In the mad dash of cryptocurrency development, a few coins have stood out, among them Bitcoin, Ethereum and Litecoin. However, there are many others, some still in early development but with promising features, and others which you likely have never heard about and which seem to be unconventional, if not most useful as novelty collectibles. This goes to show that creating cryptocurrencies is not as difficult as it used to be, which is good in that it opens the market to further innovation, but also means you cannot take a digital currency at face value.
While the creation of a cryptocurrency depends on technical expertise in blockchain technology, you can also make a custom coin or token only using a cryptocurrency creation platform. This requires that you only enter certain specifications, and very little other expertise. Tokens are therefore more cost-effective to produce and may be intended for use only as tickets for an event or to be used between members of a company or friends.
Here are some examples of digital currencies and tokens which may have value as entertainment, but not necessarily on the market.
The name of this coin might seem silly, but it does have real-world value. One Bananacoin is equivalent to a kilogram of bananas. The coin is backed by people who have years of experience in growing bananas in what they call the first environmentally friendly plantation in Laos, this coin is intended to help grow bananas which are then to be exported to China.
Oscar Mayer, a company which has been producing bacon for over a century recently decided to make its own cryptocurrency. It can be used to redeem packs of bacon. However, this coin cannot be bought and must be acquired by completing and submitting a registration form to the company’s official site. You then have the chance to win the coin. The value of a Bacoin is equal to 4 slices of Oscar Mayer Bacon — that value being dependent on how popular it is on social media platforms.
The first cryptocurrency for the dental industry. It’s intended to help dentists and patients share information and medical records, allows the trading of products and makes it possible to pay for procedures.
There are many other coins and tokens that were developed as jokes or more esoteric projects, but not all of them have the features to make them good long-term investments. So if you want to diversify your portfolio with some less common cryptocurrencies, you should always look into their goals and support to determine whether they’re a joke or worth your time.
