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Top 5 Joke Cryptocurrencies

With a centralized banking system, there is nothing ostensibly comedic about currency distribution. But as money becomes a thing of the internet with cryptocurrencies, currencies have gone through nearly all the rites of passage associated with becoming networked on the internet. Holders of traditional cryptocurrencies such as Ethereum and Bitcoin are used to memes and being trolled on various forums and Twitter. These five cryptocurrencies take it up a notch.

Joke currencies occupy a unique and significant space in the crypto realm. Some are blatant fundraisers for cyber pranksters, and some are hardly worth anything at all, yet they all provide a critical outlook on the hype, fervor, and gaudy behavior that a bullish crypto market produces. Their worth is largely based on their critique of how we react to the monetary world, both new and old.

5. Monacoin

monacoin

Monacoin, introduced in December 2013, is the first distinctly Japanese cryptocurrency. Its icon is a cat featured on a golden coin resembling the mint of Dogecoin. Although its website is more bare bones than tongue in cheek, Monacoin’s community is very robust and engaged in the crypto world. Having been birthed in 2013, Monacoin has longevity relative to other joke coins. Most of its humor is geared toward Japanese speakers. However, every once in a while, a Western investor will speculate, “What about Mona?”

4. Jesus Coin

jesuscoin

There are fewer things older than money and religion. Parodying the human relationship between the two is most certainly a stroke of genius. The Jesus Coin website fully mimics an ICO’s front page with a team, roadmap, and cartoon. Jesus Coin is a classic comedic coin for fans of joke coins.

3. Useless Ethereum Token

The Useless Ethereum Token is marketed as the most blatantly honest ICO ever created. The website’s creator is totally transparent about using the funds from the ICO for flat screen televisions and other electronics. Hilariously acronymed “UET” in the style of tokens that present themselves for mass trading, UET also flaunted bonuses to entice initial investors.

With an ICO in the summer of 2017, the dawn of the year of ICOs, Useless Ethereum Token is an apt reminder of the fool’s gold ICOs that plague the Ethereum network and the crypto community at large.

2. Garlicoin

garlic coin

Garlicoin arose after a Reddit post which said that if it garnered 30,000 upvotes, its author would create a new coin. Well, the author’s post actually reached its goal, and so a new coin was forked from Litecoin on December 25, 2017.

Most of Garlicoin’s comedy comes from its community’s subreddit. The initial post has enough hilarious comments to keep you entertained for the better part of an hour. Its subreddit is also a central hub for humor with a vibrant community of memes and banter. Although Garlicoin is a very new joke coin, it will be interesting to track its progress throughout the year.

1. Dogecoin

dogecoin

With over 110 billion coins mined and a rich meme culture of its own, Dogecoin is most certainly the king of joke coins. This widely known and well-loved coin was initially designed to illustrate the volatility of the crypto space and behavior. With its original flourish in December 2013, it soon became apparent that the joke was lost on its buyers, or that crypto traders will try to make a profit on just about anything. Its subsequent crash illustrated the darker side of cryptocurrency, with memes trolling the market. Perhaps even more ominously, a thief stole millions of Dogecoin around Christmas. However, the community united and donated funds to those who had lost them.

Fast forward to 2017, and Dogecoin had climbed to a $2 billion market cap. That amount has since declined, but Dogecoin continues to unite and inform crypto enthusiasts on various issues. One of its creators, Jackson Palmer, warned against its success in a series of press articles during the bull run of 2017-2018. It seems that despite its blossoming success, the joke was momentarily lost on at least one of its founders. Dogecoin’s staggering volatility, poignant moments and lingering humor place it at the top of the list.

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Huge Litecoin Transfer Shows How Absurdly Expensive Regular Remittances Are

In the world of finance, transferring money around the world can be expensive. This is especially true where banks and other service providers are concerned. On the other side of the spectrum, we have the cryptocurrencies and a recent $99 million Litecoin transaction barely cost $0.4 in fees. Remittances Remain Expensive and Slow Transferring money across borders is not the most straightforward process. Banks charge rather high fees, often dependent on the country of the recipient. Additionally, such transfers take anywhere from one to five business days, which is unacceptable in this day and age. Making a positive impact in this regard is not all that easy. Companies such as TransferWise make remittance cheaper. Other players are emerging on the scene as well. In most cases, their services are cheaper and slightly faster. However, compared to more innovative forms of money, such services can still use vast improvements. Based on the information by World Bank, remittances are incredibly expensive. Despite cost-cutting measures, the average fee remains at 7.13%. For a $500 transaction, that translates to paying $35.65 in fees. That does not even include conversion charges if a foreign currency is involved. Finding cheaper solutions will require a look beyond the traditional scope of financial solutions. The Litecoin Transaction Tells the Story In the cryptocurrency world, a massive transaction was completed last week. One user transferred $99 million worth of Litecoin to another wallet owner. In most cases, one would expect such a transaction to be subject to massive fees. That is not the case, as it is one of the cheapest transaction to ever take place in the world of finance. At a fee of just $0.40, sending millions around the world becomes a trivial matter. More importantly, this low fee does not delay the transaction. It took around 2.5 minutes to settle the transaction with no central parties or banks involved in the process. Compared to regular bank transfers, this process was at least 500 times faster despite the low cost of conducting the transfer. Banks often purposely slow transactions and hold onto funds to make extra interest on them. The origin and nature of this Litecoin transaction remain unclear. It is also unknown which parties are involved in this massive transaction. It does show cryptocurrencies are a superior way of transferring large amounts of money around the world at virtually no cost. For anyone conducting remittances on a regular basis, cryptocurrency is the only option worth considering. Image from Shutterstock The post Huge Litecoin Transfer Shows How Absurdly Expensive Regular Remittances Are appeared first on NewsBTC.

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