How Far Will Lead the Invention of New Cryptocurrencies?

The fluent development and the rise of price of Bitcoin has been inspirational and influential power to introduce new cryptographic values to the online society.

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How Far Will Lead the Invention of New Cryptocurrencies?

The fluent development and the rise of price of Bitcoin has been inspirational and influential power to introduce new cryptographic values to the online society. In the beginning the invention of one or another type of money or payment method aimed to bring solution to some problem. Almost all coins available on the network were designed to replace fiat currencies to reduce the dependence on financial institutions and governments, to provide freedom of choice and opinion, to fill a gap in unbanked groups of people, to offer transactions with reduced or missing fees.

The perverted minds of several developers that can be met on the Internet started to omit these basic principles and are building upon different, doubtful values. The first example is the Dogecoin. It is an extension to a meme that has entered the mass vocabulary during the last months of 2013. Its popularity is built upon a joke, and in case the approach will not change in the closest future, the community might very soon forget about it, as it will be replaced by some new, but equivalent gag.

Another way was chosen by the developers of the CoinYe West showing the allusion to the name of the popular singer and socially active personality Kanye West. Still, the coin is not authorized and supported by the celebrity, the owners are trying to establish a contact (for example, via Twitter), but no official reply has followed.

Experts, like Joe Weisenthal from the Business Insider, believe that Kanye as well as other celebrities might come to the decision to create a personal currency and even offer some special kind of use. The usage can be derived from the idea exploited by crowdfunding platforms. Fans and potential spectators will exchange the currency towards merchandise, tickets to shows and performances; get some special and unique rewards, like gaining access to the idol, taking part in rehearsals, press-conferences, media appearances. As some artists are establishing theme parks, online shops, collecting donations – the personalized coin might be a solution to draw additional attention with a very cheap advertising method. The Bitcoin code is open-source, any kind of similar currency can be based on the existing principles and network.

Mr. Weisenthal sees in this activity a great way to sate the ambitious hunger of the ego of the singers, actors, dancers and other performers. As the cryptocurrencies are near their peak of popularity since their introduction, the celebrities might consider this idea during 2014. The only question left open is, of course, who might be the first to make this crucial decision?

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