Britcoin – The Chiefly British Coin

Journalist:
August 10, 2014

Britcoin is today’s Random Coin of the Day for its dedication to making a chiefly British cryptocurrency. The new fad in the cryptocurrency market is that of national cryptocurrencies, but Britcoin takes this a step further and has launched a way for British citizens to buy Britcoin directly. Not only can you buy Britcoins with your British bank account, but they’re implementing a way to spend Britcoin anywhere Bitcoin is accepted.

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Britcoin Review

The following information was researched on the Britcoin website and BitcoinTalk thread.

Market Cap: $22,026 USD
Maximum coins issued: 10 Million Coins estimated in PoW phase (20 million total supply)
Hash algorithm: X13
PoW or PoS: Both
Is it able to be mined: No (5% Annual Interest on Staked coins)
Exchanges: AllCoin, BitTrex, C-CEX, Bleutrade
Block explorer: Britcoin.io
Launch date: June 27th, 2014

What is Britcoin’s purpose?

Britcoin seeks to be the leading cryptocurrency of the UK. The team launched Britcoin with British ethics and values in mind as their target-market is the UK, but international users may buy and trade the coin as well. Just as with any coin, it relies on people wishing to transact with their coin and places like CoinPayments.net will allow it to be accepted by larger merchants. Britcoin also encourages you to send an email to your favorite British retailers about the benefits of Britcoin and asking for the retailer to accept payments in Britcoin. The more requests like this a retailer receives, the more likely they are to start accepting your payment method, and the faster the coin will grow.

What problem does Britcoin solve?

Britcoin already has a way for British citizens to buy Britcoins directly, but they’re working on a way for people to purchase from any merchant whom already accepts Bitcoin. That’s critical for new coins to take root and become widely accepted. Without merchants willing to accept a coin or exchanges willing to trade it, the coin’s worthless.

What are the coin’s future endeavors and how do they plan on achieving those goals?

Britcoin has already completed their goal of creating an easy way to buy Britcoins directly. Soon any merchant who accepts Bitcoin already will be able to accept Britcoin. The team is also working on adding Bitcoin ATM support for Britcoin, creating a Britcoin P2P marketplace, offering Britcoin gift cards, and more. The team has quite the list of plans for Britcoin in their WhitePaper they released last month. Only a couple other coins have sought to create a P2P marketplace for their coin. With a P2P marketplace, users can instantly find a merchant who’s willing to accept the coin. Could P2P marketplaces for each coin become the next big deal that will propel currencies forward or will a P2P marketplace need to accept all cryptocurrencies to make a difference?

What do you think? Do national cryptocurrencies have any merit, or are they just another fad? What features would you like to see implemented in a coin? Do you have a suggestion for the next Random Coin of the Day? Leave a comment below or comment in the CCN forum.

Disclaimer: I do not own any Britcoin, and I’m not affiliated with Britcoin in any way.

Photo Credit: Britcoin logo

Last modified (UTC): August 11, 2014 01:43

Rick Mac Gillis @ManWithNoBrows

Rick Mac Gillis entered the world of Cryptocurrencies in late 2013. He is a controversial journalist committed to investigating and exposing the "dirty bits" of the community. With over a decade of experience in LAMP web development with a focus in custom cryptographic security methods and ethical hacking, Rick Mac Gillis understands the need for proper security standards in cryptocurrency.