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Among them, a few seem to appear most frequently: as the majority of these digital coins use the same standards, the competition between standards is excluded; the costs of transitioning from the Bitcoin to an Alt-Coin may become significant.
Customers will then redeem these digital coins at any partner stores who have participated to accept MCM digital coins.
In a development welcomed by cryptocurrency investors, the finance minister of South Korea, a major hub for digital coin trading, said on Wednesday there was no plan to outlaw their buying and selling after regulators had earlier pledged to do so .
Solarcoin is a blockchain-based digital currency that aims to incentivise global solar energy production by disbursing digital coins to verifiably produced solar energy, rewarding energy producers with digital tokens at the rate of 1 Solarcoin (SLR) per 1 MWh of solar energy produced.
According to Kim, South Korea's intelligence agencies operate under the assumption that North Korea is continuously attempting to penetrate the defenses of the cryptocurrency exchanges in order to steal valuable digital coins.
Comparing bitcoin to the internet, he expects it will take quite some time for people to know what digital coins will be worth or whether they will be able to execute a clean, safe and low-cost transaction on a timely, predictable and perfectly reliable basis.
The latest plunge in the market came as wealth management firm deVere Group, which has $12 billion under advisement, said it was launching a cryptocurrency app that would allow users to store, transfer and exchange five of the biggest digital coins, citing "soaring global demand".
But other cryptocurrencies rose this week, with investors moving into cheaper digital coins, rather than cashing out of the sector.
Still, it's hard to envision people walking around spending digital coins to buy Spam, canned beans or bottled water at a local supermarket when they don't have electricity at home to charge their smart phones, let alone a working internet connection to access their digital wallets.
Concerns about tighter regulation are the biggest reason for the plunge in bitcoin and other digital coins.
When launching an ICO, companies aim to attract investors to back a project by releasing their digital coins or tokens in exchange for cash.
In addition every year the Ministry would issue a new batch of such digital coins to replace the ones that were extinguished (as taxpayers use them, two years after its inauguration, to pay taxes) on the understanding that the nominal value of the total number of these coins does not exceed a certain percentage of GDP.

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