Cryptocurrencies are the new big thing in the fintech industry, with possible implications for many other areas of life. No wonder a lot of organizations and individuals want to jump the train while they still can. If it is either to make some money, or to really make a difference in the world.
The way virtual currency based products are introduced to the markets is called ICO (initial coin offering). For some companies, it could present an interesting business model proposition. However, the real novelty in this field is the commonly praised blockchain technology. It’s believed to have a wide scope of applicability. The encrypted messages, authenticated voting, real estate, smart contracts and even decentralized internet – those are just some of the ideas.
The search for financing and exchange systems alternative to traditional banks certainly is a fascinating undertaking. Among the first to truly embrace this concept were users and companies in the gaming industry. The betting world has been flirting with crypto for quite some time now, allowing people to make payments in Bitcoin. Similar goes for poker world which seems to be a significant market for such functionalities. That’s why the providers are trying to establish themselves among the top-ranked rooms. The operator called CoinPoker was able to introduce brand new coin that could be used for playing. Their CHP is fully transferable around the platform and is also trading on the outside exchanges.
Some currencies, despite the fact that whole concept is about the decentralized system, seem to be a little fixated on the particular branch or limited to a specific group. For example, BitCoen is a token made by Jews for the Jews around the globe, DentaCoin was invented for the convenience of all dentists, and Whoppercoin just for buying Burger King Whoppers. Something called Unobtanium is designed to be quite exclusive, with just 250,000 to be mined over the course of 300 years.
There are quite a few projects, such as KushCoin, Ganjacoinpro, Bongger, CannabisCoin, focused on promoting the legal use of marijuana. The idea, naturally based on creative solutions made possible by blockchain, is to design some sort of decentralized banking infrastructure for the whole industry. This is exactly what PotCoin is doing. Backed by the colorful personality of Dennis Rodman, the coin significantly gained in price after the historical USA – North Korea summit in Singapore, so it must be a method to this madness.
Speaking of political events that can influence the economy, perhaps such trends can find a real use on the cryptocurrency market, which is more prone to fluctuations than regular stocks after all. Some of the creators surely think so. There’s a bunch of them already in the circulation: Ron Paul Coin, Billary Coin, PutinCoin and Putin Classic, or … Mao Zedong. US president has its own. The TrumpCoin, although not officially affiliated with the office, is thought to reflect its agenda (like border security and infrastructure). Even countries, like Venezuela with their Bolivarcoin, and now Petro, are looking to get some support for the struggling economy by joining the crypto party.
Then there are such ventures that clearly must have been created for sheer laughs, on some sort of a dare, or in spite of the mainstream discourse. Useless Ethereum Token will give you just that, and only that, as it does not promise any guarantees it will be worth something. If it’s digital, you can be sure there will be cats present somewhere along the way. Therefore cat-themed cryptos had to happen as well (Catcoin, Monacoin, Nyancoin). The true pioneer in the weird coin department, however, is Dogecoin, which has been around since 2013 and managed to hit over 114 billion in circulating supply. Much coin indeed. WOW.
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