Heard ‘Em Say: CoinYe West a New Way to Pay (Updated)

A new digital currency adapting Kanye West’s persona and image is set to launch January 11.

Built on the open source blueprints of bitcoin, the cleverly named CoinYe West wants to go where bitcoin can’t.

In an interview with Noisey, the music branch of Vice, the creators of CoinYe speak of their grand ambition to create an alternative currency “for the masses.”

They liken bitcoin in its current state as an investment product for “money hoarders” hoping that bitcoin prices touch the sky, and the hilarious Dogecoin as something for the “internet-meme crowds.”

But this also brings up the question; with a bunch of other digital currencies springing up, what makes CoinYe different and anymore legitimate?

Bitcoin can be viewed as the big brother to other alt-currencies such as Lightcoin, Ripple, and Feathercoin. Despite the media attention it has received, the average layman still has a minimal awareness or understanding of bitcoin.

Perhaps it’s a beautiful dark twisted fantasy, but CoinYe wants to make getting into digital currencies easier, and envisions a world for example, where people can easily purchase concert tickets or other goods and services virtually with the currency.

At launch, CoinYe hopes to give away coins to early adopters, and soon release an easy to use miner (named CoinyeMiner) for people who want to generate their own coins.

Of course, the creators of CoinYe stress remaining anonymous since, they haven’t received the okay from Kanye to use his likeness, though they have reached out in hopes of getting the go ahead, with the promise of gifting him 100,000 at launch.

The digital currency community has been split on this news, with some stating that CoinYe will marginalize bitcoin and the like.

While some are so appalled at the prospects of another digital currency popping up, it’s only fitting that an alternative currency named after one of the most divisive celebrities generates mixed opinions.

Update 1/8/2014:

The currency is now renamed “Coinye” after Kanye West’s lawyers issued its creators with a cease and desist order. Coinye is now bound to get into the public’s hands. They’ve moved up the launch to today at 7:00 PM Pacific Time.