Bitcoin.com Introduces Coin-Creation Tool Called “Mint”

Home » FinTech » Cryptocurrencies » Bitcoin.com Introduces Coin-Creation Tool Called “Mint”

Bitcoin.com Introduces Coin-Creation Tool Called “Mint”

In 2017 — when Bitcoin broke-out, reaching a record of near $20,000 per coin — cryptocurrency suddenly became a phrase that even everyday Americans were at least somewhat familiar with. Of course the majority are likely only aware of Bitcoin itself and not any of the other multitude of tokens that exist. But, if you thought there are a lot of token types now, you haven’t seen anything yet.

Bitcoin.com now has a tool that allows anyone to create their own custom tokens. The site calls this platform “Mint” — not to be confused with the popular personal finance app owned by Intuit. Although this service debuted last month, the site recently made it official by putting out a press release about the offering.

Mint utilizes a token called  Simple Ledger Protocol (SLP), which itself resides on the Bitcoin Cash blockchain. Thus users who want to create their own coins using the service will need to start by depositing Bitcoin Cash (BCH). As a blog post on Bitcoin.com explains, this requires as little as five cents worth of BCH. From there, creators can enter a name and symbol for their coin, attach any supporting documents or whitepapers, select how many tokens should be initially produced, and more.

While the capability and customization that Mint offers may just seem like a fun crypto novelty, Bitcoin.com CEO Stefan Rust sees far greater implications for the tool. As he explained in a statement, “This new generation of customizable tokens has unlimited potential. For instance, a chain like Starbucks might mint a token called ‘Starbucks coin.’ This could be used to reward loyal customers, with tokens being exchangeable or redeemable in-store.” Rust continued, Alternatively, the tokens could incentivize staff, providing work perks to high performing employees.” Beyond business transactions, Rust also sees opportunity for peer to peer transfers, noting, “We’ve not only seen astronomical growth in token transactions, but also something more unexpected. People started using tokens to tip each other, which led to them gaining real market value. They’re now traded on crypto exchanges.”

Even if Bitcoin’s value is still nothing near where it was when it first started to hit the mainstream, the interest in cryptocurrencies only continues to grow. Therefore, while Rust’s vision of major chains such as Starbucks using Mint to create their own loyalty tokens does seem like a bit of a stretch, it’s not hard to imagine creative and savvy small businesses jumping on board with such an idea. This in turn could help push the adoption of cryptocurrencies as actual currency instead of just an investment for speculative investors holding onto them in hopes of another gold rush.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Crypto.com Partnering with Three Crypto Tax Providers

Just because Tax Day has officially been moved to July 15th doesn't mean that individuals don't need to be thinking about their 2019 returns. Moreover, with the Internal Revenue Service (IRS) taking an enhanced interest in cryptocurrency capital gains in recent months, it would behoove crypto holders to make sure...

How Will Americans Spend Their Emergency Stimulus Checks?

With the COVID-19 pandemic negatively impacting the lives of millions, this week the United States Congress has been attempting to pass a massive stimulus bill that would offer relief to some workers and businesses. As of this writing, the details of an apparent deal reached in the Senate are not...

Facebook Establishes a $100 Million Small Business Grant Program

For as much grief as Facebook often gets from regulators, politicians, and everyday citizens alike, the company has proven itself to be strong allies of small businesses nationwide and globally. Thus, in this time of unprecedented challenge to entrepreneurs, the social network is stepping up to help. Last week Facebook...