Sexcoin has rocketed in price according to CoinMarketCap.com, but what's really going on with this new, adult-oriented cryptocurrency? Here's 5 Fast Facts You Need to Know.
1. CoinMarketCap.com is Reporting That SexCoin's Capitalization is Up 951% Today to $0.18 a Coin, But This Is Unlikely
CoinMarketCap.com is a convenient source of information about over 40 cryptocurrencies and their current market price. Unfortunately, the sites pulls API data indiscriminately, leading people to make false conclusions — which is exactly what's happening. Clicking the price on CoinMarketCap reveals that Sexcoin (SXC) is only traded at one exchange, Cryptsy.com.
However, going to Cryptsy reveals a grave problem:
Because of the problems, it is extremely likely that Sexcoin's value is not nearly as high as CryptoMarketCap is reporting, which is no fault of the website nor Sexcoin. Rather, the problem is Cryptsy. For lack of a better term, Cryptsy is extremely janky. Based on the original Sexcoin announcement, Cryptsy was paid some 500,000 SXC for hosting the coin in their exchange, and they are the only ones to do so at present.
2. Sexcoin is Like Litecoin, But Aimed at the Adult Webcam and Pornography Industry
Sexcoin's marketing is aimed at providing a specific cryptocurrency for this industry, but there is nothing preventing the use of any other cryptocurrency, except perhaps speed. On that note, Sexcoin claims to be very fast, requiring six confirms for adequate security at a rate of one minute per confirmation (or block).
Sexcoin is unremarkable otherwise. It is another Litecoin-like cryptocurrency in that it uses Scrypt-encryption, preventing the use of Bitcoin-miners, called ASICs, which permit for extremely fast mining by users with the specialized hardware. Functionally speaking, it is much like Bitcoin for the end user, except the confirmation times are faster, which could make a huge difference in the adult industry. Otherwise, it is just an average coin with a marketing gimmick, comparable to Dogecoin, but of course, relevant to a far wider audience.
3. Sexcoin Was Started By Members of the BitcoinTalk Forum
On the Sexcoin website they say:
We all hail from the Bitcointalk forums and unite under a banner of inclusion. Gay, straight, male, female or trans, Sexcoin seeks to solidify and progress a community of open minded free thinkers.
4. Sexcoin's 'Content Generator' Makes 3-D Porn, And Accepts Many Cryptocurrencies
Lynortis, the content generator, warns on his website, "Not suitable for religious, conservatives, fundamentalists nazis and others who mix up their strange fantasies with reality. Oh: Not suitable for minors! (political correctness)"
They accept an impressive number of cryptocurrencies there as well, obviously including Sexcoin:
5. 250 Million Total Sex Coins Will Exist, and Some Blocks Will Have 5x or 50x Rewards
This means that for people mining Sexcoin, some will get lucky and reap massive benefits.
All in all, Sexcoin is a gimmicky crypto, but if Cryptsy's behavior is any indication, there is at the very least significant demand for the coin. While there is nothing stopping adult performers from using other fast coins, one cannot deny the marketing intelligence behind Sexcoin. Time will tell what Sexcoin's actual value is, but it could play an important role in the slow, mainstreaming of cryptocurrency.