC digital currency and we’re all very excited to support New York’s growing cryptocurrency community.”
As of this writing, Bitcoin had a market capitalization of $227 Billion USD. NewYorkCoin had a market cap of $56 Million USD. With NewYorkCoin now getting real-world acceptance in New York City, I can’t imagine this large valuation gap will remain for too much longer.