Whether you want to admit or not, Bitcoin has some branding and public relations issues. Unfortunately for Bitcoin enthusiasts all around the world, our beloved digital currency will always be associated with major scandals, such as Mt. Gox. On top of that, there is so much negative focus on Bitcoin from mainstream media regarding its price, making it even harder to gain worldwide adoption. But do we really need a rebrand?
Most of you will have heard of the Bitcoin Foundation by now, but for those of you who haven’t, allow me to explain. Many people have an issue with the current shape of the Bitcoin Foundation, as many people feel its members are not doing nearly enough to promote Bitcoin itself, but rather focus on their individual companies and organizations.
It looks like the new main goal of the Bitcoin Foundation is to dilute the Bitcoin brand. This is a very strange idea, especially when you consider that the Foundation claims to “have Bitcoin’s best interest at heart”.
So they have come up with a new idea to brand cryptocurrency altogether. In saying so, Chantel Meeley – Vogogo’s Head of Marketing and Creative – wants to unite Bitcoin and every altcoin in existence under one brand. According to Chantel, this will prove to very beneficial to mainstream adoption of digital currency in general.
As a result of this brainstorm, Vogogo has teamed up with Crypts – the exchange platform most of us dislike but end up using anyway – to create a competition for BrandMeCrypto. The winner of this competition – you have to design a proper logo – will win US$10,000, even though it remains to be seen how that amount will be paid out exactly.
If you pay close attention to the BrandMeCrypto website, you will see several issues with this idea. First of all, the team assumes there are over 650 different digital currencies in existence today. Needless to say, that number is far higher. Most of these coins are either dead or become useless. Not to mention how little innovation is offered by most coins.
Don’t get me wrong, a United brand for cryptocurrency could be a good thing, in the long run. But why should that brand be anything other than Bitcoin at this point in time? Bitcoin is the most valuable cryptocurrency of all, and any altcoin gains or loses value compared to Bitcoin’s current price. If your altcoin is so strong, it can be a brand of its own without a problem, right?
Despite its recent elections, it looks like the Bitcoin Foundation is still on the wrong path of filling their own pockets instead of putting blockchain technology into the hands of as many people as they possible can. Whether or not the BrandMeCrypto initiative will have any success remains to be seen, but we can only wait and see what happens…