Move over Bitcoin, there’s a new cryptocurrency that just launched that may just put you out of business called Titcoin, no seriously. It’s an industry-specific cryptocurrency that’s specifically targeted for the porn industry.
The electronic currency was developed by finance wizards Edward Mansfield, Richard Allen, and a third partner who has chosen to remain anonymous. It was launched on Saturday and its owners expect that there will eventually be 69 million Titcoins as word of the currency spreads.
An author from Vice caught up with one of the founders of Titcoin to ask him about the latest digital currency to hit the market. Edward Mansfield explained why they developed it and how he thinks it will benefit those who invest in them.
Obviously the currency is geared for the adult entertainment industry, which Mansfield said creating the name for it was a “no-brainer” since people would easily be able to make the connection. He also said that he and the co-creators are looking to partner primarily with online websites with subscription-based services like Brazzers and PornHub.
In addition to the porn sites, Mansfield hope that online retailers will pick up the currency. He thinks stores that sell toys and other adult items could greatly benefit from accepting Titcoins since they’ll offer anonymity.
That anonymity, he said, would come from people being able to create an account and pay for subscriptions to sites or check out from online stores without their significant other finding out.
“In the future, if we can imagine a world where digital currency is more mainstream, you might have a Bitcoin account with your spouse. You may not want them to see you purchasing products or subscriptions on adult sites, because perhaps this is something you’d rather keep to yourself, so having an industry-specific coin has certain advantages for consumers when they want to keep things a bit more private than they would with a Bitcoin account.”
To give the currency the credibility it needs in order for people to realize it’s not a scam, Mansfield said that they have a very well-known actor from the adult film industry that they’re talking to that would “skyrocket the notoriety of Titcoin.” He explained that by this person endorsing the currency it would bring it into the mainstream and help to legitimize it since people would recognize this particular actor even if they’re not porn aficionados.
So if you’re looking to invest in a cryptocurrency that has the potential to take off this may be a good bet. After all it’s backed by one of the top industries in America that’s also pretty much recession-proof.
Would you invest in a Titcoin? Let us know with a comment!