Guncoin's anonymous project manager told me in an email that many involved with firearms were distrustful of Bitcoin, and are more likely to accept a coin created by and for gun enthusiasts. For instance, firearms enthusiasts, tired of being blacklisted by PayPal and other payment providers, can transact business in Guncoin. Other coins are aimed at other types of markets where traditional payment systems aren't available, or buyers and sellers want extra anonymity. "Las Vegas is a sunny place for shady people and there are all sorts of transactions that visitors to the city of sin don't want seen by snooping spouses, corporate accountants, or the NSA." "What happens in Vegas stays in Vegas-unless it's on your credit card statement," he wrote. In an email, he argued some visitors might be happy with the added anonymity of a virtual currency, which they'll be able to spend at bars, strip clubs and, perhaps one day, casinos through a smartphone wallet app. The same impulse seems to motivate members of other types of communities, like the creators of JuggaloCoin.Īnd VegasCoin creator Brandon Yates told me he thinks cryptocurrency is a natural fit for Sin City, where visitors are already used to exchanging money for casino chips and cashing in drink vouchers at bars and clubs. Irish cryptocurrency fans can choose between EireCoin, Gaelcoin, and IrishCoin, which of course has already been used to buy a pint of Guinness in a Dublin pub.īoosters of the geographical currencies say they can be used in giveaways to spur tourists to spend more money and can help keeps funds in local economies, similar to paper community currencies already in use in some towns and cities. There's a NewYorkCoin, a VegasCoin (naturally), and an Ital圜oin. To tap into an existing community base, some other coins are tied to specific real-world geographical locations.
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"There is little surprise that the average shelf life of an altcoin is a couple of months or even weeks." "Almost all the altcoins these days have been created with little or no consideration for the three aspects described above," Larry Ren, the lead developer on ReddCoin, which aims to make it easier to send money through existing social networking sites, told me. With so much competition, coins that don't quickly grab and hold on to the cryptocurrency market's attention and earn users' trust can easily drop in value and find themselves vanishing from online exchanges. But even cryptocurrency creators say successfully launching a new alternative currency, or "altcoin," is far from trivial and requires careful attention to state-of-the-art math and computer science, economics, and old-fashioned marketing and community building.
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