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
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.
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.
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