Katy Perry posted a picture of her cryptocurrency finger nail art to Instagram today, just days after Curtis 50 Cent Jackson learned he made $8 million from Bitcoin last month. Has cryptocurrency officially gone mainstream?
Celebrities ranging from Floyd Mayweather to Paris Hilton are feeding into the now highly publicized crypto-mania that has been taking up valuable news time on channels like CNBC and CNN Money.
On Thursday, January 25th, pop singer Katy Perry posted a photo to her Instagram account showing her finger nails painted as one hundred dollar bills with an added flare — cryptocurrency symbols on top of them.
The symbols were of all the top coins — Bitcoin, Litecoin, Ethereum and Monero — with two rockets on her pinky nails indicating her prediction of these coins going “to the moon”.
Some analysts say this is only the beginning of what is sure to be an explosive crypto boom into 2018, while others are stuck in FUD mode after a month long bear market “crypto crash” affected prices of all cryptocurrencies from Bitcoin to Ripple. A veteran analyst might conclude that this is the end of cryptocurrencies as it is “too late” to buy into the 554 billion dollar market, but that analyst would more likely to be wrong.
The talk of the town was Bitcoin last year, but 2018 is seeing some of the worst transaction times and fees in Bitcoin history, leading many users of the currency to move to faster and cheaper coins.
One of the more important coins that many folks in the crypto world are talking about is Monero, since it’s completely private and untracable, making it the only fungible currency in the digital money set. However, the challenge has been a technical one for newcomers as payment processors haven’t quite figured out how to overcome the confusion of integrated addresses and “normal” addresses that are shared which require payment IDs vs. addresses that are not shared and do not require payment IDs. Many people say this is only a small hurdle, however.
Litecoin may be the fastest transaction you could make, and also one of the cheapest. The coin was one of the first to utilize SegWit, or “segregated witness”, which is a method of storing repeated transaction data into a separate database, freeing up memory on the blockchain for unique transaction data to fill and subsequently making it faster.
While Hollywood celebrities may understand the attraction of cryptocurrencies, it would be difficult to believe that someone like Katy Perry understands what segregated witness, blockchains, ASICs, and smart contracts are. But that, perhaps, doesn’t matter when you’re using your celebrity status to pump the value of an asset.