Bitcoin Thru the Eye of a Marketer

Whether you bought virtual items in bitcoin on Steam (back when that was a thing) or are looking to become a lord of the Principality of Sealand, you take for granted that when you see that little “B” with vertical pipes going thru it, you are dealing in bitcoin.

Brilliant and Simple Bitcoin

Originally created by Satoshi Nakamoto for an early version of the original Bitcoin client, the modern bitcoin brand is a beautiful example of iconic simplicity and intuitive messaging. Let’s break it down!

Bitcoin by Name: Digital Currency

While other cryptocurrencies self-identify themselves as being on the fringe with other-worldy names like Ethereum, Bitcoin is the natural amalgamation of the words bit (for digital information bits) and coin (for currency). Both are common terms that pair nicely together in an understandable and entirely underwhelming pairing. (And that’s a good thing!)

Why? Because cryptocurrency is scary to society at large, from personal transactions all the way up to high net worth money managers.

It’s erratic. It’s new. The name “bitcoin” gently submits a safe-sounding name into financial experts’ buckets to draw from without emphasizing negative attributes.

Bitcoin, Dollars, and Visual Space

The bitcoin logo manages to join the visual style of other credible currencies (the dollar, yen, euro…) by using a single defining letter with 2 slashes thru it. It is brilliantly simple—and yet, so many other cryptocurrency symbols miss the mark here. (In fact, many look more like tech company logos from 2001.)

See also: What makes for a strong logo design?

The Future of Bitcoin

“Okay,” you might say, “the logo is pretty and the name is catchy. But I didn’t read a blog about bitcoin to get all artsy! Tell me about money!”

You’ve got it. Bitcoin is, in my opinion, the most likely cryptocurrency to survive. It will survive imitators (as an endless line of new cryptos pop up and shut down just as fast), it will survive regulation (as it’s banned in one place and embraced somewhere else). I believe bitcoin will even survive its current plight of massive swings in value.

Mostly, bitcoin is likely to succeed because government will always run major currencies badly and free people will always want a little more freedom. This is good for society and should be encouraged!

* * *

About the Guest Author:

Michael Lovdal

http://www.michaellovdal.com

is a Marketing Pro & Brand Champion from Charlottesville, VA, USA.

Cryptopia and Profitcoins

Well this is kind of old news, but cryptopia is now offline. Like many exchanges before it, it appears to have been hacked and has faced substantial crypto losses. I think I had some bitcoin on there as well. So it is a bit of a shame.

On the plus side, they announced they were stopping support for Nyancoin recently and as a result, I pulled all my nyancoin off of the site. So all my of Nyan is safe at least, which is a big plus.

The moral of the story, though, is if you don’t control your private keys, it is not really your cryptocurrency, it's someone else holding on to it for you.

I will keep you informed as to all developments in this space.

Also, it looks like Facebook is running into some questionable looking ads on its platform. Look at this ad

Looks a little like a scam. But ok, let's dig in first before we judge. It takes us to this site

https://profitcoins.io/

Which claims to be an automated system that will seek crypto arbitrage opportunities on your behalf and execute trades for you. This sounds nice and dandy, but if you really built a platform that could do this, would you share the platform with others and reduce the opportunities you can take advantage of? Or would you keep it to yourself? Probably the later. So if something seems too good to be true, it probably is. There definitely are some ways to make money with Crypto, after all I wrote a whole book on that. But it doesn’t look like this is one of them.

So how about you help me recoup some of my losses and maybe some of yours too. Check out my faucet recommendations here