Two interesting bits of news turned up on this thread, and they illustrate the incredible scope of cryptocurrency.
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The first thing that most people think about when hearing about a new cryptocurrency seems to be: "What's its potential value?" The 6BankCoin may be pegged to a currency, but my guess is that it is not because of the complications it would raise. It is intended that this coin will be able to be exchanged for a range of fiat currencies.
Whereas the WhopperCoin seems to be pegged to the value of a Whopper. I was rather disappointed that it was not a 1 for 1 swap because that would have made the value appear very stable. Unfortunately Burger King has set a 1,700 WhopperCoin price on the hamburger. Even so, being able to exchange coins for something of real world value should add stability. I use the term value very loosely here.
The next thing that I wondered is if these coins were tradeable. Apparently the WhopperCoin will be. This is a very interesting spin on the reward system. I generally don't pay much attention to rewards, because I'm not a big enough consumer to accumulate enough to cash in. But if I can transfer my rewards to a friend, I'm going to see much more value in the system.
If 6BankCoin is tradeable that will make things very interesting indeed. Combining this with the fact that they want to exchange it for multiple fiat currencies makes it seem rather likely that the banks will also be considering operating an exchange. And as much as banks are despised and mistrusted, they are likely to increase consumer confidence in their exchange.
I also think that WhopperCoin could also have a strong social impact. By handing out a cryptocurrency to customers, Burger King provides a gateway for the general public to take an interest in, and start using a cryptocurrency. From there, it is much easier to add a few more to your portfolio.
So just two coins discussed here have the ability to increase the use and prevalence of cryptocurrencies. So as big as 2017 has been in cryptocurrency development, I'm sure it is just part of a much larger curve to come. As so well illustrated by the info-graphic that Chase posted for us.
Thanks, Tim. That is a great way of looking at the WhooperCoin. Especially at this early stage, it is a great PR move, though I expect that many more will join in and have their own currency as a part of their loyalty program. The danger is that there will be a currency for everything - in the millions of coins. When things go too crazy - it doesn't end well. That is another reason for DNotes to go slow and build a solid trusted brand with great differentiation.
It is a good thing to have some form of regulations otherwise we have ICOs popping every hour. China being the first country to start working on this will be also the first country to launch regulated ICOs in the future. Hopefully other countries will follow once there is a working model that is successful.
