Drinkers can buy their booze with beercoin (Image: -) The crypto can then be spent on booze, merchandise or exchanged for regular cash. Founder and CEO Tobias Meyer told German tech news site Crypto Tree: “The end user should be able to easily participate in a cryptocurrency, without having to bring the necessary technical expertise. “Furthermore, they do not have to expose themselves to speculative risks, but can simply buy a beer.” The start-up will initially create 77,480,000,000 Beercoins to allow the system to operate for 10 years with 10,000,000 users – a figure calculated using the average German beer consumption. A company mission statement said: “Our goal is quite straightforward: We want to create the beer-based cryptocurrency. Related articles Bitcoin: Has BTC finally hit bottom? Can crypto bounce back? Bitcoin facing another uncertain weekend The German start-up’s coin can only be mined through a unique code on a bottlecap (Image: -) “The beer market is a billion-dollar industry which has not seen many innovations in recent years and is currently decreasing in volume in many parts of the world. “While the consumer base is shrinking a lot of new competition, in the form of craft beer breweries, is trying to find a solid foothold in the market.” There is also a charitable aspect to the cryptocurrency, which allows users to donate their Beercoin to hard-up boozers. Mr Meyer added: “The idea behind it is that everyday life is better with a beer after work in good company. “However, there will always be some poor soul who does not enjoy such a beer after work. “This person should enjoy a sweeter life if other users donate their Beercoin.” Coin Rivet a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.
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