The Bitcoin is a decentralized digital form of currency being the first type of cryptocurrency introduced to the digital world in 2009. They are digital coins one can send through the internet to anywhere in the world.
Benefits of Using Bitcoins
One of the reasons the Bitcoin is so popular among users is that there is no need for a middle man when transferring money or in this case coins. Since banks are not needed to make these transactions the fees associated with sending money are much lower. Bitcoins can be used in any country and accounts can not be frozen. Keeping track of your Bitcoins is very easy through the personalized digital wallet.
Value of Bitcoin from January 2011-March 2013
Launch of Coinye
Since the launch of Bitcoin in 2009 many other cryptocurrency companies have launched as well into that specific digital market. The launch date for Coinye was officially January 11, 2014 but I have been on the website two days after the alleged launch and it is still not up yet.
Why isn't Coinye Working?
Coinye is currently not up and running because of the Kanye West's lawyers sending a cease and desist order to not launch their company. A cease and desist order is basically a warning/request to stop or else legal action will take place. Aside from the fact that the Coinye bitcoin itself is a meme/parody of the famous rapper Kanye's lawyers stated that “Given Mr. West’s wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr West is the source of your services or [had] endorsed the cryptocurrency." In other words Kanye sees Coinye as a threat to his public image. The Coinye creators thought that by using Kanye's image their Bitcoin would blow up due to him being a trendsetter.
What happens next?
If the Coinye creators do in fact launch their site legal action will most certainly take place. On their website when asked if Kanye was involved in any way shape or form with the Bitcoin they responded saying "Absolutely not! We would like to make it clear that we are entirely independent of the man, and there should be no confusion as to the intent or origin of this project. The name "Coinye" is intended solely as parody, not an indication or implication of endorsement or involvement." If taken to court the Coinye creators just might be exonerated.
Future of Bitcoins and Coinye
The future of Bitcoins is still a mystery. Many believe that it is the currency of the future but most people are using Bitcoins as a mean to get rich by trading them in for mainstream currency such as the Euro or U.S. Dollar. But perhaps this is what the digital future holds, a currency used solely to trade. Even though the Bitcoin launched in 2009 the idea is still pretty new and the possibilities endless. As time goes on however many more shops/stores are using it as a mean to pay whether it be a cafe in Amsterdam or a shopping center in New Delhi. The Bitcoin is now universal.
Bitcoins are accepted as a means of pay in a cafe in the Netherlands.
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