Categories: EducationFAQ

What Is Diet Bitcoin Cryptocurrency?

Many different versions of Bitcoin exist in the world of cryptocurrency. Not all of these coins serve a purpose, though. Diet Bitcoin is the latest version of Bitcoin to hit the market, although it remains to be seen how this currency will fare. What is rather interesting is that it was launched by the brother of Pablo Escobar.

Diet Bitcoin is an Intriguing Currency

It is safe to say few people ever expected to see the terms “Diet” and “Bitcoin” in the same sentence. Even so, it is becoming more difficult to come up with Bitcoin clones with original names. It seems this particular project will not be known for its name, but rather for the people who are responsible for bringing it to market.

That’s because Diet Bitcoin was launched by the brother of Pablo Escobar. Known as Roberto Escobar, he is the person responsible for hard forking Bitcoin to offer a faster and lighter alternative to the world’s leading cryptocurrency. It is evident the current version of Bitcoin can be trimmed down quite a bit, although most of those changes will come to Bitcoin itself without the need to fork the existing code.

The project is funded by Escobar, Inc., which is hosting an ICO for its new token. It is claimed that Diet Bitcoin will reach a price of $50 at some point, yet interested parties can buy into the ICO right now at a price of $2 per token. It seems to be a clear money grab first and foremost, yet we will have to wait and see how all of this plays out in the long run. It’s not necessarily a currency people have been waiting for, though.

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With a total supply of 1 million DDX, it is evident that Diet Bitcoin will not aim for a massive market cap right away. After all, if all tokens were sold for $2, its market cap would be just $2 million. Reaching $50 million seems to be only a matter of time, especially in the world of cryptocurrency. People genuinely attribute a lot of value to projects which offer nothing unique whatsoever. It seems Diet Bitcoin fits this bill quite nicely.

To be sure, there is no need for Diet Bitcoin at this time. Whether or not that will change in the future is a different matter. There is nothing which makes DDX unique, as its maximum supply is the exact same as Bitcoin’s. It also uses proof-of-work for mining purposes, which seems to indicate we will see some DDX mining pools at some point.

The roadmap for Diet Bitcoin is not all that appealing either. While mobile wallets are on the horizon, the main focus lies on mining and exchange listings. Open source development of this project will not occur until June, and there is no indication that there will ever be any use cases for this altcoin. Even so, it is highly likely that people will gladly invest in this useless currency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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