ForexMinute.com – After a long time, the market encountered the entry of yet another nation-based cryptocurrency in the name of Britcoin – a coin dedicated to British people. Unlike other country-based coins, Britcoin is not acting as a revolutionary coin waiting to go head-on against any potential government’s regulations; but instead, the coin is simply hoping to “replace Bitcoin as the leading online/offline cryptocurrency within the United Kingdom”.
The concept of national cryptocurrencies is not new. It once was considered as a tool to save poor economies from falling. It was also marketed as an answer to the corrupted and manipulative financial authorities that unfairly cut slacks from its people’s income.
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In real life however, these nation-based cryptocurrencies turned out to be a big failure, because of poor implementation and insufficient marketing. Auroracoin, for instance, was the first ever country based coin from Iceland that initiated the concept of free distribution – code named “airdrop” – which turned out be a biggest disaster for the coin. Upon receiving their slack, the citizen started exchanging coin with the fiat currencies, probably dollar, which eventually brought Auroracoin’s market cap and price south.
However, Britcoin has been launched in a different period and is indeed learning from the failures of its prototypes. The coin is bringing features rather than anti-government emotions to its services. It is a proof-of-work (PoW) and proof-of-stake (PoS) hybrid coin, using an X13 hashing algorithm. However, the PoW feature will end at Block 20,000. This figure is expected to reach within 7-10 days of mining, after which, the coin will switch to PoS.
The Britcoin’s team has further released a roadmap, which is detailing their current and forthcoming development plans. Some of the key plans of Britcoin include:
1) Making Britcoin Available to The British Public
2) Development Bounties
3) Promotion and Marketing
4) Merchants and Ecommerce Acquisition
5) Public ATM Machines
You can see this document here.
The failure or success of this coin is too soon to predict. But surely it deserves to revitalize a string concept that was lost earlier to poor management.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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