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Think Bitcoin is Expensive? Attempt forty two Coin, The £100,000 Cryptocurrency
42 Coin is the cryptocurrency priced at more than £100,000. Forty two Coin
If you thought bitcoin was expensive at £500 per virtual coin, you should most likely brace yourself – because a fresh cryptocurrency called forty two Coin is valued at more than $185,000 (£115,000) per coin.
As the name suggests, just forty two of the coins will ever be mined – compared to twenty one million bitcoins in total, of which 12.Trio million are now in circulation – and so far just 1.21 coins exist, with users each possessing a lil’ fraction of it.
But any hopes of a cryptocurrency hugely more valuable than bitcoin being more stable were dashed almost instantly, as forty two Coin’s value tumbled from over $800,000 at its launch on fourteen January, to $185,500 at the time of publication.
The currency’s creator, who uses the name Hendo, claims forty two Coin is unique because it is unlikely that one person will ever own a entire one – but more than that, the currency is engineered to be swifter than bitcoin. Where bitcoin transactions can take several minutes, forty two Coin takes – perhaps unsurprisingly – forty two seconds.
A currency for purchasing gold and silver
Speaking to IBTimes UK, the developers behind forty two Coin claim the currency could be “exchanged for valuable goods and services. [it] could be used towards gold or silver – this is actually in the works as we speak.”
The developers claim their cryptocurrency could also “be traded for collectors’ items, hidden gems, and real-life assets like cars and houses.”
Denoting the meaning of life, according to The Hitchhiker’s Guide to The Galaxy, the number forty two in this case relates to the number used by 1950s American baseball player Jackie Robinson.
In 1997, Major League Baseball universally retired the use of his number forty two T-shirt number across all major league teams – a very first in the history of the sport – driving the price of Robinson memorabilia through the roof.
But rather than creating headlines about its meaty value and extreme scarcity, forty two Coin’s creator explains the beauty of his currency is the way it reacts to how it is being mined.
When powerful mining groups – known as pools – attempt to mine forty two Coin with dedicated hardware, the process becomes more difficult; when they leave it gets lighter, permitting miners using their own regular computer to extract the currency, as used to be possible with bitcoin.
“I’m attempting to keep everything clean,” Hendo told Business Insider. “And I’d like this to be the precedent for all future coin launches. I see a lot of people getting cheated. It’s wrong.”