BitSend Launches GPS-Based Social Cryptocurrency: Checkcoin

October 29, 2014 11:48 UTC

BitSend, a Netherlands based Bitcoin company, has developed a new social currency called Checkcoin. Checkcoin (CKC) is a social currency that allows users to “check-in” at various locations worldwide. Checkcoin rewards users that check in at various locations around the world with Checkcoins. Thus, the currency is rewarding for those that like to travel to new places, and meet new people. Users can share their check-ins on various social media platforms to meet up with more people and bring attention to the coin.

Disclaimer: The author has no holdings in Checkcoin nor has any relationship with BitSend.

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Checkcoin will support augmented reality applications and will allow users to find Checkcoins with their phones and devices such as Google Glass. BitSend released a video highlighting the features of the coin.

Physical shops that accept Checkcoin in their stores will be able to set their business as a checkpoint and reward customers that check in to their shop while shopping. Checkcoin is the first GPS based cryptocurrency and one of the first that is designed to be used on mobile devices and tablets rather than desktops. To earn coins, users need to get out in the world and explore. Checkcoin features a standard Blockchain that records and verifies all transactions.

BitSend announced that the Checkcoin’s ICO sold 14 million out of 100 million shares for a total of 140 BTC which will go towards development and marketing of the coin. The ICO was held through cryptocurrency exchange C-Cex. Since the ICO, many other exchanges have launched markets for the new social cryptocurrency. Though similar to Dogecoin and Reddcoin when promoting social activity, Checkcoin adds a new level of exploration and real life interaction to the world of cryptocurrency. The current market cap is around $100,000 USD.

Recently, many large Bitcoin companies have begun to fund and develop their own cryptocurrencies. Cryptocurrencies backed by a large company might have extra potential for success as they have been crafted by hand selected teams of skilled experts. BitSend is actively developing the coin’s infrastructure to make improvements and upgrade the features of this new social cryptocurrency. As cryptocurrencies continue to gain traction, they will expand further into social media platforms. Cryptocurrencies are ideal for micro-transactions and could be a better alternative to a “like” or favorite. By sending a small amount of cryptocurrency to someone, users can show people that they appreciate their posts and make it rewarding for everyone involved.

What do you think about the social implications of a cryptocurrency like Checkcoin? Comment below!

Images Via Checkcoin and Shuttershock.

Last modified: October 29, 2014 11:49 UTC

@DrewjCordell

Drew is an undergraduate student at the University of Texas at Dallas, majoring in Business. He is an active member of the Cryptocurrency community, and enjoys collecting, trading, and writing about various coins. Outside of the digital currency world, Drew tends to spend his time with friends, playing video games, or studying.