Boomcoin (BMC), the Growthcoin that is enabling financial inclusion for all
Tokens are digital assets that reside on a blockchain. A token residing on its own blockchain is called a cryptocurrency otherwise it’s a token or a coin. Cryptocurrencies and tokens can have different functionalities, including but not limited to, facilitating transactions, storing value, payments, assigning governance rights etc.
There are four categories of crypto-currencies/tokens in circulation today:
- Bitcoin: Bitcoin (BTC) is the first cryptocurrency in the world. It created the cryptocurrency market and invented blockchain technology. It is the reserve currency of the crypto industry. It is in a class of its own and its supply is limited to 21 million.
- SpeculativeCoins: These are coins that have a limited utility e.g. used for fees payments on a blockchain, or an exchange or serve as a Governance token etc. Their supply may or may not be limited. Examples of speculative coins include ETH, BNB, ADA , SOL, APECoin etc.
- StableCoins: These are coins that are supposedly pegged 1:1 to a “Stable” fiat currency. The fiat currency is meant to provide the “stability”. The challenge with fiat currencies is that are in fact not stable because they lose their value over time. For example, the Argentine Peso loses half its value every month, while the US dollar loses half its value every 12 years. Examples of Stablecoins include Tether (USDT), USD Coin (USDC) and more.
- GrowthCoins: These are coins that (a) have a true utility that will drive growing demand for them, and (b) their supply is limited i.e. total supply = initial supply. An example of a Growth Coin is the Boomcoin (BMC) because it meets these two conditions as follows (a) It is the native currency of the Boom blockchain and the medium-of-exchange on the Boom e-commerce without banking superapp that is enabling financial inclusion for the 1.7 billion unbanked adults worldwide and (b) its total supply = initial supply. Max supply of Boomcoin is capped at 2 billion and new Boomcoins cannot be minted.
Our mission at Boom is to provide the world’s 1.7 billion unbanked adults, with the unprecedented ability to buy, sell and pay for everything online, without a bank account and without fees. This will foster financial and economic inclusion for all.
Boom is a new super app that is bringing crypto to the masses for use in commerce for everyday goods and services.
Learn more at boom.market