CoinFest Russia is the first Bitcoin festival to take place in Russia.

Russia has had recent economic turnomoil with the rouble slipping and sliding. Paired with the political woes of the currently fiat money has devastated the Russian economy. Many speculators believe the Bitcoin is the perfect currency to replace the Ruble but the first ever Bitcoin festival in Russia will act as the first step toward mass Bitcoin adoption through out the country. The festival has already amassed more than a dozen sponsers including Merchant Coin and BitBasket.

CoinFest is the event equivalent to open source technology: the concept and name lie in the open domain, and anyone is welcome to start a CoinFest of their own so long as they adhere to the Spirit of CoinFest. All you have to do is have an appropriate event around the same time as the rest of us.

– From the official Site

As noted in our previous article Bitcoin conferences/festivals do have the tendancy to lean to one side and be manipulated. However CoinFest strives to make this festival an oppurtunity to educate and entertain as the festival claims to be non-profit.

The ideas behind CoinFest are also experimental but extremely interesting as the festival can be had anywhere which accepts alternative currencies. The CoinFest is literally open source allowing it to be celebrated in a wide variety of places. Starting in a small coffee house the festival is now a national event with a whole host of establishments taking part.

The festival has also taken things into its own hands as it has made it clear all organizers of the event are barred from using bank accounts. In the true spirit of cryptocurrency the festival prides itself as being completely reliant on crypto to get it running. The organizers are attached to crypto and the visitors will also be expected to use crypto and the use of fiat currency will not be allowed anywhere except when buying crypto, according to the website.

No matter how big it gets, the founder hopes to always maintain the fun and inclusive nature of CoinFest. As its spirit and vision become cemented, the founder hopes to further decentralize CoinFest, gradually reducing his role until his guidance becomes obsolete. CoinFest will inevitably turn into a decentralized autonomous organization, to which the founder will grant ownership of CoinFest.com, .org, .net, etc.; various organizers holding additional CoinFest domain names or other assets are expected to do the same.

As seen above the festival prides itself for embodying the same decentralized nature as cryptocurrencies. With a central authority eventually being removed the festival aims to display the true nature of cryptocurrencies and will educate and entertain its visitors.

The dates have been fixed, 20-22 February 2015, for CoinFest where the bulk of exhibitions will be unveiled in various locations primarily located in Russia. The event however has not put into place a rigid agenda so all remains a mystery till now. I hope to see you at the CoinFest but as always stay tuned to BTCFeed for all the exclusive Bitcoin news.