Bitcoin has been all over financial headlines since early 2017, and with its current volatility levels serving up a daily hailstorm for traders (oscillating between $7,600 and $8,600 on 8 Feb alone) it won’t be taking a backseat any time soon. Ask the average Crypto Joe to name the next most popular digital coin after Bitcoin – Ethereum, Ripple and Litecoin will usually roll off the tongue. But the crypto world is bigger than most people realise. There are currently at least 1000 digital currencies, and numbers are being added to the ranks almost daily. FXTM’s Senior Staff Writer Nikola Grozdanovic shines a light on some interesting cryptos that may leave you scratching your head.
It feels like itchy Twitter-fingered US President Donald Trump was destined to have a dedicated cryptocurrency. Developed in 2016 as a way to support Trump’s campaign for the Presidency – but not officially endorsed by the regime – TrumpCoin will live on according to the coin’s pledge. It will “integrate itself” into the President’s ideology, no matter how bad the intensity levels get with foreign leaders or how many of his own people he enrages with anti-establishment provocations.
It’s the first-ever “CauseCoin”, which is built on the Bitcoin system but highlights key differences in low trading fees, different algorithms and faster transactions; it is being traded through cryptocurrency exchanges like Cryptopia and YoBit. Currency traders may want to leave their politics at the door with this one and seize on TRUMP’s volatility in the markets.
Market cap as of writing: $840,990
The price of 1 TRUMP as of writing: $0.128374
Sticking with the controversial political leader theme, PutinCoin claims to be “one of the first and biggest national coin-concepts of the world” – created to support Russian president Vladimir Putin and Russia in general. Its website encourages PUT mining, which is available for everybody in the world, and it utilises a new blockchain coding system – Scrypt (POW, Proof of Work) and POS (Proof of Stake) – but, naturally, all anybody really wants to know is how it’s doing in relation to TRUMP.
In mid-January, reports came in about PutinCoin surpassing TrumpCoin by jumping 2.1 % and reaching over $8 million in market capitalisation. A report from The Ledger Gazette on 25 January claims that PUT’s 24-hour trading volume reached $12,815. It trades stronger than TrumpCoin, which can’t make Donald too happy, regardless of how much respect there appears to be between the two leaders.
Market cap as of writing: $5,066,971
Price of 1 PUT as of writing: $0.014373
UFO Coin [UFO]
Now we’re veering off into more uncharted and eyebrow-raising territory. The UFO Coin – which stands for Uniform Fiscal Object, but plays on the acronym by having the traditional image of a UFO as its logo – was developed in 2014. Its mission, according to the official website, is to “promote decentralisation” and “improve and spread the adoption of the blockchain technology”.
A neat feature of UFO Coin for tech-geeks is that it has a detailed “roadmap” for 2018, with a schedule of upcoming core updates to the coin’s codebase, all leading to the Lightning Network which will “allow rapid transactions, bi-directional payment channels and ‘atomic swaps’ between other cryptocurrencies”.
Market cap as of writing: $8,804,818
Price of 1 UFO as of writing: $0.002476
Every industry wants a piece of the crypto action. Hollywood is said to be involved in the development of a ‘MovieCoin’ that will help organise the movie industry’s ticket sales and internal finances. Pipping it at the post for a “niche” player however, is the controversial PotCoin – a solution built on a network that supports the $100 billion global legal marijuana industry. The keyword for any investors and stakeholders in that sentence is, of course, “legal”.
If you’re not scared off by the ‘Dark Web’ vibes, PotCoin investors may be onto something. It’s undeniable that marijuana is becoming more of a legally-consumed product in the global market, and there are numerous crypto exchanges that list it, including Poloniex, Bittrex and Cryptopia. It also has the largest market cap of any other coins listed here.
Market cap as of writing: $33,436,514
Price of 1 POT as of writing: $0.152437
A coin that makes UFO Coin look like it was developed by Nobel laureates in Economics, InsaneCoin has a very DIY feel about it – but that’s part of its attraction. A community of creative IT specialists – who still have their coin’s roadmap re-directing to a Bitcointalk forum thread – have banded together to use the Bitcoin network as a jumping-off point.
Additional coding features promise a prosperous path towards an ‘Insane’ future, including the physical creation of the ‘insane space’ and the ever-evolving INSN platform for a wide assortment of data. Still very much in the development stage compared to the other cryptocurrencies on this list, InsaneCoin is a prime example of how contagious blockchains and cryptocurrencies have become. Currently trading on Cryptopia, Livecoin and CoinExchange.
Market cap as of writing: $1,752,558
Price of 1 INSN as of writing: $0.095316
We have covered everything from the quirky to the downright ridiculous. While it may make for interesting reading, taking them as legitimate investment opportunities is probably a bridge too far.
For more information about trading cryptocurrencies, visit FXTM at www.forextime.com
Market cap and price figures taken from coinmarketcap.com
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