Buzz
Bitcoin's volatile trend continued yesterday, dropping by more than 50% from its peak in December (though it has rebounded somewhat today).
Despite its unpredictable daily changes, companies are just beginning to brainstorm ways to profit (in USD) from Bitcoin and other cryptocurrencies.
For example, there's Cryptokitties—digital cats on the Ethereum blockchain that you can breed, buy, and trade. Companies are even adding 'blockchain' to their names, such as Long Blockchain Corp (formerly Long Island Iced Tea), to boost their stock prices. Now, a company is offering a 'mystery box' filled with cryptos they've picked out for you, similar to the Bitcoin version of BirchBox.
CBlocks, the company behind this idea, asserts that their service will make it easier for newcomers to dive into cryptocurrency investing without needing prior knowledge.
Here's how it works: You purchase a wallet priced between $75 and $500. Inside, you'll find 'a unique set of cryptocurrencies, known as altcoins, with a total value outlined in your wallet purchase.' The wallet is then delivered to you in a collector's case 'to keep your CB Wallet preserved until you're ready to open it.'
As The Next Web kindly points out, 'what's especially neat is that CBlocks also includes a sheet detailing the five coins you've received, so you can better understand the technology behind them.' Yes, that’s quite clever.
For me, the charm of these products lies in the physical aspect. Bitcoin and other cryptocurrencies can be difficult to grasp (let alone the blockchain), so receiving something tangible—whether it’s a wallet in a collector’s case or a digital cat—helps people attribute value and gain a clearer understanding of the blockchain’s functionality. (Cryptokitties, in particular, excite many because they demonstrate the potential of blockchain.)
As for CBlocks, I understand the appeal of having a starting point when you know very little about crypto. But with anything related to cryptocurrency, caution is key—you don't want to invest just because Long Island Iced Tea rebranded, and you certainly don't want to spend up to $500 on something you don’t fully comprehend.
