Reciprocity is the Key to Growing Cryptocurrency Communities

grow bitcoin communityWith Bitcoin trading well over $1000 right now and its popularity higher now higher than ever, Bitcoin and cryptocurrencies at large still have a long way to go. If one goal of cryptos is to have a wider adoption and use, then something needs to change from the current implementation and advertisement of bitcoin and altcoins. It seems that the average user of cryptocurrencies is a miner, a trader/investor, or a technophile. In no way am I suggesting that these users are not important pillars of coins, but it does create an environment which may be daunting for the average joe. Lack of

grow bitcoin community

With Bitcoin trading well over $1000 right now and its popularity higher now higher than ever, Bitcoin and cryptocurrencies at large still have a long way to go. If one goal of cryptos is to have a wider adoption and use, then something needs to change from the current implementation and advertisement of bitcoin and altcoins.

It seems that the average user of cryptocurrencies is a miner, a trader/investor, or a technophile. In no way am I suggesting that these users are not important pillars of coins, but it does create an environment which may be daunting for the average joe. Lack of guidance, lack of technical knowledge, and skepticism of others could turn away potential new crypto enthusiasts. To draw a parallel to fiat currency, the vast majority of Americans do not know how fractional reserve banking (FRB) works or what the Federal Reserve Bank is, but they use currency generated by FRB and issued by the Fed on a daily basis.

French sociologist Marcel Mauss’ seminal work The Gift may be able to lend some valuable insight into building the crypto community(ies). Mauss suggests that communities and interpersonal relationships are built on the foundation of reciprocity, gift giving, and social debts. This is to say that the creation of social obligation forges bonds between individuals. He argues that these gifts given usually were self interested. If you give a good or service to someone, they become indebted in some way. It mandates engagement with others.

I’ve actually witnessed a similar kind of reciprocal crypto community already: Dogecoin. At the height of active users in the Dogecoin community, they were sending teams to the Olympics, funding a NASCAR sponsorship, and helping provide clean water to less fortunate communities. In addition to these large philanthropic endeavors, dogecoin remained very active among smaller time cyrpto users as well via giveaways and tipping. Since Dogecoin is relatively cheap and rather stable against fiat, members of the community will often give away small amounts of coins to other users to keep everyone excited. They’ll also tip some coins during discussions about anything ranging from the future of the coin to how an individual is feeling that day.

The creation of these social debts created opportunities and obligations to have community members return often and participate. This is where Mauss’ idea seems obvious to me. Obligation to participate grows a community. For a fair amount of time, Dogecoin was one of the most traded altcoins. Sadly, the same is true about less frequent participation. Dogecoin’s active members have seen a downtick recently, which have affected popularity and participation.

Bitcoin also used to have an easy way to tip others on the Internet via ChangeTip. This service allowed easy mircopayments between individuals across a plethora of social media and networking platforms. ChangeTip was very popular. It saw over $250,000 worth of tips sent and received with most tips hovering around $1. Despite this, the service shut down in November 2016. Maybe we need a new alternative to ChangeTip?

In no way am I suggesting that everyone start throwing large amounts of bitcoin around at each other in the same way Doge was able to. However I am suggesting that if small crypto tips are not available, that we think of Mauss and gift what we can to newcomers and veterans alike. This can be small amounts of altcoins (if the transaction fees allow), but more so knowledge and guidance. Helping individuals get started with crypto is the single easiest way to create that social obligation, to engender participation. Because participation is likely the most effective way to wider adoption and use.

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6 Hilarious Cryptocurrencies That Are Actually Worth Something

worth somethingThe world of altcoins can be quite entertaining at times, as there are dozens of new coins coming out every day. Some projects are run by serious developers with innovative ideas, other projects are run by greedy actors looking to make the most out of a pump and dump, yet some create a cryptocurrency simply for the lulz. In this article we describe a few cryptocurrencies that have hilarious names, yet they gained quite a large following which made some of their market caps in the millions. #6 PayCon (CON) PayCon started as a parody of PayCoin. If you didn’t

worth something

The world of altcoins can be quite entertaining at times, as there are dozens of new coins coming out every day. Some projects are run by serious developers with innovative ideas, other projects are run by greedy actors looking to make the most out of a pump and dump, yet some create a cryptocurrency simply for the lulz. In this article we describe a few cryptocurrencies that have hilarious names, yet they gained quite a large following which made some of their market caps in the millions.

#6 PayCon (CON)

paycon

PayCon started as a parody of PayCoin. If you didn’t know PayCoin executed one of the largest scams in the crypto space, it’s developer even offered a $20 price floor at some point, which was obviously a lie. Not surprisingly the SEC cracked down on the crypto serving it’s creator Homero Joshua Garza with a lawsuit.

PayCon was created in response to this blatant scam. It was launched in January of 2015, at the height of the scam. It’s mission statement is as follows:

A revolutionary crypto based off some open source software. We plan to change the world by devoting 1 hour to making the client and building the world best website in under 5 minutes. Paycon promises to cure cancer, aids and all deadly diseases through the power of thought. World hunger?? We will fix that. PSN network down? Trust Paycon to save the day. Wonder who Satoshi Nakamoto is? We found him. Still looking for Kony? We caught him.

Paycon will do everything you can imagine and more. With no buy support and a floor price so low we can even see it, Paycon will be the best investment you could make.

Since then, the coin has undergone a few major rebrands which is one of the main reasons it is still around. Currently, the coin’s developers are focusing on making the currency be used in CONventions. The coin is ranked at number 240 based on its market cap, which is at $73,000. While each PayCon is only worth a fraction of a penny it still has trade volume and community support.

#5 MonaCoin (MONA)

monacoin

MonaCoin is a relatively old cryptocurrency as it was first launched in December of 2013. There isn’t much specification as to what the coin’s purpose is, however the official website explains that the coin is based off a Japanese ASCII character.

The meme came about around 2000 where a user posted the cat on the forum complaining about internet users having too much time. The next response copied the cat and instead the speech bubble said “You too!”. Since then the cat has been used as a meme in Japan.

What is surprising about the cryptocurrency is the fact that its market cap is worth over a million, $1.16m to be precise. Each MonaCoin is worth 2 cents and it’s ranked 61 based on market cap.

#4 PutinCoin (PUTIN)

putincoin

PutinCoin was launched in June 2016, a relatively new cryptocurrency. The first sentence in announcement page reads the following:

We provide this digital decision as a tribute to the most famous person on the earth, to Vladimir Vladimirovich Putin.

The coin’s developers further claim that the network was created for fun, not for profit. Surprisingly, PutinCoin’s market cap is at roughly $2.5m. It ranks number 56 by market cap and each PutinCoin is worth roughly 2 cents.

#3 TrumpCoin (TRUMP)

trumpcoin

Can’t have PutinCoin without TrumpCoin right? Launched in November of 2016, their slogan is “make crypto great again”. Their mission revolves around creating a political movement by the people, to secure trump’s presidential campaign. The main objective of the coin is to work with industry leaders in the crypto space, politics, and media, to make cryptocurrencies an acceptable means to raise money for election campaigns.

Quite an interesting mission statement that seemed to have attracted quite a few followers. According to coinmarketcap, TrumpCoin is number 55 ranked by market cap which is roughly $3.1m. Each TrumpCoin is worth 48 cents.

#2 PotCoin (POT)

potcoin

While this currency wasn’t created for laughs and giggles the name is still quite surprising. What is more astonishing is how well PotCoin is doing even 3 years after it’s launch. It is ranked number 36 based on market cap, which is a whopping $4m.




The coin’s mission is to “economize the cannabis industry. PotCoin as a digital currency is an alternative payment network for cannabis users.” The crypto’s team has been hard at work promoting the currency and actively working on marketing strategies. Some of PotCoin’s products include Crypto Juice which is a hemp based energy drink, and they also offer a seed bank where you can turn your PotCoins into real cannabis seeds.

#1 DogeCoin (DOGE)

dogecoin

No list of hilarious cryptocurrencies is complete without DogeCoin, the first original and the most hyped meme based crypto in history. Ranked number 15 by marketcap no other coin on this list comes even close to it. While each DogeCoin is worth 0.02 cents, it’s marketcap is a massive $22.4m.

DogeCoin was launched on December of 2013, making it the oldest cryptocurrencies on this list, along with MonaCoin. Just like MonaCoin was based off a Japanese meme, DogeCoin is based off the Doge – nicknamed Shibe – meme. The meme is based on a 2010 photograph but didn’t become popular until 2013, when a few major media outlets picked up the image of the adopted dog. As more and more people found out about the meme its popularity grew which lead to the creation of DogeCoin.

The introduction of the cryptocurrency made it the first coin based on an internet meme which only further contributed to the popularity of the meme itself. This perfect recipe resulted in a snowball effect which propelled the currency to the moon! Quite a few cryptocurrency enthusiasts that mined DogeCoin back in 2013, made some significant profits as a result of the hype.

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