FinTekNeeks

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What is an Old Cryptocurrency? TAG

Posted in Money

Initially, I had thought TagCoin was something along the lines of the children’s game, where we tag each other as we run around. It turns out this is built mainly for the Philippines market, providing electronic payments and rewards. TagCoin is derived from the national language, Tagalog. Relatively, this is an old cryptocurrency. I consider more than three years in the cryptosphere as very mature. Let’s take a look at a random cryptocurrency –
TagCoin (TAG).

TAG is the cryptocurrency that is being used on Tagcash. TagCash is an electric payment system, and has the ability to create rewards, i.e. TAG through proof of stake. Creation of proof of stake blocks reward at 5% yearly, but must stake coins for 30 days prior to gaining interest. Also, TAG allows mining capabilities.

By using the blockchain as the basis of the platform for payment systems, the ability to transact into pesos,
the local currency is advantageous. Usage is highly localized, and it may not be pragmatic for Tagcash to migrate to other currencies besides pesos. With the details of the blockchain is hidden, users do not have to understand how it works, but simply use it like any other electronic payment.

Here are some stats on TAG (as of 6/8/17)
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TAG is based on Scrypt cryptography, PoW and PoS hybrid
TAG was started in November of 2013
ICO None was conducted
TAG in circulation - 5.5 million
TAG total supply - unknown
TAG premined - None
TAG market cap of TAG in circulation (@$0.19) - $1.045 million
TAG to reduce PoW coin rewards by 1% every 3 months, until minimum of 3 coins is reached
TAG supported by btc38 exchange

Interesting Notes

This is one of the older cryptocurrencies that we have seen which still exists today.

It initially followed the path of Bitcoin prices in 2014. It spiked above $3 USD per TAG as Bitcoin prices spiked. Then it was a period of long three years of minimal price movements until volume of trading has spiked up the price and market cap.

Because this was really early, it missed out on recent money-grabbing of new cryptocurrencies launching ICOs. It was not even premined, so the system was relatively fair for miners and stake-holders.

It seems like it is only traded on btc38.com, and can be bought with the Chinese Yuan.

Warning

This article covers a token or element in the cryptosphere. The cryptosphere is new and exciting, but changes rapidly and often in ways that do not benefit users. By the time this article is published, changes may have already occurred. Most tokens in the cryptosphere are complete scams that are get-rich-quick-schemes for insiders. Often, we cannot know this beforehand and only later discover this. A person should only trade with money that they’re willing to lose because losses are guaranteed. If you choose to participate in purchasing a token in the cryptosphere, you should do so with the full expectation of a loss and you should also expect it to change in a manner that does not benefit you. There are very few good ideas in the cryptosphere. Finally, by reading this post, you agree that you’ve read our disclosure.

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