Updated: Saturday, 04 January 2014 06:22 | By Relaxnews

Can Coinye West rap up the crypto currency market?

The creators of Coinye West -- which is aimed at those who think Bitcoin is not cool or transparent enough and named in honor of the rapper -- want to push crypto currencies into the mainstream.

Can Coinye West rap up the crypto currency market?

Can Coinye West rap up the crypto currency market?

When Coinye West launches on January 11, it could well become the Bitcoin for the masses. For a start, it will offer an easy to use mining platform for anyone who wants to help develop the currency and earn a future share of any coins created. And its founders are also going to supply the virtual, encrypted wallets in which to store the coins.

However, there are also one or two hurdles. Bitcoin might be well established and rocketing (up and down) in price, but there are already a growing number of alternative crypto currencies attempting to break into the market. Ripple, Litecoin and Namecoin have all appeared in recent months.

Then there's the issue of the currency's name. It's still not clear if Kanye West will give his blessing to the coin or take legal action. Coinye West's creators have tried reaching out with a tweet but are still waiting for a response.

Even if the currency launches with no legal setbacks or challenges on January 11, there is no guarantee that it will soar to the heights of Bitcoin, but that doesn't mean it will be a complete failure either. We'll have to wait and see.


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